XXIInd Symposium on Banking
and Monetary Economics
XXIIèmes Journées d’Economie
Monétaire et Bancaire
Strasbourg
16 & 17 June, 2005
GdR
Economie Monétaire et Financière, CNRS
LARGE, Université Robert Schuman
(Laboratoire de Recherche en Gestion & Economie)
Congress Venue
/ Lieu de la conférence :
Institut d'Etudes Politiques, Université Robert Schuman,
47 avenue de la forêt noire, 67082 Strasbourg cedex, France
Programme Overview / Programme Sommaire
Thursday, June 16, 2005 / Jeudi 16 Juin 2005
9 h 00
Registration and coffee / Inscriptions et café
9 h 45 – 10 h 00 Welcomes
/ Bienvenue (Amphithéâtre) 324
Yves Gautier, Head/Directeur de l'Institut d'Etudes Politiques, Strasbourg
Jean-Bernard Chatelain, Head of the CNRS Money and Finance Research Group/
Directeur du Groupement de
Recherche du CNRS « Economie Monétaire et Financière », LEO, Université
d’Orléans
Régis Blazy, Head of the Local Committee/ Directeur du comité local du colloque,
LARGE,
Université Robert Schuman, Strasbourg.
10 h 00 - 12 h 00 Parallel Sessions I/ Sessions parallèles I
12 h 00 - 13 h 30 Buffet Lunch / Déjeuner
13
h 30 – 14 h 20
“Money Macro and Finance Research Group” Plenary Session / Session plénière
(Amphithéâtre)
Chairperson/Président:
Andy Mullineux, Birmingham
Business School and Money, Macro and Finance Research Group.
COMMERCIAL PROPERTY PRICES AND BANK PERFORMANCE
Phil Davis, Brunel
University, West London.
Co-author(s)/Co-auteur(s):
Haibin Zhu, Bank of
International Settlements, Basel
14 h 30 - 16 h 30 Parallel Sessions II/ Sessions parallèles II
16 h 30 - 16 h 45 Coffee Break / Pause café
16 h 45 - 18 h 15 Parallel Sessions III/ Sessions parallèles III
18
h 20 - 18 h 45 General assembly
of GdR / Assemblée générale du GDR
23rd Symposion in Lille, June 2006 / 23ème journées à Lille, Juin
2006.
19 h 30 Boat trip / Promenade en bateau
20 h 30 Gala dinner / Dîner de Gala : Maison Kammerzell – 16 place de la Cathédrale – 67000 Strasbourg
Friday, June 17, 2005 / Vendredi 17 Juin 2005
9 h 00 – 10 h 00
Plenary Session / Session plénière (Amphithéâtre)
Chairperson/Président :
Michel
Dietsch, LARGE,
Université Robert
Schuman, Strasbourg
DO BANKRUPTCY CODES MATTER? A STUDY OF DEFAULTS
IN FRANCE, GERMANY
AND THE UNITED
KINGDOM
Julian Franks, London
Business School.
Co-author(s)/Co-auteur(s):
Serguei
Davydenko, London Business
School.
10 h 00 – 10 h 15 Coffee Break / Pause Café
10 h 15 – 12 h 15 Parallel Sessions IV/ Sessions parallèles IV
12 h 15 – 13 h 30 Buffet Lunch / Déjeuner
13
h 30 – 14 h 30 Plenary
Session / Session plénière (Amphithéâtre)
Chairperson/Président:
Michel Boutillier, ECONOMIX, Université Paris X)
BANKS AND GERMAN CORPORATE
GOVERNANCE
:
ON THE WAY TO A CAPITAL MARKET-BASED SYSTEM?
Reinhard H. Schmidt, Goethe University, Frankfurt.
Co-author(s)/Co-auteur(s):
Andreas Hackethal, Goethe University, Frankfurt.
Marcel Tyrell, Goethe University, Frankfurt.
14
h 30 – 15 h 20 Plenary Session / Session plénière
(Amphithéâtre)
Chairperson/Président:
André Cartapanis, CEFI, Université d’Aix-Marseille, GREDEG, CNRS, Nice.
