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- 3rd WB-BE Research Conference
3rd WB-BE Research Conference. Financing growth: Levers, Boosters and Brakes
23 – 24 Junio 2014
Madrid
Información
On June 24-25, the Banco de España hosted the conference “Financing growth: Levers, Boosters and Brakes”, jointly organized with the World Bank. The Conference brought together academics and policy makers to discuss the nexus between finance and growth. The goal of the meeting was to assess the conditions under which finance is more (or less) likely to support investment, innovation and productivity growth. Special consideration was given to the analysis of monetary, macroprudential and regulatory policies, and to their influence on the real economy through the financial channel. In particular, the topics of the conference included:
- Bank lending, innovation and growth
- Foreign investment and productivity
- Credit markets, institutions and growth
- Monetary, macroprudential and regulatory policy
- Financial disequilibria and growth
The conference featured 10 papers and a keynote speech by professor Luigi Zingales (Univ. of Chicago Booth School of Business)
Ponencias
- 23 Junio 2014
- 09.00 - 09.15
- Registration
- 09.15 - 09.30
- 09.30 - 11.00
- Session 1: Foreign investment
Chair: Pilar L´Hotellerie-Fallois (Banco de España)
“Do Global Banks Facilitate Foreign Direct Investment?”
(410 KB)
Steven Poelhekke (VU University Amsterdam)“Do Global Banks Facilitate Foreign Direct Investment?”. Presentation
(247 KB)Discussant: José María Serena (Banco de España)
“Do Global Banks Facilitate Foreign Direct Investment?”. Discussion
(386 KB)“Foreign Ownership, Selection and Productivity”
(1 MB)
Sebnem Kalemli-Ozcan (Maryland), C. Fons-Rosen (Pompeu Fabra and BGSE), B. E. Sorensen (Houston), C. Villegas-Sánchez (ESADE) and V. Volosovych (Erasmus)
Discussant: Aitor Erce (European Stability Mechanism)“Foreign Ownership, Selection and Productivity”. Discussion
(313 KB)
- 11.00 - 11.20
- Coffee Break
- 11.20 - 12.50
- Session 2: Credit markets, institutions and growth
Chair: Emiliano González Mota (Banco de España)
“Structural Reforms in a Debt Overhang
(484 KB)”
Óscar Arce and Carlos Thomas (Banco de España) and Javier Andrés (Univ. of Valencia)"Structural Reforms in a Debt Overhang". Presentation
(300 KB)Discussant: Roberto Piazza (Banca d´Italia)
"Structural Reforms in a Debt Overhang". Discussion
(380 KB)“Financing a planned economy: Institutions and Credit Allocation in the French Golden Age of Growth (1954-1974)
(1 MB)”
Éric Monnet (Banque de France)Discussant: Kristle Romero-Cortés (Cleaveland Fed)
- 13.00 - 14.30
- Lunch buffet
- 15.00 - 16.30
- Session 3: Macroprudential and regulatory policy
Chair: Liliana Rojas (Center for Global Development)
“Optimal prudential regulation of banks and the political economy of supervision”
(403 KB)
Thierry Tressel (World Bank) and Thierry Verdier (Paris School of Economics)Discussant: Tito Cordella (World Bank)
“Optimal monetary and prudential policies”
(457 KB)
Fabrice Collard and Harris Dellas (Univ. of Bern), Behzad Diba (Georgetown) and Olivier Loisel (ENSAE),“Optimal monetary and prudential policies”. Presentation
(533 KB)Discussant: Carlos Thomas (Banco de España)
- 16.30 - 16.50
- Coffee break
- 17.00 - 18.15
- Keynote Speech
Chair: Augusto de la Torre (World Bank)
“Reassessing the Finance and Growth Nexus”
Luigi Zingales (Univ. of Chicago Booth School of Business)“Reassessing the Finance and Growth Nexus”. Presentation
(880 KB)
- 20.30 - 22.30
- Dinner (by invitation)
- 24 Junio 2014
- 09.30 - 11.45
- Session 4: Bank lending and growth. Innovation and shocks
Chair: Enrique Alberola (Banco de España)
“Riders of the Storm: Economic Shock & Bank Lending in a Natural Experiment”
(603 KB)
Matthieu Chavaz (Graduate Institute)
Discussant: David Martínez (Univ. Carlos III)“Riders of the Storm: Economic Shock & Bank Lending in a Natural Experiment”. Discussion
(166 KB)“The Bank Lending Channel and Corporate Innovation”
(167 KB)Spyridon Lagaras (Illinois)
Discussant: José Luis Peydro (UPF)“Bank Lending and Firm Innovation: Evidence from Russia”
(485 KB)
Ralph De Haas and Cagatay Bircan (EBRD)“Bank Lending and Firm Innovation: Evidence from Russia”. Presentation
(2 MB)Discussant: María Sebastiá-Barriel (Bank of England)
“Bank Lending and Firm Innovation: Evidence from Russia”. Discussion
(101 KB)
- 11.45 - 12.00
- Coffee break
- 12.00 - 13.30
- Special session: Financial disequilibria and growth
Chair: Tito Cordella (World Bank)
“Does LAC Have a Saving Problem?”
Augusto de la Torre and Alain Ize (World Bank)“Does LAC Have a Saving Problem?”. Presentation
(1 MB)Discussant: Javier Andrés (Universidad de Valencia)
“Growth Beyond Imbalances, Sustainable Growth Rates and Output Gap Reassessment”
(1 MB)
Enrique Alberola, Ángel Estrada and Daniel Santabárbara (Banco de España)Discussant: David Turner (OECD)
- 13.30 - 13.40
- Closing Remarks
- 13.50 - 15.00
- Stand-up lunch