Nice
10 & 11 June, 2004
Organised by the
GdR Economie Monétaire et Financière
In association with LEM
(Laboratoire d’économie et de management)
Université de Nice Sophia-Antipolis
Location : UFR de Droit, Sciences Politiques, Economiques et de Gestion –
7 avenue Robert Schuman – 06200 Nice
9 h 00
Registration and coffee
9 h 45
Welcomes
(amphi 202) :
Alain Chiavelli
(Vice-Président Recherche, University of Nice Sophia-Antipolis)
Roger Bernardini (Doyen UFR Droit,
Sciences Politiques, Economiques et de Gestion)
Dominique Torre
(Head of the local committee of the GDR conference, LEM, University of
Nice
Sophia-
Antipolis)
Jean-Bernard Chatelain
(Head of the CNRS Research Group “Economie Monétaire et
Financière, LEO,
University
of
Orleans)
10 h 00 - 11 h 00 Keynote speaker:
Paul De Grauwe,
(University of Leuven, Belgium)
Provisional title: “Behavioral Economics and Exchange
Rate”
11 h 00 - 11 h 15
Coffee Break
11 h 15 - 12 h 45
Parallel Sessions 1
12 h 45 - 14 h 30
Buffet Lunch
14 h 30 - 16 h 00
Parallel Sessions 2
16 h 00 - 16 h 15
Coffee Break
16 h 15 - 18 h 15
Parallel Sessions 3
18 h 15 - 18 h 45
General assembly of GdR
20 h 30
Gala Dinner at the Boscolo Plaza Hotel – 12 avenue de Verdun
– 06000 Nice
9 h 00 – 11 h 00
Parallel Sessions 4
11 h 00 – 11 h 20
Coffee
Break
11 h 20 – 12 h 45
Panel discussion on
«Prudential regulation, new
accounting rules, and banks mergers in Europe »
Chair : Jean-Bernard
Chatelain (Head of the CNRS Research Group “économie
monétaire et
financière,
LEO, University of Orleans)
Patrick Artus, CDC-Ixis Capital Markets et Université Paris 1
Jean Dermine, Insead (Fontainebleau)
Marcello Messori, University of
Vergata (Rome)
12 h 45 – 14 h 15
Buffet
Lunch
14 h 15 – 15 h 55
“Money, Macro and
Finance Group” Session.
Contagion and the Aftermath of Default
Chair: Andy Mullineux
(University of Birmingham)
Charles Goodhart, London School
of Economics (UK)
A Model to analyse Financial Contagion
Marcus Miller, Warwick University
(UK)
Sovereign Debt Restructuring : Ending Delay, Promotion Growth
Lei Zhang, Warwick University
(UK)
Default, Devaluation and Depression : Argentina after 2001
Discussants :
Henri Pages (Fondation Banque de France)
Daniel Laskar (CEPREMAP)
16h 00 – 17 h 30
Parallel Sessions 5
Parallel Sessions
|
Rooms |
A |
B |
C |
D |
E |
F |
G |
|
11 h 15 12 h 45
|
Political Economy and Monetary Policy
|
Money Market |
Cost Efficiency
of Banks
|
Banking Prices |
Law and Finance |
Trade and Exchange Rates |
Exchange Rate Regimes |
|
14 h 30 16 h 00
|
Interest Rates |
Monetary Theory |
Bank Credit Channel |
Credit Cycles |
Asset Prices |
Exchange Rate Parity |
Contagion et crises financières |
|
16 h 15 18 h 15
|
Monetary Policy Evaluation |
Enlarging
European Monetary Union |
Banks Mergers |
Risk of Default |
Financial Development |
Choix de portefeuille |
Financial Crisis |
|
Rooms |
A |
B |
C |
D |
E |
F |
G |
|
9 h 00 11 h 00
|
Inflation Targeting |
Policy Mix |
Banks Failures |
Financing Firms |
Growth and
Finance |
Stockmarket Prices |
Financial Crisis |
|
15 h 50 17 h 20
|
New Keynesian Monetary Policy,
|
Credit and Inflation |
Organisation du
système bancaire |
Risk and Information Disclosure |
Crédit au XIXème siècle |
Market Finance
|
Equilibrium Exchange Rates |
Jeudi 10 juin
11 h 15 –
12 h 45
Ø A1. Political Economy and Monetary Policy
Chair : Fabio MENDEZ
|
*
Monetary Policy under Imperfect Commitment : Reconciling Theory with
