Colloquia

Colloquia

 

   

The SSM at 1

32nd SUERF Colloquium

Q3 2015

Frankfurt

Information about the Colloquium

The 32nd Colloquium will be held in Frankfurt in Q3 2015 on "The SSM at 1"

Money, Regulation & Growth:
Financing New Growth in Europe

31st SUERF Colloquium and BAFFI Finlawmetrics Conference 2014

to be held at the BAFFI Center on International Markets, Money and Regulation
Bocconi University, via Roentgen 1, I-20136 Milan, Italy

on 4-5 June 2014

Plenary Session Presentations

Wednesday 4 June 2014
09.30 Plenary Venue Keynote Speakers:

The False Tradeoffs between (Effective) Financial Regulation and Growth
Anat Admati, Stanford Business School
pdfPresentation

How can the European Banking Union contribute to Growth?
Franco Bruni, Bocconi University
pdfPresentation

16.15 Plenary venue SUERF Marjolin Lecture
Chairperson: Donato Masciandaro Paolo Baffi Center and SUERF

Sustaining growth, in the short run and in the medium run
Olivier Blanchard
, International Monetary Fund
pdfPresentation
Thursday 5 June 2014
13.45 Plenary venue Closing Plenary Session
Chairperson: Ernest Gnan, Oesterreichische Nationalbank & SUERF

The impact of the regulatory freamwork on investment in the European Union
Elena Carletti, Bocconi University and EUI
pdfPresentation

The Post Crisis Regulatory Regime: Help or Hindrance
David Llewellyn, Loughborough University and SUERF
pdfPresentation

The new Macro-Prudential Dimension of Central Bank Policy
Michala Marcussen, Société Générale CIB and SUERF
pdfPresentation

 

Money, Regulation & Growth:
Financing New Growth in Europe

31st SUERF Colloquium and BAFFI Finlawmetrics Conference 2014

to be held at the BAFFI Center on International Markets, Money and Regulation
Bocconi University, via Roentgen 1, I-20136 Milan, Italy

on 4-5 June 2014

Speaker biographies

Commission 1 Commission 2 Commission 3
Michele Lenza
Gancho T. Ganchev
Cécile Bastidon
Pierre Siklos
Enisse Kharroubi
Hans Degryse
Alex Cukierman
Lola Hernandez
Robert Krainer
Neeltje Van Horen
Salih Fendoglu
Diego Valiante
Thomas Kick
Razvan Vlahu
Bálint L. Horváth
Mario Quagliariello
Mark Mink
Iftekhar Hasan
Peter Andrews
Edward Kane
Alessandro D. Scopelliti
Jordi Gual
Stefano Zedda
Javier Villar Burke
Massimiliano Affinito
Michael Koetter
Debora Revoltella
Alessandra Dal Colle
Stavros Vourloumis
Yuan Xie
Harald Stieber
Javier Castrillo Penadés
Gregorio de Felice
Davide Grignani
Carl-Christoph Hedrich

Commission 1

Michele Lenza

Michele Lenza holds a PhD in Economics and Statistics from the Université Libre de Bruxelles. He joined the European Central Bank in 2004, where he is now Principal Economist in the Monetary Policy Research Division and he is an external fellow of ECARES-Université Libre de Bruxelles, where he teaches a PhD course of Graduate Macroeconomics. He has published several papers in renowned journals and reviews including the Journal of the European Economic Association, the Economic Journal and the Review of Economics and Statistics. His main research interests are in the areas of monetary economics and econometric theory.

Gancho T. Ganchev

Gancho Ganchev is presently Dean of the Faculty of Economics, South-West University, Blagoevgrad, Bulgaria. Prof. Ganchev graduated at Moscow State University of International Relations in 1977. Later he worked in the Institute of World Economy and International Relations of the Bulgarian Academy of Sciences. He obtained his Ph.D. degree in 1982 from the University of National and World Economy in Sofia. He became Senior Research Associate in 1991. After 1992, when the Institute of World Economy was closed, Prof. Ganchev occupied different positions such as Member of the Plenary Council of the Bulgarian National Bank; vice-minister of Economic Development; President of the Agency of Economic Coordination and Development and others. Since 2003 he is Head of Department Finance and Accounting in the Faculty of Economics of South-West University and after 2011 he was elected Dean of the Faculty. Prof. Ganchev specialized in the World Bank, IMF, Centre Européen Universitaire Nancy, France; Adam Smith Institute, Great Britain; Institute of Study of Societies-Max Plank, Köln, Germany and others. Prof. Ganchev has publications in the field of finance, monetary theory and macroeconomic analysis in Bulgarian, English and French.

Cécile Bastidon

Dr. Cécile Bastidon Gilles has specialized in financial macroeconomics. In 2002 she was awarded a PhD in Economics from Aix-Marseille University (France), where she was a Teaching and Research Assistant between 1999 and 2003. She is currently an Associate Professor in the Department of Economics and a member of the LEAD research group, focused on financial macroeconomics and financial development, at Toulon University (France). She has published research papers on sovereign debt crises, the international lender of last resort issue, and non standard monetary policies in the Euro area. She is the co-author of two books on the same subjects. The topic of her ongoing research is the funding of economic activity via complex intermediation chains and fragmented stock markets, including macroeconomic consequences of MIFID and MIFID II on European stock markets.

Pierre Siklos

Pierre Siklos received his PhD in 1981. He specializes in macroeconomics with an emphasis on the study of inflation, central banks, and financial markets. He also conducts research in applied time series analysis. His research has been published in a variety of international journals and he has been a consultant to a variety of institutions and central banks. His work has been widely cited in several macro and econometrics textbooks. He has also been a visiting lecturer at several universities around Europe and North America, Australia, and New Zealand. His research has been funded by domestic and international agencies. He is Scholar and member of the Scientific Committee of the Rimini Centre for Economic Analysis. In 1999 he was Erskine Fellow at the University of Canterbury, New Zealand and in 2009 was William Evans Fellow at the University of Otago, Dunedin, New Zealand. He was WLU's University Research Professor for the academic year 2000-2001, and became the Director of the Viessmann European Research Centre in July 2005. On January 10th, 2008 he was named to the C.D. Howe Institute's Monetary Policy Council where he is also a Research Fellow since August 2010. In 2008 he was chairholder of the Bundesbank Foundation of International Monetary Economics at the Freie Universitat, Berlin. In December 2008 he became a Senior Fellow at the Centre for International Governance Innovation (CIGI). In September 2009 he was appointed to a three year term as a member of the Czech National Bank's Research Advisory Committee. In 2011 his paper "Enter the Dragon" (with R. Burdekin) won the best paper award at the Asia Finance Association Conference.

