Program Committee • Pietro Alessandrini, MoFiR, UnivPM (Chair by TanerauLatimer

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									THE CHANGING GEOGRAPHY OF MONEY, BANKING AND FINANCE IN A POST-CRISIS WORLD
                                                                       ANCONA, OCTOBER 7-8-9, 2009


                                                                           A conference organized by
                                                                  The Money and Finance Research group (MoFiR),
                                                                             Department of Economics
                                                                     of the Università Politecnica delle Marche
                                                                              http://www.mofir.univpm.it


                                                                               and co-sponsored by
                                                                              Open Economies Review
                                                                                          and
Program Committee                                                          Rivista Italiana degli Economisti
• Pietro Alessandrini, MoFiR, UnivPM (Chair)
• Arnoud Boot, University of Amsterdam
• Hans Degryse, Tilburg University
• Alfredo Del Monte, University of Naples Federico II
                                                           Objectives
• Michele Fratianni, MoFiR, UnivPM, Indiana University
• Giorgio Gobbi, Bank of Italy                             The present dramatic financial crisis, like many others
• Ron Martin, University of Cambridge                      before, finds its roots in a long credit boom and easy
• Massimo Massa, INSEAD                                    money that has fuelled rising asset prices. However, it
• Steven Ongena, Tilburg University                        differs from the past episodes of worldwide crises for the
• George Tavlas, Bank of Greece                            unprecedented close linkages between banking and
• Gregory Udell, MoFiR, Indiana University                 finance of the "originate and distribute" model, for the
• Alberto Zazzaro, MoFiR, UnivPM                           size and global character of the financial institutions
                                                           involved and for the fragility of the international
Conference Secretary                                       monetary system incapable of delivering external
• Alessandro Gambini                                       balances and facilitating smooth adjustments.
  - a.gambini@univpm.it                                    Following this crisis, the entire international and
  [ +39 071 2207230                                        domestic order of money, banking and finance seems to
• Mario Pepe                                               be under discussion. A new geography of finance will
  [ +39 340 5661654                                        probably emerge. The resurrection of the dollar
                                                           standard system or its substitution with a new monetary
Technical Staff                                            order of the world economy is a critical question. What
• Maurizio Mariotti                                        is still unclear is whether the crisis will impart a
  - maurizio.mariotti@univpm.it                            speeding-up of globalization of banking and finance or
                                                           will impart a steering to this process in the direction of a
Financial Support                                          more traditional "originate and hold" bank model and of
                                                           a more spatially segmented financial system. The aim of
                                                           this conference is to investigate the effects of the spatial
                                                           organization of money, banking and finance on the
                                                           geography of the credit crisis at the international and
                                                           national levels and to understand how the credit crisis
                                                           could shape the future geography of money, banking
                                                           and finance.