MR. KEYNES AND THE KEYNESIANS
Rodolphe Dos Santos, BETA,
Université Louis
Pasteur, Strasbourg
15 h 20 – 15 h 30 Pause café / Coffee Break
15 h 30 – 17 h 00 Parallel Sessions V/ Sessions parallèles V
Parallel Sessions
|
Rooms |
A |
B |
C |
D |
E |
F |
G |
|
10 h 00 12 h 00 |
Monetary Policy 1
|
Banks Prudential 1 |
Banks Concentration 1Room 321 |
Credit and Corporate Finance 1
|
Finance and Growth 1 |
Market Finance 1 Room 210 |
Prices and Money Demand
|
|
14 h 30 16 h 30
|
Monetary Policy 2
|
Banks Prudential 2
|
Banks Concentration 2Room 321 |
Credit and Corporate Finance 2
|
Exchange Rate 1
|
Market Finance 2 Room 210 |
|
|
16 h 45 18 h 15
|
Monetary Policy
3
|
Banks Prudential 3 |
Banks Concentration 3 |
Credit and Corporate Finance 3
|
Exchange Rate 2Room 318 |
Market Finance 3 Room 210 |
|
|
Rooms |
A |
B |
C |
D |
E |
F |
|
10 h 15 12 h 15
|
Monetary Policy
4 |
Monetary Theory |
Banks
Concentration 4 and Pensions
|
Credit Cycle 1
|
Finance History
|
Market Finance 4 Room 210 |
|
15 h 30 17 h 00 |
Monetary Policy
5 |
Policy Mix |
International Financial
Systems
|
Credit Cycle 2
|
Exchange
Rate 3
|
Finance and Growth 3
|
Jeudi 16 juin
10 h 00 – 12 h 00
Ø A1. Monetary Policy 1
Chair : Pierre-Guillaume MEON
|
*
Coordination des négociations salariales en UEM : quel rôle pour la BCE
? *
Estimating the Effect of Hungarian Monetary Policy Within a Structural
VAR Framework *
Flexibility of Monetary Policy in the Euro Area and the Remuneration of
Required Reserves |
Ø B1. Bank Prudential 1
Chair : André CARTAPANIS
|
*
Pour une approche
holiste du filet de sécurité financière en Europe : quelques arguments *
Market Discipline
and the Use of Stock Market Data to Predict Bank Financial Distress *
The
Panic of 1857 as a Bank-Initiated Banking Panic *
Les paniques
bancaires inefficientes et la politique d'indulgence de l'Etat - une analyse
exploratoire de la crise française des années trente |
Ø C1. Banks Concentration 1
Chair : Nicolas EBER
|
*
Efficiency and Economies of Scale of Large Canadian Banks
*
Competition Versus Agency Costs : An Analysis of Charter Values in European
Banking *
Interest Rate Pass-Through in an Enlarged Europe : The Role Of Banking
Market Structure for Monetary Policy Transmission in Tansition Countries *
Hard
Information, Hard Barrier to Entry : Banking Competition and Choice of
Credit Evaluating System |
Ø D1. Credit and Corporate Finance 1
Chair : Laurent WEILL
|
*
Sweden's Financial Revolution and Economic Growth *
Financial Aspects of Business Cycles : An Analysis of Balance Sheet
Adjustments of U.S. Non-Financial Enterprises Over the Twentieth Century
Trade
Credit : The Inventory Subsidy *
Why
do Banks ask for Collateral ? |
Ø E1. Finance and Growth 1
Chair : Dhafer SAIDANE
|
*
Transformation Risk, Inefficiency of the Legal System and Financial Dualism
in Developing Countries *
The
Political Economy of Financial Liberalisation *
"Deep pockets", Collateral Assignments of Patents and the Growth of
Innovations *
Financial
Markets, Technological Innovation, Investments in R&D, and Public Policies |
Ø F1. Market Finance 1
Chair : Vincent BIGNON
|
*
Inflation, Stock Prices and Stock Returns Predictability *
Funds Tournament and Equity
Portfolio Managers Risk-Taking *
Les gérants d’actifs en action : l’importance des conventions dans la
décision financière *
Social Learning and Lack of Information |
Ø G1. Prices and Money Demand
Chair : John BAUDE
|
*
The
Role of Money Demand in a Business Cycle Model with Staggered Wage Contracts *
Price Setting in France : New Evidence from Survey Data *
L'impact des chocs
boursiers sur le crédit en France depuis le milieu des années
quatre-vingt-dix |
Jeudi 16 juin
14 h 30 – 16 h 30
Ø A2. Monetary Policy 2
Chair : Etienne FARVAQUE
|
* Does
it Pay to Watch Central Bankers’ Lips ? The Information Content of ECB
Wording *
Do ECB's Statements Steer Short-Term and
Long-Term interest Rates in the Euro Zone ? *
A
Committee-Based Theory of Interest Rate Smoothing |
Ø B2. Banks Prudential 2
Chair : Dominique TORRE
|
*
Banks
Versus Markets in Processing the Payment Shock *
Co-Movements in EU Banks' Fragility : a Dynamic Factor Model Approach *
Interbank Debt Networks, Systemic Bank Runs and the Domino Effect *
Banks,
Markets, and Efficiency |
Ø C2. Banks Concentration 2
Chair : Michel BOUTILLIER
|
*
Banking Mergers and Acquisitions in the EU :
Overview, Assessment and Prospects
*Approche Econométrique des déterminants de la rentabilité des banques
européennes *
Banking System Structure and the Real Effects
of Monetary Policy *
Banks’; Portfolio Choices and Interest
Rate Premiums : Some Exploratory Analyses |
Ø D2. Credit and Corporate Finance 2
Chair : Dorothée RIVAUD-DANSET
|
*
Why
Exporters can be Financially Constrained in a Recently Liberalised Economy ?
