Colloquia

Colloquia

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

N.N., Bocconi University
Urs W. Birchler, University of Zurich & SUERF President

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

Keynote Speakers:

N.N., Intesa Sanpaolo

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

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
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: 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 by Michele Lenza (ECB)
 
Exploring the Relationship between Credit and GDP by Elena Stavrova, Gancho Ganchev and Vladimir Tsenkov (SWU)
 
Household credit and financial stability: a theoretical model of financial intermediation by 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 by Pierre Siklos (Wilfrid Laurier University and CEPR) and Michael D. Bordo (Rutgers University)
 
Cyclical Interest Rates, Financial Constraints and Industry Growth by Enisse Kharroubi (Bank for International Settlements) and Philippe Aghion (Harvard University)
 
When arm's length is too far: relationship banking over the business cycle by Hans Degryse (KU Leuven)
 
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 by Alex Cukierman (Tel-Aviv University and Interdisciplinary Center)
 
Determinants of the rate of the Dutch unsecured overnight money market by Lola Hernandez, Ronald Heijmans and Richard Heuver (DNB)
 
Alternative Specifications of Bank Lending in France and Germany: Theory, Evidence, and Policy Implications by 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, by Alexander Popov (ECB) and Neeltje Van Horen (DNB) 
 
Macroprudential policies as buffer against volatile cross-border capital flows by Salih Fendoglu, Ahmet Faruk Aysan and Mustafa Kilinç (Central Bank of Turkey)
 
Framing banking union in a common currency area by 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 by Thomas Kick, Thilo Pausch and Benedikt Ruprecht (Deutsche Bundesbank)
 
Risk-Taking Incentives of Modern Banks by Razvan Vlahu (De Nederlandsche Bank), Natalya Martynova (University of Amsterdam) and Lev Ratnovski (IMF)
 
The Impact of Taxation on Bank Leverage and Asset Risk by Bálint Horváth (Tilburg University)
 
Session 2: 4 June 14:15 - 15:45
Bank regulation
 
Banking supervision and growth - a new macroprudential paradigm? by Mario Quagliariello and Samuel da Rocha Lopes (EBA)
 
Spillovers from Systemic Bank Defaults by Mark Mink (DNB) and Jakob de Haan (DNB and University of Groningen)
 
Regulations, Foreign Banks and Income Equality by Iftekhar Hasan (Fordham University)
 
Session 3: 5 June 09:30 - 11:00
Shadow banking and securitisation
 
Shadow Banking, Peter Andrews (Financial Conduct Authority)
 
Shadowy Banking: Theft by Safety Net by Edward Kane (Boston College) 
 
Securitisation and Bank Capital in European Banking: Does Regulation Affect Risk Retention Decisions? by 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? by Stefano Zedda (University of Cagliari), Clara Galliani (European Commission)
 
Beyond protecting public funds in a crisis: the resolution fund as a preventive tool by 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, by Daniel Gros (CEPS)
 
Banking and real convergence clubs: is the euro area really a blunder? by Massimiliano Affinito (Banca d'Italia)
 
Banking market competition, opaque firms, and the reallocation component of aggregate growth by Felix Noth (Goethe University Frankfurt), Robert Inklaar (University of Groningen), Michael Koetter (Frankfurt School of Finance and Management)
 
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, by Debora Revoltella (European Investment Bank)
 
The Mechanics of Financial Liberalization and Growth by 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 by Stavros Vourloumis (London School of Economics)
 
Session 3: 5 June 09:30 - 11:00
Reviewing bank lending
 
The Role of Shocks to Bank Lending, Risk-Taking and Securitization for Business Cycle
Fluctuations, by Geert Peersman (Uni Ghent) and Wolf Wagner (Tilburg University) 
 
Bank Loan Spread and Private Information: Pending Approval Patents by Yuan Xie (Fordham University), Marlene Plumlee (University of Utah), Meng Yan, (Fordham University) and Jeff Jiewei Yu, (Southern Methodist University)
 
Capital structure choice of non-financial companies and financial stability by 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:
 
Gregorio De Felice (Intesa Sanpaolo)
Javier Castrillo Penadés (Santander)
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.