                                                         Facoltà di Economia "Giorgio Fuà" - P.le Martelli, 8 - 60121 Ancona
THE CHANGING GEOGRAPHY OF MONEY, BANKING AND FINANCE IN A POST-CRISIS WORLD
            WEDNESDAY, OCTOBER 7th                                   14.00 Session     III - LIBERALIZATION, FOREIGN                          11.30 Session VI - INTERBANK LIQUIDITY, SUPERVISION
                                                                           CURRENCY LENDING                                                         AND MONETARY POLICY
17.00 Registration                                                         Chair: Alfredo Del Monte (University of Naples Federico II)              Chair: Alberto Zazzaro (MoFiR, UnivPM)
17.10 Welcoming Remarks
                                                                           Liberalization, Corporate Governance, and Savings                        The Optimality of Interbank Liquidity Insurance
17.30 Special Session                                                      Banks
     RESHAPING THE INTERNATIONAL MONETARY                                                                                                           •Fabio Castiglionesi (Tilburg University)
     AND FINANCIAL SYSTEMS                                                 •Manuel Illueca (University Jaume I)                                     •Wolf Wagner (Tilburg University)
                                                                           •Lars Norden (Erasmus University)
     Chair: Michele Fratianni (MoFiR, UnivPM, Univ. Indiana)               •Gregory F. Udell (MoFiR, Indiana University)                             Discussant: Zeno Rotondi (Unicredit)
      Speakers                                                              Discussant: Riccardo De Bonis (Bank of Italy)                           Bank Risk-Taking, Securitization, Supervision, and Monetary
      •Pietro Alessandrini (MoFiR, UnivPM)                                 Foreign Currency Lending -Borrower or Bank Driven?                       Policy: Evidence from the Euro Area Bank Lending Survey
      •Sergio Rossi (University of Fribourg)                               •Martin Brown (Swiss National Bank)                                      •Angela Maddaloni (European Central Bank)
      •Stefano Micossi (Assonime)                                          •Karolin Kirschenmann (University of Mannheim)                           •José Luis Peydró (European Central Bank)
      •Arnoud Boot (University of Amsterdam)                               •Steven Ongena (Tilburg University)                                       Discussant: Marcello Messori (Univ. of Rome Tor Vergata)
20.00 Reception and Dinner                                                  Discussant: Giorgio Gobbi (Bank of Italy)                         13.00 Lunch
                                                                     15.30 Coffee Break                                                       14.00 Session VII - SMALL BUSINESS LENDING
             THURSDAY, OCTOBER 8th                                   16.00 Session IV - LEVERAGE, CREDIT CYCLE                                      Chair: Gregory F. Udell (MoFiR, University of Indiana)
09.00 Session I - ROLE OF BANKS IN THE CRISIS
                                                                           Chair: Alberto Niccoli (MoFiR, UnivPM)
                                                                                                                                                    Loan Officer Authority and Small Business Lending.
     Chair: Enzo Pesciarelli (Dean of the Faculty of                       Leverage, Value and Firm Scope                                           Evidence from a Survey
            Economics "Giorgio Fuà")                                       •Elisa Luciano (University of Turin, Collegio Carlo Alberto)
                                                                           •Giovanna Nicodano (University of Turin, Collegio Carlo Alberto)         •Michele Benvenuti (Bank of Italy)
     Which Banks Recover from a Banking Crisis?                                                                                                     •Luca Casolaro (Bank of Italy)
                                                                            Discussant: Alfredo Del Monte (Univ. of Naples Federico II)
     •Emilia Bonaccorsi di Patti (Bank of Italy)                                                                                                    •Silvia Del Prete (Bank of Italy)
     •Anil K. Kashyap (University of Chicago, Federal Reserve              Bank Integration and Local Credit Cycle: Evidence from                   •Paolo E. Mistrulli (Bank of Italy)
       Bank of Chicago)                                                    Japan                                                                     Discussant: Giovanni Ferri (University of Bari)
       Discussant: Gregory F. Udell (MoFiR, Indiana University)            •Masami Imai (Wesleyan University)
                                                                           •Seitaro Takarabe (Wesleyan University)                                  Who Captures Who? Long-Lasting Bank Relationships
      Rescuing Banks from the Effects of the Financial Crisis               Discussant: Alberto Zazzaro (MoFiR, UnivPM)                             and Growth of Firms
      •Michele Fratianni (MoFiR, UnivPM, Indiana University)         20.00 Dinner                                                                   •Alessandro Gambini (MoFiR, UnivPM)
      •Francesco Marchionne (MoFiR, UnivPM)                                                                                                         •Alberto Zazzaro (MoFiR, UnivPM)
       Discussant: Fabrizio Guelpa (Intesa Sanpaolo)                                   FRIDAY, OCTOBER 9th                                           Discussant: Lars Norden (Erasmus University)
10.30 Coffee Break                                                                                                                            15.30 Coffee Break
11.00 INVITED LECTURE                                                09.00 Session V - ROLE OF TECHNOLOGY
                                                                           Chair: Marcello Messori (University of Rome Tor Vergata)           16.00 Session VIII - CREDIT RISK TRANSFER
      Geography and the Financial Crisis, from Housing                                                                                              Chair: Luca Papi (UnivPM, Central Bank of San Marino
      Bubble to Economic Recession                                         The Location of Financial Activities: The Impact of New                         Republic)
                                                                           Technologies and the Financial Crisis
      •Ron Martin (University of Cambridge)                                                                                                         Why Do Banks Transfer Credit Risks Bank-Level
                                                                           •Gunther Capelle-Blanchard (Paris Sorbonne University)
11.30 Session II - CREDIT RISK                                             •Yamina Tadjeddine (University of Paris Ouest Nanterre)                  Evidence from Over One Hundred Countries
      Chair: Giorgio Gobbi (Bank of Italy)                                  Discussant: Ron Martin (University of Cambridge)                        •Alberto F. Pozzolo (MoFiR, University of Molise)
     Credit and the Macroeconomy: an Endogenous Risk                                                                                                •Fabio Panetta (Bank of Italy)
                                                                           Debt Restructuring and the Role of Lending
     Approach                                                              Technologies                                                              Discussant: Andrea F. Presbitero (MoFiR, UnivPM)
     •Giovanni Di Iasio (Bank of Italy)                                    •Giacinto Micucci (Bank of Italy)                                        Credit Risk Transfer and the Default Risk of Large
      Discussant: Alberto F. Pozzolo (MoFiR, University of Molise)         •Paola Rossi (Bank of Italy)                                             Complex Financial Institutions
      A Market-Based Measure of Credit Quality and Banks'                   Discussant: Giorgio Calcagnini (MoFiR, University of Urbino)            •Giovanni Calice (University of Southampton, University of Bath)
      Performance During the Subprime Crisis                         10.30 Coffee Break                                                             •Christos Ioannidis (University of Bath)
      •Martin Knaup (Tilburg University)                             11.00 INVITED LECTURE                                                          •Julian Williams (University of Aberdeen)
      •Wolf Wagner (Tilburg University)                                    Financial System Regulation and the Business of                           Discussant: Riccardo Lucchetti (UnivPM)
       Discussant: Giuseppe Vulpes (Unicredit)                             Banking                                                            17.30 Conclusions
13.00 Lunch                                                                •Arnoud Boot (University of Amsterdam)                             20.00 Dinner

          FACOLTÀ DI ECONOMIA "GIORGIO FUÀ" - PIAZZALE R. MARTELLI, 8 - 60121 ANCONA

								
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