A Puzzle Based on Argentinean Firms during the 1990s *
Corporate Cash Holdings : Financial Determinants and Consequences *
Number of Banks and Credit Relationships : Empirical Results from French
Small Business Data *
Ownership Competition in European Transition Arena : Towards a Viable
Restructuring ? |
Ø E2. Exchange Rate 1
Chair : Philippe SAUCIER
|
*
On
the Credibility of Currency Boards
*
Inflation Targeting and Exchange Rate Pass-through *
Exchange Rate Pass-Through on Prices in US, German and Japanese Macrodata *
La coopération
monétaire régionale est-elle un préalable à l’intégration commerciale de
l’Asie ? |
Ø F2. Market Finance 2
Chair : Eric GIRARDIN
|
* Another Piece in the Feldstein-Horioka Puzzle : an Analysis on European
Regional Data *
Has
There Always Been Underpricing and Long-Run Underperformance ? - IPOs in
Germany Before World War I *
Investissements
directs américains et européens dans les PECOs : Quel rôle des effets de
change ? |
Jeudi 16 juin
16 h 45 – 18 h 15
Ø A3. Monetary Policy 3
Chair : Giuseppe DIANA
|
*
Interest Rate Pass-Through : the Case of Hungary *
Interacting Demand and Supply Conditions in European Bank Lending
Flexibility in Inflation Targeting, Financial Markets and Macroeconomic
Stability |
Ø B3. Banks Prudential 3
Chair : Dominique LACOUE-LABARTHE
|
*
Board
Structure, Ownership Structure, and Firm Performance : Evidence from Banking *
Market Discipline in International Banking Regulation : Keeping the Playing
Field Level *
Reaction of European Bank Stock Prices to Events of the Asian and Russian
Financial crises |
Ø C3. Banks Concentration 3
Chair : Jean-Daniel GUIGOU
|
*
Strengths and Weaknesses of European Banks : What Lessons for Future
Restructuring *
Will
we Pay in the Same Way ? Empirical Evidence of Payment Behaviours
Convergence On EMU Panel Data *
Differences in Financial and
legal Systems and Contribution of Private Equity Funds to Transfers of
Shares |
Ø D3. Credit and Corporate Finance 3
Chair : Christophe GODLEWSKI
|
*
The
Determinants of Capital Structure of the SMEs : Evidence from the Greek and
the French firms *
Do
Corporate Financial Patterns in European Countries Converge and Testify for
Disintermediation ? *
Labour Relationships and Financial Contracts : Is there an Alternative to
the Shareholder Value Maximization ? |
Ø E3. Exchange Rate 2
Chair : Michel AGLIETTA
|
*Elasticité d'une
taxe sur les transactions de change: une évaluation quantitative *
Les déséquilibres
financiers des Etats Unis et la transformation du système monétaire
international *
Dis Pesification
Rescue Argentina ? |
Ø F3. Market Finance 3
Chair : Christian AUBIN
|
*
The
Impact of Central Bank Interventions on Currency Components *
Regulation of ''Guru'' Analysts' Conflicts of Interest *
The
Regime-Switching Impact of Global Financial Markets on China's Stock Markets |
Vendredi 17 juin
10 h 15 – 12 h 15
Ø A4. Monetary Policy 4
Chair : Robert KRAINER
|
*
Sticky Wages in a Stochastic DGE Model of the Business Cycle *
The
Expanding Consumer Credit Sector and the Efficiency of Monetary Transmission
Mechanism
* Links Between Financial
Markets and Economy, Monetary Policy and Welfare |
Ø B4. Monetary Theory
Chair : Jean CARTELIER
|
*
Moneychangers and the Quality of Money * Certification
bancaire dans une économie schumpeterienne *
What
Determines the Value of Money ? An Empirical Perspective on Classical
Monetary Theory from Sweden, 1789- 1833 *
