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Co-organised by Ifo Institute, CESifo and the Deutsche Bundebank

CESifo Conference Centre, Munich
14 - 15 September 2012



Friday, 14 September 2012

08:30 - 09:00    Registration and coffee
09:00 - 09:15 Welcome address by organisers
Jörg Rocholl (ESMT), Christa Hainz (Ifo Institute) and Florian Buck (CES)

Session 1:
The economics of bailouts
Chair: Thorsten Beck (Tilburg University)

09:15 - 10:00

Should we commit to bailing out?
JUNGSUK HAN (Stockholm School of Economics), James Dow (London Business School)
Discussant: Robert B.H. Hauswald (American University)

10:00 - 10:45

Bailouts, contagion, and moral hazard
LEV RATNOVSKI (International Monetary Fund) and Giovanni Dell'Ariccia
Discussant: Monika Schnitzer (University of Munich)

10:45 - 11:00 Coffee Break
11:00 - 12:00 Keynote Lecture by VIRAL ACHARYA (Stern School of Business, New York University)
Sovereign debt, government myopia and the financial sector
12:00 - 13:00 Lunch

Session 2:
Competition vs. stability – microprudential perspectives
Chair: Bruno Parigi (University of Padova)

13:00 - 13:45

Strategic complementarity, fragility and regulation
XAVIER VIVES (IESE Business School)
Discussant: Hendrik Hakenes (University of Bonn)

13:45 - 14:30

Credit market competition and liquidity crises
Elena Carletti (European University Institute) and AGNESE LEONELLO (University of Pennsylvania)
Discussant: Bruno Parigi (University of Padova)

14:30 - 15:15

Bank competition and financial stability: A general equilibrium exposition
GIANNI DE NICOLÓ (International monetary Fund) and Marcella Lucchetta (University of Venice)
Discussant: Rafael Repullo (CEMFI)

15:15 - 15:45 Coffee Break
15:45 -16:45 Keynote Lecture by ENRICO PEROTTI (University of Amsterdam)
Preventive macroprudential policy
16:45 - 17:15 Coffee Break

Session 3:
The role of institutions for banking
Chair: Jörg Rocholl (ESMT)

17:15 - 18:00

A century of firm - bank relationships: did banking sector deregulation spur firms to add banks and borrow money?
STEVEN ONGENA (Tilburg University) and Fabio Braggion
Discussant: Liam Brunt (NHH-Norwegian School of Economics and Business Administration)

18:00 - 18:45

Abolishing public guarantees in the absence of market discipline
ISABEL SCHNABEL (University of Mainz) and Tobias Körner
Discussant: Christan Leuz (University of Chicago Booth School of Business)

20:00 - 22:00

Official conference dinner
Spatenhaus an der Oper, Residenzstraße 12

Speaker: Andreas Dombret Member of the Executive Board, Deutsche Bundesbank



Saturday, 15 September 2012

Special Session:
Politics and banking history

Chair: Richard S. Grossman (Wesleyan University)

09:00 - 10:00

Special Session: Politics and banking history
Chair: Richard S. Grossman (Wesleyan University and Harvard University)

Fragile by design: banking crises, scarce credit, and political bargains
STEPHEN HABER (Stanford University) and Charles Calomiris (Columbia University)
10:00 - 10:15 Coffee Break

Session 4:
Bank liquidity and systemic stability - macroprudential perspectives

Chair: Gerhard Illing (University of Munich)

10:15 - 11:00

Vulnerable banks
AUGUSTIN LANDIER (Toulouse School of Economics), David Thesmar (HEC Paris) and Robin Greenwood (Havard University)
Discussant: Elena Carletti (European University Institute)

11:00 - 11:45

A theory of bank illiquidity and default with hidden trades
ETTORE PANETTI (IIES, Stockholm University)
Discussant: Falko Fecht (Frankfurt School of Finance & Management and Deutsche Bundesbank)

11:45 - 12:30

Syndication, interconnectedness and systemic risk
JIAN CAI (Fordham University), Anthony Saunders and Sascha Steffen (ESMT European School of Management and Technology)
Discussant: Hans Degryse (Ku Leuven and Tilburg University)

12:30 - 13:30 Lunch

Session 5:
Interlinkages between the banking sector and the state

Chair: Alexander Schulz (Deutsche Bundesbank)

13:30 - 14:15

Investment and borrowing constraints: evidence from Japanese firms
MICHIO SUZUKI (University of Tokyo), Hiroyuki Kasahara (University of British Columbia) and Yasuyuki Sawada
Discussant: Alexander Popov (European Central Bank)

14:15 - 15:00

Bank bailouts, competitive distortions and consumer welfare
KLAUS SCHAECK (Bangor Business School) and Cesar Calderon (World Bank)
Discussant: Olena Havrylchyk (CEPII)

15:00 - 15:30 Coffee Break
15:30 - 17:30

Panel Discussion: The fate of Europe's banking system
Chair: Hamish McRae (The Independent)

Stephen Cecchetti (Bank for International Settlements),
Daniel Gros (Centre for European Policy Studies),
Laurence J. Kotlikoff (Boston University),
Hans-Werner Sinn (Ifo Institute)

17:30 - 18:30 Reception and end of conference

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