Evidence *
Bargaining Over Monetary
Policy in a Monetary Union and the Case for Appointing an Independent
Central Banker *
Policy Makers' Preferences,
Party Ideology and the Political Business Cycle |
Ø B1. Money Market
Chair : Amir KIA
|
*
The
Demand for Reserves and Interest Rate Volatility before and after EMU-an
Application to the Portuguese Money Market *
Central Counterparty Clearing : Constructing Framework for Evaluation of
Risks and Benefits * Modeling Money Demand Under the Profit-Sharing
Banking Scheme : Some Evidence on Policy Invariance and Long-Run Stability |
Ø C1. Cost Efficiency of Banks
Chair : Laurent WEILL
|
*
Cost
Efficiency in Greek Banking * L'efficience de
coût des banques françaises au cours des années 90 |
Ø D1. Banking Prices
Chair : Dominique LACOUE-LABARTHE
|
*
Service Provision and
Bank Interest Margins, Price and Risk Implications for E.U. Banks *
Competition in Banking : Switching Costs and the Limits of Antitrust
Enforcement *
Assessing Effects of Price Regulation in European Retail Payment Systems |
Ø E1. Law and Finance
Chair : Laurence BOY
|
*
A General
Solution to the Post-Default Renegotiation Puzzle *
Système juridique et architecture financière *
Tax Evasion,
Investors Protection and Corporate Governance |
Ø F1. Trade and Exchange Rate
Chair : Agnès BENASSY-QUERE
|
*
The Stock-Flow Approach to the
Real Exchange Rate of CEE Transition Economies : In Sample vs. Out-Of-Sample Estimates *
Competition in Quality Inside Monetary Union : What About Intra-Industry
Trade and Asymmetric Shocks ? * Trade Linkages and
Exchange-Rates in Asia : The Role of China |
Ø G1. Exchange Rate Regime
Chair : Markus LAHTINEN
|
*
When and How Much Does a Peg
Increase Trade ? The Role of Trade Costs and Import Demand Elasticity
under Monetary Uncertainty *
Interest Rate
Differentials and Purchasing Power Parity Puzzle : A Nonlinear Perspective |
Jeudi 10 juin
14 h 30 – 16 h 00
Ø A2. Interest Rates
Chair : Jean-Stéphane MESONNIER
|
*
Stability of Final Objective of the European Monetary Authorities *
Règle de Taylor
et politique monétaire dans la zone euro |
Ø B2. Monetary Theory
Chair : Jean-Yves CARO
|
*
Du troc à la
monnaie, ou la monnaie comme un préalable aux échanges * Fonder
microéconomiquement la monnaie : est-ce bien raisonnable ? |
Ø C2. Bank Credit Channel
Chair : Maria T. VALDERRAMA
|
*
Expected Versus Unexpected Monetary Policy Impulses and Interest Rate
Pass-Through Ineurozone Retail *
Modeling Credit Aggregates |
Ø D2. Credit Cycles
Chair : Richard ARENA
|
*
Credit Shocks in a Monetary Business Cycle *
Profits; Confidence and Public Deficits : Modeling Minsky's Institutional
Dynamics *
A Note On Some Minsky an Models of Financial Instability |
Ø E2. Asset Prices
Chair : Patrick ARTUS
|
*
Europe Without Borders ? The Effect of the EMU on Relative Prices *
Should Policymakers be Concerned with Asset Prices ? *
Peut-on expliquer une déformation durable du prix relatif des actifs par
rapport aux biens et services ? |
Ø F2. Exchange Rate Parity
Chair : Jean-François GOUX
|
* Taux de change
réels et exportations chinoises sur le marché américain *
Le taux de change
euro-dollar est-il quasi stationnaire ? |
Ø G2. Contagion et crises financières
Chair : Alexandre MINDA
|
*
La contagion financière : une étude empirique sur les causalités lors de la
crise asiatique *
Une mesure