Enisse Kharroubi

Enisse Kharroubi is Senior Economist in the Monetary Policy Unit of the Bank for International Settlements (since August 2010). Prior to that, he served as an economist in the International Macroeconomics Division (Department for European and International Affairs) at the Banque de France. He graduated in Paris (Ph.D. EHESS 2004) where he worked with Thierry Verdier and François Bourguignon. The main areas of his research are macroeconomics, international finance and financial economics.

Hans Degryse

Hans Degryse is Professor of Finance at the Department of Accountancy, Finance and Insurance of the KU Leuven. He is also a research fellow at the CEPR, CESIfo, the European Banking Center (EBC), and TILEC, and is member of the academic council of EBC. Before joining Leuven in 2012, he was professor of finance at Tilburg University. His research focuses on financial intermediation, including theoretical and empirical banking as well as market microstructure. He has published in many journals including the American Economic Review, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Review of Finance, Journal of Financial Intermediation, and the Economic Journal, and it has been presented in leading international conferences such as the American Finance Association, the Western Finance Association, the European Finance Association, and the Financial Intermediation Research Society. He co-authored, with Moshe Kim and Steven Ongena, the graduate textbook Microeconometrics of Banking: Methods, Applications and Results published by Oxford University Press. He has been advisor to the Dutch Ministry of Finance, ECB, NBB and OECD on topics regarding banking competition, regulation and retail banking. He obtained his PhD degree in economics from the University of Leuven.


Alex Cukierman

Alex Cukierman is Professor of Economics at the Interdisciplinary Center in Herzeliya, Professor Emeritus of Economics at Tel-Aviv University, member of the Bank of Israel Monetary Policy Committee and a Research Fellow at CEPR. He obtained a Phd degree in Economics from MIT. He is author or co-author of four books and over a hundred scientific articles in the areas of macroeconomics, monetary economics, political economy and monetary policy and institutions. His best known book is: Central Bank Strategy, Credibility and Independence – Theory and Evidence, MIT Press, 1998 (second edition). Recent work focuses on the short and longer term impacts of the Global Financial Crisis with particular emphasis on bailout uncertainty, post crisis monetary policy and institutions, and post crisis bank behaviour. A former president of the Israeli Economic Association, Cukierman has been a visiting professor or a research scholar at Northwestern University, New York University, Carnegie–Mellon University, Princeton University, the Federal Reserve Bank of St Louis, the World Bank, the University of Chicago, Stanford University, the University of Canterbury, the University of Calfornia at Santa-Cruz, the ECB and the Universities of Bonn, Munich and the Free University of Berlin.

Lola Hernandez

Lola Hernandez is a researcher and policy advisor at the Payment Systems Policy department of the Dutch Central Bank. Since 2011 she has been working on wholesale and retail payments. Her main areas of expertise are banks' behaviour in the overnight money market and households' finances and payment choices. She is a member of the Group of Users and Operations of TARGET2 and affiliated to the European Economic Association.

Robert Krainer

Robert Krainer is Professor of Finance at the University of Wisconsin-Madison. He has been on the faculty of the University of Oxford and a visiting scholar at the Banque de France. His research and teaching interests are in financial institutions, financial markets, business cycles, and corporate finance. He has published articles in the Journal of Finance, Journal of Political Economy, Journal of Money, Credit, and Banking, Oxford Economic Papers, Oxford Bulletin of Economics and Statistics, Southern Economic Journal, Canadian Journal of Economics, International Review of Law and Economics, Journal of Financial and Quantitative Analysis, Journal of Financial Stability, and Journal of Economic Behavior and Organization.


Neeltje Van Horen

Neeltje van Horen is a Senior Economist at the Research Department of De Nederlandsche Bank. Prior to joining DNB she worked as a Financial Economist at the World Bank. She has visited and worked at the Federal Reserve Bank of Chicago Research Department, European Bank for Reconstruction and Development Office of the Chief Economist and the International Monetary Fund Research Department. Her research focuses mainly on international finance and international financial markets and institutions. She has published articles on foreign banking, financial crises, contagion and financial integration in a number of journals, including Review of Financial Studies, Journal of Financial Intermediation, Journal of Money, Credit and Banking and the American Economic Review: Papers and Proceedings. She has also written articles in various policy journals and book chapters. Van Horen holds a PhD from the University of Amsterdam.


Salih Fendoglu

Salih Fendoğlu is an Economist at the Research and Monetary Policy Department of the Central Bank of the Republic of Turkey (CBRT). He has been working on monetary policy modelling and forecasting at the CBRT since 2012. His main fields of interests are monetary general equilibrium models with financial market imperfections, open economy macroeconomics and forecasting. He holds a Ph.D. degree in Economics from the University of Maryland College Park.


Diego Valiante

Diego Valiante, Ph.D. is the Head of Capital Markets Research at the Brussels-based EU think-tank, the Centre for European Policy Studies (CEPS). On top of his two degrees in Business economics and Law & Economics (summa cum laude), Diego holds a Ph.D. from LUISS University and a joint LL.M. from Bologna and Hamburg universities, both in Law and Economics. Due to his interdisciplinary background, Diego has published extensively in academic journals and specialized publications on both regulatory and economic issues vis-à-vis financial markets and their institutions. He regularly advises European institutions, international organisations, central banks and market practitioners. He is currently supporting ESMA in the impact assessment of MiFID II level 2 rules and he was recently Rapporteur of an international Task Force of experts and regulators on price formation in commodities markets. In 2013, Diego has also advised the Qatar Central Bank and Financial Markets Authority on the restructuring of the national financial framework. His current research focuses on institutional aspects of the Eurozone debt crisis (banking union and central banking), trading and clearing of financial instruments (MiFID II and EMIR), financial markets and commodities markets structure. He regularly appears on international and national media and contributes to well-known economic blogs. In 2011, Financial News (Dow Jones) listed him among the "Top 40 Rising Stars in Trading and Technology" under the age of 40.