Olivier Blanchard - Economic Counsellor & Director, Research Department, International Monetary Fund

Olivier BlanchardA citizen of France, Olivier Blanchard has spent most of his professional life in Cambridge, U.S. After obtaining his Ph.D in economics at the Massachusetts Institute of Technology in 1977, he taught at Harvard University, returning to MIT in 1982, with whom he has been affiliated since then. He is the Robert M. Solow Professor of Economics, and past Chair of the Economics Department. He has been on leave from MIT since 2008, as Economic Counsellor and Director of the Research Department of the International Monetary Fund. He is a macroeconomist, who has worked on a wide set of issues, from the role of monetary policy, to the nature of speculative bubbles, to the nature of the labor market and the determinants of unemployment, to transition in former communist countries, and to forces behind the current crisis. In the process, he has worked with numerous countries and international organizations. He is the author of many books and articles, including two textbooks in macroeconomics, one at the graduate level with Stanley Fischer, one at the undergraduate level. He is a fellow and past council member of the Econometric Society, a past vice president of the American Economic Association, and a member of the American Academy of Sciences.

31st SUERF Colloquium and Baffi Finlawmetrics Conference 2014 - Call for Papers - Research Questions

The Following Research Questions (non-exhaustive list) are suggested for discussion at the 31st SUERF Colloquium and Baffi Finlawmetrics Conference 2014 to be held on 4-5 June 2014. The full Call for Papers for the event and details about submission to it (deadline for submissions 31.01.2014) can be found here.

Commission 1. Monetary policy and growth

  • What role can monetary policy play in sustaining or reviving growth?
  • Is Keynes’ liquidity trap theory still relevant in the 21st century?
  • Has the crisis in recent years triggered a lasting (or merely temporary) change in the paradigm of the role and objectives of central banks?
  • What is the appropriate division of responsibilities between the Government and the central bank regarding improvement of economic growth?
  • Has the crisis altered our views on the optimal institutional status of central banks (independence, policy coordination versus independent pursuit of various policies by mutually independent institutions)?
  • How has the crisis changed monetary policy strategies?
  • Is the old school (narrow) inflation targeting a thing of the past?
  • Can asset price inflation after the experience of multiple bubbles be ignored by central banks in the future?
  • How will monetary policy and macroprudential policies interact in practice, and what is the evidence to date?
  • How large and serious are differences in financing conditions across EA countries?
  • What instruments are available for the monetary authorities?
  • To what extent have non-conventional policies already alleviated these problems?
  • How should the monetary authorities cope with public and private debt overhangs?
  • Is higher inflation (surprise inflation, announced inflation targets) an acceptable solution?
  • What are the costs and benefits?
  • What would be the distributive effects across countries and across constituencies within countries? Is monetary financing an appropriate solution when the aim is to stimulate growth?
  • How do the policies of major central banks across the world differ in this respect?
  • What are the inflationary risks from monetary financing in the short, medium and long term?

Commission 2. Financial regulation and growth

  • What are the costs and benefits of financial regulation?
  • How should "optimal financial regulation" be defined?
  • Has bank prudential regulation become too detailed and complex?
  • Should banks be required to have a greater capital cushion than is currently envisaged under Basel III?
  • Should financial regulators be concerned about economic growth?
  • Is it possible to design a regulatory and supervisory framework which can provide a well-functioning trade-off between financial stability and maintenance of economic growth?
  • What kind of regulation could have prevented the bubble-burst cycle of the last decade?
  • Is there an emerging consensus on the design of regulatory and supervisory systems?
  • What effects do more intensive bank regulation and tighter supervision have on economic growth? How much growth will be lost in normal times if credit growth is constrained?
  • What are the mechanisms through which such constraints will be felt?
  • What does the first empirical evidence in the context of preparation and implementing Basel III indicate?
  • How far is it possible to move from a backward-looking approach to regulation and supervision to a forward-looking approach?
  • Is it possible to develop appropriate measures to identify and support regulatory prevention of the next looming bubbles or crisis?
  • How should regulators and supervisors identify future bubbles and crises and what should they do to prevent them?
  • How do we avoid circumvention and undesired side effects from regulation and supervision?
  • Is more deleveraging required in Europe/ in various European countries?
  • If so, how will it happen (alternative scenarios)?
  • How much is driven by banks or other capital providers through credit supply restraint, how much by borrowers (firms and households) through low credit demand?
  • What combination of measures will most likely entail which scenarios?
  • What scenarios would be preferable from a growth perspective?