Entrepreneurs
et salariés : un modèle de différenciation par le crédit |
ØC4. Banks Concentration 4 and Pensions
Chair : Anne LAVIGNE
|
*
Deteriorating Cost Efficiency in Commercial Banks Signals Increasing Risk of
Failure *
Measuring Banking output and Productivity : A
user Cost Approach to Luxembourg Data *
Product Diversification in the European Banking Industry : Risk and Loan
Pricing *
The
French Pension Trust Fund : Can it Cope with the Expected Financial
Unsustainability of the PAYG Pension System ? |
Ø D4. Credit Cycle 1
Chair : Brigitte GODBILLON
|
**
Credit Cycle with Derivatives Market Stefania VANACORE, FORUM-MINI, Université Paris X-Nanterre E-mail/courriel : vanacore.stefania@tiscali.it Discussant : Vincent BOUVATIER
*
Market Concentration,
Macroeconomic Uncertainty and Monetary Policy Optimal Sequencing for Foreign Direct Investments in Emerging Economies :
the Case of the Czech Republic (1993-1997) *
Banks' Procyclicality
Behavior : Does Provisioning Matter
? |
Ø E4. Finance History
Chair : Ghislain DELEPLACE
|
*
Value-at-Risk since 1784 - A Comprehensive History *
Banques
coloniales, crédit et circulation : l'exemple de la Martinique 1848-1871 *
Monnaie, état et
production : une lecture critique de l'approche néo-chartaliste *
The
"Return to Gold": Central Bankers and Economists During the Twenties |
Ø F4. Market Finance 4
Chair : Georges PRAT
|
*
Economies
d'échelle dans l'industrie française de la gestion collective
* « Roses des vents
», « éventails » et « explosions d’étoile » sur le marché français :
caractérisations, mesures et applications *
Comovements in Emerging Market Bond Returns : An Empirical Assessment *
Ex-Ante Risk Premia at the NYSE : Analysis of Experts' Behavior at the
Individual Level |
Vendredi 17 juin
15 h 30 – 17 h 00
Ø A5. Monetary Policy 5
Chair : António MENDONCA
|
*
Sacrifice Ratios Dispersion in the Euro Are: what can we Learn for the
Conduct of a Single Monetary Policy ? *
Capitalisation
bancaire et transmission de la politique monétaire : une revue *
The
Endogeneity of Optimum Currency Areas Criteria : European Union, Euro zone
and the Portuguese Case |
Ø B5. Policy Mix
Chair : Damien BROUSSOLLE
|
*
The
Fiscal Policy Effects on Interest Rates *
La soutenabilité
de la politique budgétaire dans la zone Uemoa (union économique et monétaire
ouest africaine) : essai d'évaluation théorique
et empirique |
Ø C5. International Financial Systems
Chair :
|
*
Determinants of Inflation in
Ukraine : a Cointegration Approach *
Stability Versus Flexibility? The Costs and Benefits of the EMU for
Transition Countries |
Ø D5. Credit Cycle 2
Chair : Corentine LEROY
|
*
*
The Effect of Bank Credit on
Asset Prices : Evidence from the Japanese Real Estate Boom during the 1980s *
Speculative and Entrepreneurial Behaviour : a Study of Microeconomic
Sustainability in Argentina During the 1990s
Financial Fragility in Emerging Market Countries : Firm Balance Sheets and
the Productive Structure |
Ø E5. Exchange Rate 3
Chair : Jean-Luc NETZER
|
*
La théorie des
zones monétaires optimales et la thèse de l'endogénéité des critères
d'optimalité : Les enseignements de l'Union monétaire scandinave (1873-1913) *
IMF
Lending and Geopolitical Influences : The Articles of Agreements and
Beyond *
Optimal Degree of Public Information Dissemination |
ØF5. Finance and Growth 2
Chair : Marie PFIFFELMANN
|
*
Financial Development, International Trade and Welfare |