Commission 2

Thomas Kick

Thomas Kick is a member of the EBA Stress Testing Task Force and coordinates the EU-wide stress testing exercise at the Deutsche Bundesbank. His other duties involve, amongst others, the conduct of top-down stresstests (i.e., macroeconomic portfolio stress tests, capital stress tests, etc.) on a regular basis, as well as bottom-up exercises (mainly focusing on banks' market risk). In the Bundesbank Research Centre he coordinates the research group "Risk Management and Modelling". From 2009 – 2011 he has been the Bundesbank's representative on the Research Task Force Working Group on the Transmission Channels between the Financial and Real Sectors of the Basel Committee on Banking Supervision. Before joining the Bundesbank in 2006, Thomas Kick worked in the research area "Macroeconomic Stress Testing" at the Kiel Institute for the World Economy and as graduate research and teaching assistant at Wayne State University (Detroit) and University of Nuremberg. His research has focused on banking structure, regulation, and bank bailouts, financial stability and stress testing, competition and efficiency in banking markets, as well as corporate governance in banking. His work has been published in the Journal of Banking and Finance, the Journal of Financial Stability, Controlling, the IMF Working Paper Series, and the Bundesbank Discussion Paper Series.

Razvan Vlahu

Razvan Vlahu is an economist at the Economics and Research Division of De Nederlandsche Bank (Dutch Central Bank). His research is focused on financial intermediation, banking regulation, financial stability and systemic risk. Mr. Vlahu holds a PhD from University of Amsterdam, a MPhil from Tinbergen Institute Amsterdam, and BSc degrees in economics and finance from the Academy of Economic Studies in Bucharest.

Bálint L. Horváth

Bálint Horváth is a PhD candidate at Tilburg University and Junior Fellow of the European Banking Center. Bálint holds Master degrees from Tilburg University and Corvinus University of Budapest. Between 2007 and 2009 he worked at ITCB, a leading banking consultancy company in Hungary, where he consulted in Basel II implementation. His research interest covers bank risk taking and bank regulation and the interaction between public finances and the banking sector. In one his papers he showed how the introduction of a European bailout mechanism (the EFSF, predecessor of the ESM) affected banks' implicit and explicit bailout guarantees and currently investigates banks' incentives to hold domestic government debt. His research also covers systemic risk taking and the optimal design of macroprudential policies, drawing attention to possible trade-offs between policies targeting the procyclicality and correlatedness of banks.

Mario Quagliariello

Mario Quagliariello is currently the Head of the Risk Analysis Unit at the European Banking Authority (EBA), responsible – among other things – for regular risk assessment and stress testing. He is the Chair of the EBA Task Force on Macroprudential Matters and of the Subgroup on Analytical Tools. He also coordinates the work of the Stress Test Methodological Task Force. He previously served as a senior economist in the Regulation and Supervisory Policies Department of Banca d'Italia, the Italian central bank. He has been the representative of Banca d'Italia in a number of international working groups dealing with financial stability issues at the ECB, CEBS, IMF and the Basel Committee for Banking Supervision. His interests concern macroprudential analysis and stress tests, Basel II and procyclicality, the economics of financial regulation.

Mario has published several articles in Italian and international journals, including the Journal of Banking and Finance, the Journal of Financial Services Research, the Journal of International Financial Markets, Institutions and Money, Applied Economics, Applied Financial Economics and Risk. He edited the volume Stress Testing the Banking System: Methodologies and Applications, published by Cambridge University Press and co-edited the volume Basel III and Beyond: A Guide to banking regulation after the Crisis published by RiskBooks. He holds a Ph.D. in economics from the University of York (United Kingdom).

Mark Mink

Mark Mink is a Senior Economist at the Supervision Strategy Department of De Nederlandsche Bank, where he has worked since 2007. He obtained his Ph.D. in Economics from the University of Groningen in 2012. Starting in fall 2012, Mark was seconded for one year to the Division of Research & Statistics of the Federal Reserve Board of Governors in Washington DC. His current research focuses on financial stability, banks, and business cycles.

Iftekhar Hasan

Iftekhar Hasan is the E. Gerald Corrigan Chair in International Business and Finance at Fordham University's Schools of Business and co-director of the Center for Research in Contemporary Finance. Professor Hasan serves as the scientific advisor at the Central Bank of Finland. He is the managing editor of the Journal of Financial Stability. Professor Hasan's research interests are in the areas of financial institutions, corporate finance, capital markets and entrepreneurial finance. Professor Hasan has more than 300 publications in print, including 14 books and edited volumes, and more than 175 peer-reviewed articles in finance, economics, accounting and management journals such as JFE, JFQA, JoB, JME, RoF, JFI, JMCB, JCF, FM, JEF, JIMF, JBF, SMJ, RP, CAR, JAAF, and JMIS.

Professor Hasan has presented his research at more than 450 professional meetings and institutions worldwide and has been a consultant for numerous international organizations, including the World Bank, the IMF, the United Nations, the Federal Reserve Bank of Atlanta, the Banque de France and the Italian Deposit Insurance Corporation. Professor Hasan is a research fellow at the Berkley Center of Entrepreneurial Studies at New York University's Stern School of Business and the Center for Financial Studies at RPI. He is a Fulbright Scholar and holds an honorary PhD from the Romanian-American University in Bucharest.

Professor Hasan has held visiting faculty positions at several American and European universities, including the University of Rome, Italy; the University of Strasbourg, France; the University of Carlos III, Madrid; EPFL at Lausanne, Switzerland; the University of Limoges, France; National Taiwan University at Taipei; the University of Romania at Bucharest; and NYU's Stern School of Business.