économétrique des phénomènes de contagion. Une étude appliquée aux crises de
change des marchés émergents *
International Regulation and Supervision : A Solution to Bank Failure in
Latin America ? |
Jeudi 10 juin
16 h 15 – 18 h 15
Ø A3. Monetary Policy Evaluation
Chair : Kazusuke TSUJIMURA
|
*
Has
the ECB Been Wrong ? A Lesson from Counterfactual Simulations *
From the Bundesbank to the ECB : has something changed ? *
Does
Monetary Policy Work under Zero-Interest-Rate ? |
Ø B3. Enlarging European Monetary Union
Chair : Paul de GRAUWE
|
*
Arrangements monétaires en union économique
hétérogène *
Optimum
Currency Area and the Enlargement of the Euro Zone to the East *
Monetary
Policy-Making in an Enlarging European union |
Ø C3. Banks Mergers
Chair : Olivier BRUNO
|
*
Impact
concurrentiel dynamique des fusions bancaires *
How did the Asian Stock Markets React to Bank Mergers after the 1997
Asian Crisis ? *
Consolidation
bancaire et disponibilité du crédit |
Ø D3. Risk of Default
Chair : Michel BOUTILLIER
|
*
Extending Logistic Approach to Risk Modelling Through Semiparametric Mixing *
Tarification du crédit : qu'apporte le nouveau
ratio de solvabilité ? *
Beyond the Third Pillar of Basel Two : Taking Bond
Market Signals Seriously *
Evaluation du
risque pays par les agences de Rating : Transparence et convergence des
méthodes |
Ø E3. Financial Development
Chair : Jacques de BANDT
|
*
Government Ownership of Banks, Institutions, and Financial Development Règles et mécanismes budgétaires
dans le cadre du Pacte de Solidarité et de Croissance de l'Uemoa une analyse
empirique exploratoire *
Financial System development, Regulation and Economic Growth : Evidence
from Russia *
On
the Duration of Financial System Stability Under Liberalization |
Ø F3. Choix de portefeuille
Chair : Georges PRAT
|
*
Les fondements de
la rotation sectorielle des portefeuilles *
Prévisibilité des
rentabilités boursières. Une étude empirique du marché boursier français sur
données intraquotidiennes *
Trading Volume, Volatility, Order Flow and Spread : Evidence of Tunisian
Dealer *
Les styles des
gérants d'OPCVM actions françaises en 2003 |
Ø G3. Financial Crisis
Chair : Marcus MILLER
|
*
Variété des crises
financières, invariance des mécanismes de base *
The Role of Politics and Institutions in LDC Currency Devaluations |
Vendredi 11 juin
9 h 00 –
11 h00
Ø A4. Inflation Targeting
Chair : Michel AGLIETTA
|
*
Do Inflation Targeting
Regimes Reduce Inflation Uncertainty ? Evidence From Five Industrialized
Countries *
Les ICM sont-ils de bons indicateurs
d'activité ? Vérification sur plusieurs pays et extensions *
Inflation Targeting And
Financial Stability |
Ø B4. Policy Mix
Chair : Richard A. WERNER
|
*
Stabilisation et
coordination des politiques budgétaires dans une union monétaire hétérogène *
Cooperative and Noncooperative Delegation in International Monetary and
Fiscal Policy Games *
Hétérogénéité structurelle des pays membres et inefficacité du policy-mix
dans l'Union Economique et Monétaire *
Why has Fiscal Policy Disappointed in Japan ? Revisiting the
Pre-Keynesian View on the Ineffectiveness of Fiscal Policy |
Ø C4. Banks Failure
Chair : Philippe MADIES
|
*
Bailout Policy Against Financial Intermediation Failures *
A
Study of the Mutual Insurance of Bank Deposits *
Faillites
bancaires et garantie des dépôts dans le modèle de Diamond (1984) *
An
Experimental Exploration of Self-Fulfilling Banking Panics : their