Commission 3. Economic growth andfinancial institutions and markets

  • Which financial institutions in Europe have in recent years been most active in the financing of economic growth?
  • What is the proper role of banks and other financial intermediaries in the provision of venture capital?
  • How can risk-sharing provisions in contracts be used to further the participation of banks in the financing of innovative firms?
  • Should pension funds invest in the venture capital industry?
  • Does/will stiffer bank regulation trigger more securitized lending?
  • To what extent can corporate bond markets contribute to the financing of economic growth?
  • Which differences are there between the funding opportunities of large companies and SMEs?
  • Are there special corporate governance problems in upstart companies and if so, how should they be dealt with?
  • What contribution do/can universities in Europe make by developing research and teaching in entrepreneurship and financing and management of upstart companies?
  • What is the proper balance between debt and equity in companies strongly involved in research and development?
  • Are there important cases where the potential conflicts between EU’s state aid rules and National Government’s efforts to foster research and development have been clarified?
  • How does tax policy influence bank behaviour, savings behaviour and financing decisions and in this way contribute to, or hamper, economic growth?
  • How to assess policy measures by the EU and various National Governments in this respect since 2007?
  • How have ailing national banking systems in several EU countries affected financing conditions, credit supply and economic growth?
  • Through what channels does integration of financial markets influence economic growth?
  • What role can we expect the EIB and national public institutions to play in the financing of economic growth in Europe?
  • Given the experience of the banking crisis, is there a viable role for securitisation in the post-crisis era?

31st SUERF Colloquium - Baffi Finlawmetrics Conference 2014

Money, Regulation and Growth: Financing New Growth in Europe

sponsored by Intesa Sanpaolo

To be held at the BAFFI Center on International Markets, Money and Regulation,
Università Bocconi, Via Roentgen 1, I-20136 Milan,
on 4-5 June 2014.

Call for Papers

Notes on the theme of the event

In recent years, economic growth in Europe has been unsatisfactorily low. Governments, parliaments and international organisations are looking for ways to stimulate growth and improve employment. The organisers invite researchers at universities, international organisations and financial institutions to submit papers in which they analyse the potential roles of monetary policy, financial regulation and financial markets and institutions in efforts to revitalize the European economy. The event will consist of a mix of plenary sessions and work in three parallel commissions. Research questions to be discussed in the three commissions include:

Commission 1. Monetary policy and growth

- What role can monetary policy play in sustaining or reviving growth?
- Is Keynes' liquidity trap theory still relevant in the 21st century?
- Has the crisis in recent years triggered a lasting (or merely temporary) change in the paradigm of the role and objectives of central banks?
- What is the appropriate division of responsibilities between the Government and the central bank regarding improvement of economic growth?
- Has the crisis altered our views on the optimal institutional status of central banks (independence, policy coordination versus independent pursuit of various policies by mutually independent institutions)?
- How has the crisis changed monetary policy strategies?
- Is the old school (narrow) inflation targeting a thing of the past?
- Can asset price inflation after the experience of multiple bubbles be ignored by central banks in the future?
- How will monetary policy and macroprudential policies interact in practice, and what is the evidence to date?
- How large and serious are differences in financing conditions across EA countries?
- What instruments are available for the monetary authorities?
- To what extent have non-conventional policies already alleviated these problems?
- How should the monetary authorities cope with public and private debt overhangs?
- Is higher inflation (surprise inflation, announced inflation targets) an acceptable solution?
- What are the costs and benefits?
- What would be the distributive effects across countries and across constituencies within countries? Is monetary financing an appropriate solution when the aim is to stimulate growth?
- How do the policies of major central banks across the world differ in this respect?
- What are the inflationary risks from monetary financing in the short, medium and long term?