Peter Andrews

Peter Andrews worked in banking (mostly on tax-effective bond issuance and on profitability of derivatives/other trades) and for a 'Big 4' financial services firm (mostly on bank regulation). He then joined the UK's statutory financial regulator to develop risk-based prudential policy, focussing on consolidation and negotiation of international standards. After this, he started to develop an economics function within the regulator, with an initial mandate to identify the costs and benefits of policy interventions. He is now Chief Economist of the UK's Financial Conduct Authority ('FCA'), an organization of approaching 3,000 people. As a member of the Senior Leadership Team he is particularly involved in policy, research, risk and strategy. He is building a team of about forty economists to provide advice across the FCA's functions and undertake original research. The main areas of focus are competition, information, behaviour and market efficiency. Products include an assessment of which economic markets are failing in ways that create material risks to the FCA's statutory objectives.

Edward Kane

Edward J. Kane is Professor of Finance at Boston College. From 1972 to 1992 he held the Everett D. Reese Chair of Banking and Monetary Economics at Ohio State University. A founding member of the Shadow Financial Regulatory Committee, Kane rejoined the organization in 2005. He served for twelve years as a trustee and member of the finance committee of Teachers Insurance. Currently, he consults for the World Bank and is a senior fellow in the Federal Deposit Insurance Corporation's Center for Financial Research. Previously, Kane has consulted for numerous agencies, including the IMF, components of the Federal Reserve System, and three foreign central banks. He consulted as well for the Congressional Budget Office, the Joint Economic Committee, and the Office of Technology Assessment of the U.S. Congress. He is a past president and fellow of the American Finance Association and a former Guggenheim fellow. He also served as president of the International Atlantic Economic Society and the North American Economics and Finance Association. Kane is a longtime research associate of the National Bureau of Economic Research. He has authored three books and coauthored or coedited several more. He has published widely in professional journals and currently serves on seven editorial boards. He received a BSc from Georgetown University and a PhD from the Massachusetts Institute of Technology.

Alessandro D. Scopelliti

Alessandro Scopelliti is a PhD Candidate in Economics at the University of Warwick (UK) and an Assistant Professor of Economics at the University of Reggio Calabria (Italy). He holds a MSc in Economics from Pompeu Fabra University (Barcelona), a MPhil in Economic Analysis and Policy from Paris School of Economics and a Doctorate in Public Economics from the University of Catania (Italy). His research interests focus on empirical banking, financial regulation and supervision, bank lending and monetary policy transmission. He conducted part of his research at the European Central Bank and at the Bank of England, where he investigated respectively the economic and regulatory issues of the shadow banking system and the impact of crisis support to banks on lending conditions. His PhD thesis analyses various issues for the policy debate on financial stability and credit markets, such as the relationship between bank funding costs and lending rates, the effects of securitisation on bank capital, the impact of bank off-balance sheet activities on credit supply, the heterogeneities in prudential regulation across EU countries and their implications for banking stability.

Jordi Gual

Jordi Gual is Chief Economist of the group "la Caixa" and Professor of Economics at IESE Business School. He is also Research Fellow of the Center for Economic Policy Research (CEPR, London). He is currently a member of the International Advisory Council of "la Caixa", the Oxera Economics Council and the board of the European Corporate Governance Institute (ECGI). Between 2002 and 2005, Dr. Gual was part of the Economic Advisory Group on Competition Policy of the European Commission. He was also Economic Adviser to the Director-General for Economic and Financial Affairs of the European Commission in Brussels between 1994 and 1996. He holds a PhD in economics from the University of California at Berkeley, and has been Visiting Professor at this university, the Université Libre de Bruxelles and the Barcelona Graduate School of Economics. He is also a Fulbright Scholar and was the winner of the Grant for Research on European Integration of the European Commission. His recent work includes Banking Union: made of concrete or straw? (2013); European Integration at the Crossroads (Bank of Spain, 2012); Integration of European Banking: The Way Forward, (CEPR, 2005); and Building a Dynamic Europe: The Key Policy Debates, (Cambridge University Press, 2004).

Stefano Zedda

Stefano Zedda, born in 1965, has studied banking since graduating in Economics and Business at the University of Cagliari in 1991. He received his Diploma in Informatics in Cagliari in 1994 and a Diplome d'Etudes Superieurs in Econometrics at the University of Geneva in 1997. He has been a researcher in Financial Mathematics at the University of Cagliari since 2000, where has been teaching informatics, base and financial mathematics since then. In 2014 he received a positive evaluation to become an associate professor in banking. Since 2008 he has been developing the mathematical model and software implementation of the SYMBOL model. He worked at the Joint Research Centre of the European Commission from 2010 to 2012, where the SYMBOL model was further developed for assessing the effects of the proposed banking regulation, banking system's stability, and its effects on public finance stability. He also worked in the JRC support to the Liikanen Group. In the last two years he restarted teaching financial mathematics at the University of Cagliari, and further developed the banking system's modelling also considering the cross linkages between banks, public finances and the real economy, still in cooperation with the European Commission.

Javier Villar Burke

Javier Villar Burke joined the European Commission in 2008, where he worked for the Directorate General for Economic and Financial Affairs (DG ECFIN) at the unit dealing with financial institutions and stability mechanisms. He was involved in the creation and development of the new instruments to support European sovereigns under stress (Balance of Payments Facility, EFSF, EFSM, ESM). He was in charge of monitoring the conditions of financial markets in general and of banks in particular. He has performed a number of analyses in areas such as public support to the financial sector, crisis management framework or monetary policy, among others. Since early 2014, he has joined the team dealing with the economic analysis of financial within the Directorate General for Internal Markets and Services (DG MARKT). Before joining the Commission, Javier worked for two years in a Spanish consultant and two more years for the Galician Institute of Statistics. He studied Economics and Business Administration in Santiago de Compostela and specialised in European Economics in Bruges.

Commission 3

Massimiliano Affinito

Massimiliano Affinito is an economist in the Economics, Statistics and Research Department of the Bank of Italy in Rome. His major fields of interest are banking, comparing financial systems, and applied economics. He has published on banking, financial intermediation and integration of the European banking systems.