Occurrence, Persistence and Prevention |
Ø D4. Financing Firms
Chair : Dorothée RIVAUD-DANSET
|
*
Public Policy and the Creation
of Active Venture Capital Markets *
Financial Constraints and
Capacity Adjustment in the United Kingdom : Are Small Firms Really Different
? Evidence form a Large Panel of Survey Data *
The Determinants of Trade Credit in Transition Countries *
An Investigation into the Determinants of Trade
Credit use by French SMEs |
Ø E4. Growth and Finance
Chair : Muriel DAL-PONT
|
*
Le développement financier et la croissance : l'Afrique Subsaharienne
est-elle marginalisée ? *
Financial and Technological
Innovations as Twin Engines of Economic Growth *
Does Financial Sector
Development Contribute to Economic Growth ? New Evidence from Panel Data
Models
*
Finance, Institutions and
Economic Growth |
Ø F4. Stockmarket Prices
Chair : Jacques LEONARD
|
*
Testing for Rational Bubbles
with Time Varying Risk Premium and Non-Linear Cointegration Evidence from
the US and French Stock Markets *
Incertitude,
apprentissage social et évaluation financière conventionnelle *
Le marché roumain de contrôle est-il
atypique ? Evidence Empirique sur les OPA (1998-2002) *
Représentation des rentabilités boursières
dans un cadre semi-Lucasien |
Ø G4. Financial Crisis
Chair : Eric GIRARDIN
|
*
Balance of Payments Crisis in an External
Debt-Led Growth Regime *
Speculative Attack
and Informational Structure : An Experimental Study *
Regime-Dependent
Synchronization of Growth Cycles in East Asia |
Vendredi 11 juin
15 h 50 –
17 h 20
Ø A5. New Keynesian Monetary Policy, Finance
Chair : Marco AIRAUDO
|
*
Systematic Monetary Policy
and Persistence *
Optimal Monetary Policy for
the ECB * Endogenous Fluctuations in Open Economies : The
Perils of Taylor Rules Revisited |
Ø B5. Credit and Inflation
Chair : Alain RAYBAUT
|
*
Optimal Inflation in
a Credit Constrained Economy *
Inflation and the Dispersion
of Real Wages |
Ø C5. Organisation du système bancaire
Chair : Jean CARTELIER
|
*
Banking Networks : Towards a Small Financial World ? *
Banking Club, Clearinghouse, and Banks' Bank : from Coordination to
Discretion *
Offre groupée de
services : périmètre optimal dans un contexte concurrentiel |
Ø D5. Risk and Information Disclosure
Chair : Jean-Bernard CHATELAIN
|
*
Strategic Default and Debt Reduction *
Accounting Transparency and the Cost of Capital *
Diffusion
d'information et risque de crédit dans les économies émergentes |
Ø E5. Crédit au XIXème siècle
Chair : Cécile HAGNAUER
|
*
Cycle de Minsky et crises financières au 19e
siècle *
Le contrôle exercé par les Péreires sur
leurs entreprises permet-il d'illustrer les limites de la théorie de
l'Agence en matière de financement ? *
Banque et économie politique : l'état de
l'analyse saint-simonienne en 1832 |
Ø F5. Market Finance
Chair : Franck NICOLAS
|
*
La réaction des prix et volumes aux news macroéconomiques : le cas des
obligations françaises *
Switching Debt Products : A Real Options Perspective * Introduction de gestion alternative dans une
allocation long terme *
Hedge
Fund Behavior : An Ex-Post Analysis |
Ø G5. Equilibrium Exchange Rate
Chair : Olli CASTREN
|
*
Equilibrium Real Exchange Rates in Acceding Countries : How Large is Our
Confidence (Interval) ? *
The Balance of Payments Stages "Hypothesis" : A Reappraisal *
Growth Expectations, Capital Flows and International Risk Sharing |