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Third Annual Workshop of the ESCB Research Cluster 3 on “Financial Stability, Macroprudential Regulation and Microprudential Supervision”

1011 October 2019
Banco de España, Madrid


On 10-11 October, the Banco de España will host the Third Annual Workshop of the ESCB Research Cluster 3 on “Financial Stability, Macroprudential Regulation and Microprudential Supervision”, jointly organized with the Bank of Greece. This is one of the three Research Clusters set up by the Heads of Research of the European System of Central Banks (ESCB), with the aim of fostering interaction and collaboration between ESCB researchers working on fields of common interest. The workshop will feature state-of-the-art studies on the topics detailed in the call for papers.


10 October 2019
09.30 - 09.45
Registration and welcome coffee
09.45 - 10.00
Opening remarks

Soledad Núñez, Member of the Governing Council and Executive Commission of the Banco de España

10.00 - 11.00
Keynote presentation

Javier Suárez, CEMFI and CEPR

11.00 - 11.30
Coffee break
11.30 - 13.00
Session A

Chair: Ángel Gavilán, Banco de España

"Asset Encumbrance and Bank Risk: Theory and First Evidence from Public Disclosures in Europe"

Albert Banal Estañol, Universitat Pompeu Fabra
Enrique Benito, University of London
Dmitry Khametshin, Banco de España*
Jianxing Wei, Universitat Pompeu Fabra

Discussant: Ettore Panetti, Banco de Portugal

"Bank Risk Taking and Twin Defaults"

Caterina Mendicino, European Central Bank* Kalin Nikolov, European Central Bank Juan Rubio-Ramírez, Emory University and NBER Javier Suárez, CEMFI and CEPR Dominik Supera, University of Pennsylvania

Discussant: Natalya Martynova, Deutsche Bundesbank

"Firm Heterogeneity, Credit Spreads, and Monetary Policy"

Gareth Anderson, Bank of England Ambrogio Cesa-Bianchi, Bank of England* Discussant: Omar Rachedi, Banco de España

13.00 - 14.15
14.15 - 15.45
Session B

Chair: Jean-Stéphane Mésonnier, Banque de France

"Are Risky Banks Rationed by Corporate Depositors?"

Daniel Friedmann, Goethe University
Björn Imbierowicz, Deutsche Bundesbank*,
Anthony Saunders, New York University
Sascha Steffen, Frankfurt School of Finance and Management

Discussant: David Marqués-Ibáñez, European Central Bank

"Bank Credit and Market-based Finance for Corporations: The Effects of Minibond Issuances in Italy"

Steven Ongena, University of Zurich, Swiss Finance Institute, KU Leuven and CEPR
Sara Pinoli, Banca d’Italia
Paola Rossi, Banca d’Italia*
Alessandro D. Scopelliti, European Central Bank and University of Zurich

Discussant: Guillaume Horny, Banque de France

"Credit Supply: Are there Negative Spillovers From Banks’ Proprietary Trading?"

Michael Kurz, De Nederlandsche Bank*
Stefanie Kleimeier, Maastricht University, Open Universiteit Heerlen, University of Stellenbosh Business School
Discussant: Sarah Holton, Central Bank of Ireland

15.45 - 16.15
Coffee break
16.15 - 17.45
Session C

Chair: Hiona Balfoussia, Bank of Greece

"Capital Regulations and Credit Line Management during Crisis Times"

Paul Pelzl, De Nederlandsche Bank, Vrije Universiteit Amsterdam, Tinbergen Institute*
María Teresa Valderrama, Oesterreichische Nationalbank

Discussant: Olivier De Jonghe, National Bank of Belgium and Tilburg University

"Behind the Scenes of The Beauty Contest -Window Dressing and the G-SIB Framework"

Markus Behn, European Central Bank
Giacomo Mangiante, University of Lausanne
Laura Parisi, European Central Bank*
Michael Wedow, European Central Bank

Discussant: Sergio Mayordomo, Banco de España

"Textual Complexity in bank Regulation"

Zahid Amadxarif, Bank of England
James Brookes, Bank of England
Nicola Garbarino, Bank of England
Rajan Patel, Bank of England
Eryk Walczak, Bank of England and University College London Discussant: Mirko Moscatelli, Banca d’Italia

11 October 2019
09.00 - 11.00
Session D

Chair: Sergio Mayordomo, Banco de España

"The Network Origins of Bank Influence: Evidence from Bank–to–Firm and Firm–to–Firm Linkages"

Hans Dewachter, National Bank of Belgium and KU Leuven
Joris Tielens, National Bank of Belgium and KU Leuven*
Jan Van Hove, KU Leuven

Discussant: Ugo Albertazzi, European Central Bank

"Banks’ Credit Losses and Lending Dynamics"

Christoph Memmel, Deutsche Bundesbank
Peter Raupach, Deutsche Bundesbank*

Discussant: Jean-Stéphane Mésonnier, Banque de France

"Bank Funding and Risk Taking"

Alessandro Ferrari, European University Institute
Carmen Garcia Galindo, European University Institute
Matic Petricek, Bank of Slovenia*
Andreas Winkler, European University Institute

Discussant: Razvan Vlahu (De Nederlandsche Bank)

"Inspect What you Expect to Get Respect Can Bank Supervisors Kill Zombie Lending"

Diana Bonfim, Banco de Portugal*
Geraldo Cerqueiro, Católica-Lisbon School of Business and Economics
Hans Degryse, KU Leuven and CEPR
Steven Ongena, University of Zurich, Swiss Finance Institute, KU Leuven and CEPR

Discussant: Miguel García-Posada, Banco de España

11.00 - 11.30
Coffee break
11.30 - 12.30
Keynote presentation

Daniel Paravisini, London School of Economics

12.30 - 13.30
Session E

Chair: Heather Gibson, Bank of Greece

"Household Portfolio Choices and Nonlinear Income Risk"

Julio Gálvez, Banco de España*

Discussant: Dimitris Papageorgiou, Bank of Greece

"The Market for Mortgage Modification: Evidence from the Irish Non-Performing Loans Crisis"

Claire Labonne, Federal Reserve Bank of Boston
Fergal McCann, Central Bank of Ireland
Terry O’Malley, Central Bank of Ireland*

Discussant: Pavlos Petroulas, Bank of Greece

13.30 - 14.45