Michael Koetter

Michael joined Frankfurt School of Finance and Management as a Professor of Banking and Finance in August 2012. He currently serves as the head elect of the Finance department. Before, he was in the tenure track of the Faculty of Economics and Business at the University of Groningen, where he ultimately held the chair of International Financial and Monetary Economics. He obtained his PhD in economics from Utrecht University and his MSc in international economics from the University of Maastricht. Michael also worked outside academia at the Boston Consulting Group. He is or was a visitor at Deutsche Bundesbank, Sveriges Riksbank, and various universities. He is also a Research Professor at the Institute for Economic Research (IWH) in Halle and was selected as a Wim Duisenberg fellow of the European Central Bank in 2013. His current main research interest concerns empirical banking, covering topics such as moral hazard, systemic risk, and international banking. Michael's research has been funded by the Netherlands Organization of Scientific Research (NWO) with a so-called Veni grant and appeared in both general interest and field journals, such as The Review of Economics and Statistics, The Review of Financial Studies, and others.

Debora Revoltella

Debora Revoltella is the Director of the Economics Department of the European Investment Bank since April 2011. The Department provides impact-driven economic analysis to support operations, the global positioning as well as the policy and strategy definition of the bank. It comprises 30 economists, working in three divisions - Economic Studies, Country and Financial Sector Analysis and Policy and Strategy. Main publications are the Annual Report on Investment and Investment Finance in Europe, regular Economic Notes on structural issues concerning the European economy, publications on the state of the banking sector of the different regions of operations of the EIB as well as the EIB Report on Results, which assesses the development impact of projects financed by the EIB. Debora holds a degree in Economics and a Master in Economics from Bocconi University as well as a PhD in Economics from the University of Ancona in Italy. After the experience as an adjunct Professor in Macroeconomics at Bocconi University, Debora joined the research department of Banca Commerciale Italiana. In 2001, she joined UniCredit as the Chief Economist for Central and Eastern Europe. Debora is a member of the Steering Committee of the Vienna Initiative and an alternate member of the Board of the Joint Vienna Institute.

Alessandra Dal Colle

Alessandra Dal Colle graduated at Bocconi University and earned a MPhil in Economics at Cambridge University. After a start in business consulting and investment banking in London Alessandra worked at the Research Department of the Italian Stock Exchange (now London Stock Exchange Group) mainly engaged in the start-up of derivative trading. From 1997 to 2007 Alessandra worked as an economist at Intesa Sanpaolo Research Department following, in sequence, emerging markets and foreign exchange, structured finance and real estate. Since 2007 Alessandra is Credit Risk Manager at Banca Prossima and she is currently in charge of developing a Basel2-advanced credit rating model for social businesses. In 2012 Alessandra earned a PhD in Finance and Management at SOAS. Her research interests mainly concentrate on banking and financial intermediation in economic models. She is also currently lecturing and tutoring both at Bocconi Univesity and SOAS.

Stavros Vourloumis

Stavros Vourloumis was born in Athens, Greece in 1987. After studying at the Athens University of Economics and Business, where he received a B.A. in Business Administration and an M.Sc. in Economics (with specialization in Applied Economics and Finance), he went on working as an economist and economic analyst. He has worked for the European Commission and in several consultancy and research projects. He has conducted research and published on banking/financial internationalization, financial regulation and the economic governance of the EMU, while his current research interests focus on the alternative growth paths and policies in the post-crisis European Union.

Yuan Xie

Yuan Xie is a tenured associate professor at Fordham University. His research focuses on financial intermediaries and their roles in the capital market. His work has been published in the Journal of Financial Economics, Review of Accounting Studies, Auditing: A Journal of Practice & Theory, Journal of Business Finance and Accounting and Accounting Horizons. One of his articles was featured in the Harvard Law School Forum on Corporate Governance and Financial Regulation and in Dow Jones Financial News. Professor Xie has been invited to serve as reviewer for Contemporary Accounting Research, Journal of Accounting and Public Policy, Journal of Accounting, Auditing and Finance, and Europe Accounting Review. He also has been invited to present and discuss papers at national conferences.

Harald Stieber

Harald Stieber works in the department for economic analysis of financial markets at the European Commission's Directorate General for the Internal Market and Services in Brussels. Within his areas of responsibility he follows structural and institutional developments in the EU's single market for financial services. His current interests include capital structure choices of non-financial companies, measurement of financial integration/fragmentation, modelling of financial networks, GSS and ACE, big data, and housing equity conversion. Before joining the European Commission, he was responsible for macroeconomic modelling in the Austrian Federal Ministry of Finance, and from 2002-2007 he was member of the OECD's Working Party No 1 on structural economic policies. Harald received his master's degree in economics from the University of Vienna and his doctorate in economics from WU Vienna University of Economics and Business.

Javier Castrillo Penadés

Javier Castrillo Penadés is Director of Global SME banking in the retail and commercial banking division at Banco Santander. Since joining Banco Santander in 2004 he has also served as Director of Personal Banking, Commercial Director and Director of Consumer Finance in Santander's Spain division and as Director of Global Procurement and Spend Management in the technology and operations division. Between 1991 and 2004 he was a partner at McKinsey & Company with a primary focus on Financial Institutions and Retail & Consumer Goods and was a member of European Leadership groups in both Practices, as well as being Chairman of the Client Committee in Spain. He also was based in Buenos Aires and New York as well as spending extended periods in Paris and Lisbon. He holds an MBA from INSEAD and a degree in Industrial Engineering from the Universidad Pontificia de Comillas in Spain.

