Sobre el Banco

3rd WB-BE Research Conference. Financing growth: Levers, Boosters and Brakes

2324 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?” Archivo PDF: Abre en nueva ventana (410 KB)
Steven Poelhekke (VU University Amsterdam)

“Do Global Banks Facilitate Foreign Direct Investment?”. Presentation Archivo PDF: Abre en nueva ventana (247 KB)

Discussant: José María Serena (Banco de España)

“Do Global Banks Facilitate Foreign Direct Investment?”. Discussion Archivo PDF: Abre en nueva ventana (386 KB)

“Foreign Ownership, Selection and Productivity” Archivo PDF: Abre en nueva ventana (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 Archivo PDF: Abre en nueva ventana (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 Archivo PDF: Abre en nueva ventana (484 KB)
Óscar Arce and Carlos Thomas (Banco de España) and Javier Andrés (Univ. of Valencia)

"Structural Reforms in a Debt Overhang". Presentation Archivo PDF: Abre en nueva ventana (300 KB)

Discussant: Roberto Piazza (Banca d´Italia)

"Structural Reforms in a Debt Overhang". Discussion Archivo PDF: Abre en nueva ventana (380 KB)

Financing a planned economy: Institutions and Credit Allocation in the French Golden Age of Growth (1954-1974) Archivo PDF: Abre en nueva ventana (1 MB)
Éric Monnet (Banque de France)

"Financing a planned economy: Institutions and Credit Allocation in the French Golden Age of Growth (1954-1974)". Presentation Archivo PDF: Abre en nueva ventana (395 KB)

Discussant: Kristle Romero-Cortés (Cleaveland Fed)

"Financing a planned economy: Institutions and Credit Allocation in the French Golden Age of Growth (1954-1974)". Discussion Archivo PDF: Abre en nueva ventana (202 KB)


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” Archivo PDF: Abre en nueva ventana (403 KB)
Thierry Tressel (World Bank) and Thierry Verdier (Paris School of Economics)

“Optimal prudential regulation of banks and the political economy of supervision”. Presentation Archivo PDF: Abre en nueva ventana (476 KB)

Discussant: Tito Cordella (World Bank)

“Optimal prudential regulation of banks and the political economy of supervision”. Discussion Archivo PDF: Abre en nueva ventana (15 MB)

“Optimal monetary and prudential policies” Archivo PDF: Abre en nueva ventana (457 KB)
Fabrice Collard and Harris Dellas (Univ. of Bern), Behzad Diba (Georgetown) and Olivier Loisel (ENSAE),

“Optimal monetary and prudential policies”. Presentation Archivo PDF: Abre en nueva ventana (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 Archivo PDF: Abre en nueva ventana (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” Archivo PDF: Abre en nueva ventana (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 Archivo PDF: Abre en nueva ventana (166 KB)

“The Bank Lending Channel and Corporate Innovation” Archivo PDF: Abre en nueva ventana (167 KB)Spyridon Lagaras (Illinois)
Discussant: José Luis Peydro (UPF)

“Bank Lending and Firm Innovation: Evidence from Russia” Archivo PDF: Abre en nueva ventana (485 KB)
Ralph De Haas and Cagatay Bircan (EBRD)

 “Bank Lending and Firm Innovation: Evidence from Russia”. Presentation Archivo PDF: Abre en nueva ventana (2 MB)

Discussant: María Sebastiá-Barriel (Bank of England)

“Bank Lending and Firm Innovation: Evidence from Russia”. Discussion Archivo PDF: Abre en nueva ventana (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 Archivo PDF: Abre en nueva ventana (1 MB)

Discussant: Javier Andrés (Universidad de Valencia)

“Growth Beyond Imbalances, Sustainable Growth Rates and Output Gap Reassessment” Archivo PDF: Abre en nueva ventana (1 MB)
Enrique Alberola, Ángel Estrada and Daniel Santabárbara (Banco de España)

“Growth Beyond Imbalances, Sustainable Growth Rates and Output Gap Reassessment”. Presentation Archivo PDF: Abre en nueva ventana (811 KB)

Discussant: David Turner (OECD)

“Growth Beyond Imbalances, Sustainable Growth Rates and Output Gap Reassessment”. Discussion Archivo PDF: Abre en nueva ventana (284 KB)


13.30 - 13.40
Closing Remarks
13.50 - 15.00
Stand-up lunch