Commission 2. Financial regulation and growth

- What are the costs and benefits of financial regulation?
- How should "optimal financial regulation" be defined?
- Has bank prudential regulation become too detailed and complex?
- Should banks be required to have a greater capital cushion than is currently envisaged under Basel III?
- Should financial regulators be concerned about economic growth?
- Is it possible to design a regulatory and supervisory framework which can provide a well-functioning trade-off between financial stability and maintenance of economic growth?
- What kind of regulation could have prevented the bubble-burst cycle of the last decade?
- Is there an emerging consensus on the design of regulatory and supervisory systems?
- What effects do more intensive bank regulation and tighter supervision have on economic growth? How much growth will be lost in normal times if credit growth is constrained?
- What are the mechanisms through which such constraints will be felt?
- What does the first empirical evidence in the context of preparation and implementing Basel III indicate?
- How far is it possible to move from a backward-looking approach to regulation and supervision to a forward-looking approach?
- Is it possible to develop appropriate measures to identify and support regulatory prevention of the next looming bubbles or crisis?
- How should regulators and supervisors identify future bubbles and crises and what should they do to prevent them?
- How do we avoid circumvention and undesired side effects from regulation and supervision?
- Is more deleveraging required in Europe/ in various European countries?
- If so, how will it happen (alternative scenarios)?
- How much is driven by banks or other capital providers through credit supply restraint, how much by borrowers (firms and households) through low credit demand?
- What combination of measures will most likely entail which scenarios?
- What scenarios would be preferable from a growth perspective?

Commission 3. Economic growth and financial institutions and markets

- Which financial institutions in Europe have in recent years been most active in the financing of economic growth?
- What is the proper role of banks and other financial intermediaries in the provision of venture capital?
- How can risk-sharing provisions in contracts be used to further the participation of banks in the financing of innovative firms?
- Should pension funds invest in the venture capital industry?
- Does/will stiffer bank regulation trigger more securitized lending?
- To what extent can corporate bond markets contribute to the financing of economic growth?
- Which differences are there between the funding opportunities of large companies and SMEs?
- Are there special corporate governance problems in upstart companies and if so, how should they be dealt with?
- What contribution do/can universities in Europe make by developing research and teaching in entrepreneurship and financing and management of upstart companies?
- What is the proper balance between debt and equity in companies strongly involved in research and development?
- Are there important cases where the potential conflicts between EU's state aid rules and National Government's efforts to foster research and development have been clarified?
- How does tax policy influence bank behaviour, savings behaviour and financing decisions and in this way contribute to, or hamper, economic growth?
- How to assess policy measures by the EU and various National Governments in this respect since 2007?
- How have ailing national banking systems in several EU countries affected financing conditions, credit supply and economic growth?
- Through what channels does integration of financial markets influence economic growth?
- What role can we expect the EIB and national public institutions to play in the financing of economic growth in Europe?
- Given the experience of the banking crisis, is there a viable role for securitisation in the post-crisis era?

Researchers from financial institutions, universities, central banks and international organisations are invited to submit papers on the above and related topics to be discussed in three parallel Commissions. Papers should have clear practical or policy implications and should preferably not be excessively technical. The SUERF Marjolin Prize (EUR 2,000) will be awarded for the best contribution by young researchers and is restricted to (co-) authors aged under 40 on 4 June 2014.

Authors should submit 2-3 page abstracts or a full paper online through the SUERF Website at www.suerf.org/milan2014cfpsubmit by 31 January 2014. These will be reviewed by the event's scientific committee. Notification of acceptance or non-acceptance will be provided before 28 February 2014. Papers already published prior to the event are not eligible. Enquiries should be addressed to This email address is being protected from spambots. You need JavaScript enabled to view it. .

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