Gregorio de Felice

Davide Grignani

Davide Grignani has been appointed Senior Banker, Managing Director, and Head of Société Générale's Financial Institution Group (FIG) in Italy in 2004. Mr. Grignani joined SG from Lehman Brothers, where he was responsible for FIG activities in Italy. While there he was involved in both origination and execution of investment banking transactions with all the major Italian Financial Institutions, leading the Italian FIG league tables. Prior to Lehman Brothers, Mr Grignani headed Banque Paribas' Corporate Finance activities in Italy for five years, advising both industrial and financial clients, with impressive improvement in the M&A and FIG sector. For fourteen years previously in Banca Commerciale Italiana Group, in the Milan and New York premises, Davide handled strategic and corporate finance projects, managed the start-up of the group merchant bank FinComit, where he completed M&A, DCM and ECM transactions, and from 1989 to 1995 was Managing Director of Investment Banking at Banca Internazionale Lombarda taking care also of family holdings. He began his career in 1982 as a Financial Economist for Chase Econometrics. Mr Grignani has been Board Member of Lehman Brothers Italy, Fiditalia and SGSS – 2S Banca, respectively the specialized consumer financing and securities banks of SG Group in Italy. Mr Grignani holds a degree with honors in Economic and Social Sciences (DES) from Bocconi University and a Master in Finance with honors from NYU, Stern School. He is Visiting Professor of Finance at Università Cattolica di Milano and the "Carlo Cattaneo" University and has published various articles on macroeconomic and finance subjects.

Carl-Christoph Hedrich

Carl-Christoph Hedrich, is a Director and Senior Research Manager at Commerzbank AG in Frankfurt/Main. He joined Commerzbank in 1993 as an analyst in the Economic Research Department, writing texts and speeches on various questions around strategic, structural and regulatory aspects of banks and financial markets. In the run up to the euro he was involved in the communication of the euro project. From 2006 on, as Head of Issue Management in the Communications Department, he built up a small unit responsible for positioning Commerzbank in the political and regulatory debate. Since mid-2013, his focus has been on research on bank-related issues as well as maintaining contacts with academics and think tanks. Dr. Hedrich studied economics at the University of Stuttgart-Hohenheim in an interdisciplinary way. Having chosen economics, bank management and law as special courses, he received a degree as Diplom-Ökonom in 1985. From 1987 he worked as an assistant lecturer in several departments of Hohenheim University, specialising in macroeconomics, monetary policy and international economics. He obtained his doctoral degree in 1992. Dr. Hedrich has published on a wide range of issues, mainly during his time at university, such as special forms of hybrid bank capital, the legal and economic foundations of the German savings bank sector, critiques of the Maastricht Treaty and the Basle II-Capital Accord

Money, Regulation & Growth:
Financing New Growth in Europe

31st SUERF Colloquium and BAFFI Finlawmetrics Conference 2014

to be held at the BAFFI Center on International Markets, Money and Regulation
Bocconi University, via Roentgen 1, I-20136 Milan, Italy

on 4-5 June 2014

Area Map to BAFFI Center

Money, Regulation & Growth:
Financing New Growth in Europe

31st SUERF Colloquium and BAFFI Finlawmetrics Conference 2014

to be held at the BAFFI Center on International Markets, Money and Regulation
Bocconi University, via Roentgen 1, I-20136 Milan, Italy

on 4-5 June 2014

Programme - (last updated 05.03.2014)

Wednesday 4 June 2014
09.30 Plenary Venue Welcome and Opening

Mario Monti, Bocconi University and SUERF Honorary Member
Urs W. Birchler, University of Zurich & SUERF President

Plenary Session
Chairperson: Urs W. Birchler, University of Zurich & SUERF President

Keynote Speakers:

Stefano Del Punta, CFO Intesa Sanpaolo

The False Tradeoffs between (Effective) Financial Regulation and Growth
Anat Admati, Stanford Business School

Franco Bruni,

11.15   Coffee Break
11.45 3 seminar rooms Commission Work - Session 1
Commission 1 | Commission 2 | Commission 3
13.15   Lunch - standing buffet
14.15 3 seminar rooms Commission Work - Session 2
Commission 1 | Commission 2 | Commission 3
15.45   Coffee Break
16.15 Plenary venue SUERF Marjolin Lecture
Chairperson: Donato Masciandaro Paolo Baffi Center and SUERF

Sustaining growth, in the short run and in the medium run
Olivier Blanchard
, International Monetary Fund
17.45   SUERF General Assembly
19.30   Official Colloquium Dinner
Thursday 5 June 2014
09.30 3 seminar rooms Commission Work - Session 3
Commission 1 | Commission 2 | Commission 3
11.00   Coffee Break
11.30 3 seminar rooms Commission Work - Session 4
Commission 1 | Commission 2 | Commission 3
13.00   Lunch
13.45 Plenary venue

Commission Summaries

Closing Plenary Session
Chairperson: Ernest Gnan, Oesterreichische Nationalbank & SUERF

Elena Carletti

Michala Marcussen

Marc Quintyn

15.45   Presentation of the SUERF Marjolin Prize
by the SUERF President
16.00   End of Colloquium

Money, Regulation & Growth:
Financing New Growth in Europe

31st SUERF Colloquium and BAFFI Finlawmetrics Conference 2014

to be held at the BAFFI Center on International Markets, Money and Regulation
Bocconi University, via Roentgen 1, I-20136 Milan, Italy

on 4-5 June 2014

Commission Work Sessions

Commission 1 | Commission 2 | Commission 3

Commission 1: Monetary Policy and Growth

Chairpersons:
   
Morten Balling Aarhus University and SUERF Sylvester Eijffinger Tilburg University
   
Session 1: 4 June 11:45 - 13:15 Money supply, credit and economic growth
 
The financial and macroeconomic effects of OMT announcements
Michele Lenza (ECB)
 
Exploring the Relationship between Credit and GDP
Elena Stavrova, Gancho Ganchev and Vladimir Tsenkov (SWU)
 
Household credit and financial stability: a theoretical model of financial intermediation
Cécile Bastidon (LEAD, Université de Toulon)
 
Session 2: 4 June 14:15 - 15:45 Central bank credibility, monetary targets and interest rate policy
 
Central Bank Credibility: An Historical and Quantitative Exploration
Pierre Siklos (Wilfrid Laurier University and CEPR) and Michael D. Bordo (Rutgers University)
 
Cyclical Interest Rates, Financial Constraints and Industry Growth
Enisse Kharroubi (Bank for International Settlements) and Philippe Aghion (Harvard University)
 
When arm's length is too far: relationship banking over the business cycle
Thorsten Beck (Cass Business School and European Banking CentER – Tilburg University), Hans Degryse (KU Leuven and CEPR), Ralph De Haas (EBRD and Tilburg University) and Neeltje van Horen (De Nederlandsche Bank)
 
Session 3: 5 June 09:30 - 11:00 Implications of bank behaviour for economic growth
 
US Banks' Behavior since Lehman's Collapse, Bailout Uncertainty and the Timing of Exit Strategies
Alex Cukierman (Tel-Aviv University and Interdisciplinary Center)
 
Determinants of the rate of the Dutch unsecured overnight money market
Ronald Heijmans, Lola Hernandez and Richard Heuver (DNB)
 
A capital budgeting model of bank lending: theory, evidence, and policy implications
Robert Krainer (University of Wisconsin-Madison)
 
Session 4: 5 June 11:30 - 13:00 International and EU perspectives on economic growth
 

Exporting sovereign stress: Evidence from syndicated bank lending during the euro area sovereign debt crisis
Alexander Popov (ECB) and Neeltje Van Horen (DNB)

 
Macroprudential policies as buffer against volatile cross-border capital flows
Salih Fendoglu, Ahmet Faruk Aysan and Mustafa Kilinc (Central Bank of Turkey)
 
Framing banking union in a common currency area: some empirical evidence from the Eurozone
Diego Valiante (CEPS)
 

Commission 2: Financial Regulation and Growth

Chairpersons:
   
David T. Llewellyn Loughborough University and SUERF Marc G. Quintyn International Monetary Fund
   
Session 1: 4 June 11:45 - 13:15 Bank strategies
 
The Winner's Curse: Evidence on the Danger of Aggressive Credit Growth in Banking
Thomas Kick, Thilo Pausch and Benedikt Ruprecht (Deutsche Bundesbank)
 
Risk-Taking Incentives of Modern Banks
Razvan Vlahu (De Nederlandsche Bank), Natalya Martynova (University of Amsterdam) and Lev Ratnovski (IMF)
 
The Impact of Taxation on Bank Leverage and Asset Risk
Bálint L. Horváth (Tilburg University)
 
Session 2: 4 June 14:15 - 15:45 Bank regulation
 
Banking supervision and growth - a new macroprudential paradigm?
Mario Quagliariello and Samuel da Rocha Lopes (European Banking Authority)
 
Spillovers from Systemic Bank Defaults
Mark Mink (DNB) and Jakob de Haan (DNB and University of Groningen)
 
Regulations, Foreign Banks and Income Equality
Iftekhar Hasan (Fordham University)
 
Session 3: 5 June 09:30 - 11:00 Shadow banking and securitisation
 
Shadow banking from the perspective of a securities regulator
Peter Andrews (Financial Conduct Authority)
 
Shadowy Banking: Theft by Safety Net
Edward Kane (Boston College)
 
Securitisation and Bank Capital in European Banking: Does Regulation Affect Risk Retention Decisions?
Alessandro Scopelliti (University of Warwick)
 
Session 4: 5 June 11:30 - 13:00 Dealing with bank failures
 
Prudential regulation and the cost of bank funding
Jordi Gual (La Caixa)
 
Will the bail-in break the vicious circle between banks and their sovereigns?
Stefano Zedda (University of Cagliari), Clara Galliani (European Commission)
 
Feeding or averting the next crisis? The Resolution Fund and Incentives
Javier Villar Burke (European Commission)
 

Commission 3: Economic growth and financial institutions and markets

Chairpersons:
   
Frank Lierman Belfius Bank and SUERF Pierre Siklos Wilfird Laurier University
   
Session 1: 4 June 11:45 - 13:15 Rebuilding Financial Europe
 
Restructuring financial Europe and the necessity to relaunch the European Economy
Diego Valiante (CEPS)
 
Restructuring financial Europe and the necessity to relaunch the European Economy
Jan Monkiewicz (Geneva Association)
 
Banking and real convergence clubs: is the euro area really a blunder?
Massimiliano Affinito (Banca d'Italia)
 
Banking market competition, opaque firms, and the reallocation component of aggregate growth
Robert Inklaar (University of Groningen), Michael Koetter (Frankfurt School of Finance and Management) and Felix Noth (Goethe University Frankfurt)
 
Session 2: 4 June 14:15 - 15:45 Re-establishing the public role
 
The role of the European Investment Bank in the relaunching of the European economy
Debora Revoltella (European Investment Bank)
 
The Mechanics of Financial Liberalization and Growth
Alessandra dal Colle (Banca Prossima and CeFiMS, SOAS)
 
Financing Growth in European Economies: Pitfalls and Imperfections of the Financial System and a new approach in public investments
Stavros Vourloumis (London School of Economics)
 
Session 3: 5 June 09:30 - 11:00 Reviewing bank lending
 
Shocks to Bank Lending, Risk-Taking, Securitization, and their Role for U.S. Business Cycle Fluctuations
Geert Peersman (Uni Ghent) and Wolf Wagner (Tilburg University)
 
Bank Loan Spread and Private Information: Pending Approval Patents
Yuan Xie (Fordham University), Marlene Plumlee (University of Utah), Meng Yan, (Fordham University) and Jeff Jiewei Yu, (Southern Methodist University)
 
Determinants of Capital Structure in Non-Financial Companies
Harald W. Stieber (European Commission) and Fabian Kühnhausen (IMPRS-CI)
 
Session 4: 5 June 11:30 - 13:00 Practitioners Panel - Experiences from Financial Institutions & Markets
 
Chairperson: Frank Lierman (Belfius Bank and SUERF)
 
Panellists:
 
Javier Castrillo Penadés (Santander)
Gregorio De Felice (Intesa Sanpaolo)
Davide Grignani (Société Générale CIB)
Reinhard Haas (Commerzbank)

Recalling that SUERF is predominantly financed by its members, we are placed under very strict financial constraints. In order to simplify reimbursement procedures, please read this document carefully.

1) The norm has been established that speakers from financial institutions and other companies will pay for their travel expenses.

2) For speakers from academic institutions, the following rules will apply:

Accommodation: SUERF covers the costs of a maximum of three nights, (from 3-6 June 2014) in a single room. Additional nights will therefore have to be paid by the participant. SUERF will reimburse up to EUR 130 per night for a single room with breakfast for the presenting author of the paper at the Colloquium. Charges incurred for minibar expenses, phone calls and laundry services or car parking will not be reimbursed. If you choose to take a more expensive hotel, SUERF will only reimburse you the equivalent of the cost of staying in the hotel suggested by SUERF. You are asked to make your accommodation reservation yourself and to submit the original receipt to SUERF within one month for reimbursement after the conference.

Travel: Speakers from academic institutions will be reimbursed a lump sum of up to EUR 300 towards the costs of their travel expenses (to cover flight and/or train tickets). Participants, who fail to catch their flight, through no fault of the airline, and consequently miss the conference, will not be reimbursed for any travel expenses incurred. Local transfers (e.g. taxis to/from the venue) and car parking costs will not be reimbursed.

3) In the event that a conference paper is written by more than one author, only the presenting author will be reimbursed.

4) Expenses Claim Forms should be returned to the SUERF Secretariat within one month after the event, together with the original bills and receipts, justifying your request for reimbursement of hotel and travel costs.

If you have any questions relating to the submission of your claim, please contact the SUERF Secretariat: This email address is being protected from spambots. You need JavaScript enabled to view it..

If you follow these procedures you will help us to budget accurately for future SUERF events. Many thanks for your understanding.

Recalling that SUERF is predominantly financed by its members, we are placed under very strict financial constraints. In order to simplify reimbursement procedures, please read this document carefully.

1) The norm has been established that speakers from financial institutions and other companies will pay for their travel expenses.

2) For speakers from academic institutions, the following rules will apply:

Accommodation: SUERF covers the costs of a maximum of three nights, (from 3-6 June 2014) in a single room. Additional nights will therefore have to be paid by the participant. SUERF will reimburse up EUR 130 per night for the cost of a single room with breakfast for the presenting author of the paper. Charges incurred for minibar expenses, phone calls and laundry services or car parking will not be reimbursed. If you choose to take a more expensive hotel, SUERF will only reimburse you the equivalent of the cost of staying in the hotel suggested by SUERF. You are asked to make your accommodation reservation directly with the hotel and to submit the original receipt to SUERF within one month for reimbursement after the conference.

Travel: Speakers from academic institutions will be reimbursed a lump sum of up to EUR 250 towards the costs of their travel expenses (to cover flight and/or train tickets). Participants, who fail to catch their flight, through no fault of the airline, and consequently miss the conference, will not be reimbursed for any travel expenses incurred. Local transfers (e.g. taxis to/from the venue) and car parking costs will not be reimbursed.

3) In the event that a Colloquium paper is written by more than one author, only the presenting author will be reimbursed.

4) Expenses Claim Forms should be returned to the SUERF Secretariat within one month after the event, together with the original bills and receipts, justifying your request for reimbursement of hotel and travel costs.

If you have any questions relating to the submission of your claim, please contact the SUERF Secretariat: This email address is being protected from spambots. You need JavaScript enabled to view it.. If you follow these procedures you will help us to budget accurately for future SUERF events. Many thanks for your understanding.

The 31st SUERF Colloquium and 2014 BAFFI Finlawmetrics conference will be held in the auditoria of the BAFFI Centre on International Markets, Money and Regulation at via Guglielmo Roentgen 1, 20136 Milano.

Getting to Milan:

Milan has two airports served by flights from most European capital cities, with Milan Malpensa (MXP) 40km North West of the city centre, the larger of the two and served by intercontinental flights as well as European and domestic flights. Milan Linate (LIN) is located approx. 6km to the east of the city, and is served by some international and domestic flights. The Malpensa Express has a frequent service to Milan's Central railway station.   

Public Transportation in Milan
Malpensa Express
Malpensa Airport
Linate Airport

Accommodation close to the venue

Block bookings have been made at four hotels close to the BAFFI Center, where the 31st SUERF Colloquium and 2014 BAFFI Finlawmetrics will be held. To take advantage of the block rates that have been secured at the hotels below between 3-6 June 2014, participants should book through Seneca BTC. Your successful booking will be confirmed by Seneca BTC.

List of Hotels and Rates:

Hotel Nightly Rate - Single room incl. breakfast
Una hotel Mediterrano ****
Via Muratori 14
20135 Milano
EUR 125.00
Canada ***
Via Santa Sofia 16
20122 Milano
EUR 126.00
Hotel d'Este ****
Viale Bligny 23
20136 Milano
EUR 115.00
Hotel Crivis ****
Corso di Porta Vigentina 46
20122 Milano
EUR 120.00

All rates exclude city tax.

pdfHotel Accommodation Booking Form
To be returned by e-mail to This email address is being protected from spambots. You need JavaScript enabled to view it.
or by fax to: +39 0871 800513 by 2nd May 2014 
(after this date, rooms and rates are subject to availability).

SENECA email and phone:
This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel. +39 0871 8038010

Once the reservation has been confirmed by Seneca, it can be changed or cancelled without penalty, by calling our offices by noon on 2nd May 2014, (unless stated otherwise in the confirmation). If we do not receive any cancellation or change or if we are informed after this time, the whole amount of the first night will be charged on the credit card given us, as a penalty.

General Conditions:

• Requests for room reservations will be confirmed in writing by Seneca. Reservations are not binding unless such written confirmation is received from Seneca.
• The rates are referred to standard rooms and include V.A.T. and breakfast (unless specified otherwise)
• City taxes are are added to the final bill.
• In the event of a no-show or late cancellation, the hotel will charge the amount equivalent to one night's stay as a penalty to the credit card stated in the booking.

Privacy Information:

• In line with data protection act, Seneca S.p.A., agrees to use the data given only in order to carry out services as requested.

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