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“TRENDS IN COMPETITION AND PROFITABILITY IN THE … TABLE OF CONTENTS Abstract 5 1. Introduction 9 2. Profit maximization 11 3. Methodology 15 3.1. Basic model 15 3.2. Market power 18 3.2.1. Iwata 18 3.2.2. Bresnahan 19 THE THEORYOFFINANCIALINTERMEDIATION: AN ESSAYON … TABLE OFCONTENTS 1. Introduction 7 2. The Perfect Model 9 3. Financial Intermediaries in the Economy 11 4. Modern Theories of Financial Intermediation 15 5. THE EFFECTIVENESS OF CAPITAL ADEQUACY MEASURES IN THE EFFECTIVENESS OF CAPITAL ADEQUACY MEASURES IN PREDICTING BANK DISTRESS Authors: David G. Mayes and Hanno Stremmel SUERF – The European Money and Finance Forum Vienna 2014 SUERF Study 2014/1 SUERF2014_1.book Page 3 Monday, April 7, 2014 9:55 AM CHALLENGES IN SECURITIES MARKETS REGULATION: INVESTOR CIP Challenges in Securities Markets Regulation: Investor Protection and Corporate Governance Editors: Pablo Gasós, Ernest Gnan and Morten Balling Authors: Paul Tucker, Michael Haliassos, Theodor Kockelkoren, Juan Carlos Ureta, José Manuel González-Páramo, COMPETING CURRENCIES: CAN THE EURO CHALLENGE THE USD’S 3 1. Why internationalize? Or be a reserve currency? Stepping Back: An Analytical Framing “Definitions:” Internationalization: use as unit/medium of account, transactions, invoice Reserve currency: (large scale) store of value Three questions (review the thinking to date) i. INCLUSIVE PAYMENTS FOR THE POST-PANDEMIC WORLD, SUERF Thomas Lammer is a Member of the Committee on Payments and Market Infrastructures (CPMI) Secretariat at the BIS and is responsible for work related to cross-border payments and financial inclusion.Prior to joining the CPMI Secretariat he worked for more than eight years at the ECB, where he had different roles, such as Secretary of the Eurosystem’s Market Infrastructures and Payments THE NEW ECONOMICS OF BANKING 6.11 Erosion of Cross-Subsidies 36 6.12 Consumer Trends 37 6.13 Cost Structures 38 6.14 Capital Markets and Securitisation 38 6.15 Capital

Market Pressure 39

ON CRYPTO ASSETS, SUERF POLICY NOTES .:. SUERF About the author. Andrei Kirilenko is the Director of the Centre for Global Finance and Technology and a Visiting Professor of Finance at the Imperial College Business School, as well as a Research Fellow in the Financial Economics Programme of the Centre for Economic Policy Research (CEPR). Prior to joining Imperial in August 2015, he was a Professor of the Practice of Finance at the MIT MONETARY POLICY IMPLICATIONS OF DIGITAL CURRENCIES, SUERF 5. ↑ Worldwide transactions in Bitcoin per day reached an all-time high of 0.4 million in December 2017 and stood at around 0.3 million in February 2020 (blockchain.com). These figures are several orders of magnitude smaller than total payment transactions in the European Union that amounted to 140 billion in 2018 (European Central Bank Statistical Data Warehouse), i.e. an average of more CENTRAL BANK ACCOUNTABILITY AND JUDICIAL REVIEW, SUERF 10. ↑ The ‘rules versus discretion’ debate has a long-standing tradition in administrative law. Judicial review of administrative acts is a requirement of a rule of law based system. There are procedural elements that determine the legality of an administrative act, such as the competence of the entity that issues the act or the procedure to prepare and approve such act, and the STRESS-TESTING NET TRADING INCOME: THE CASE OF EUROPEAN 1. Introduction Since 2014, a large share of banks’ net operating income in the euro area arises from non-interest income activities where net fee and commission income (NFCI) and net trading income (NTI) are the most important contributors. WHAT IS MONEY AND WHO SAYS SO? www.suerf.org/policynotes SUERF Policy Note No 1 21ST CENTURY CASH: CENTRAL BANKING, TECHNOLOGICAL 21. ↑ If central banks pushed interest rates into negative territory in a world with a non-remunerated CBDC, banks would effectively avoid the negative rates by substituting reserves with digital currency. Banks could adopt this same strategy in a world with physical cash, but the high cost of storing it makes this option less attractive, inducing banks to accept moderately negative interest THE GREAT DEPRESSION AS A SAVING GLUT The Great Depression as a Saving Glut Victor Degorce1 and Eric Monnet2 1EBS & EHESS 2Paris School of Economics, EHESS and CEPR 8th SUERF & UniCredit Foundation WEBINARS: THE INTERNATIONAL ROLE OF THE EURO: HAS COVID-19 Marco Buti is now Chief of Staff of Commissioner Gentiloni.Mr Buti has been Director-General for Economic and Financial Affairs at the European Commission since December 2008-2019. After studies at the Universities of Florence and Oxford, Mr Buti joined the European Commission in 1987. He held various posts as an economist in DG ECFIN and the Commissioner’s cabinet (private office)

WELCOME TO SUERF

Welcome to SUERF - The European Money and Finance Forum. SUERF - The European Money and Finance Forum is an independent, non-profit network association of central banks, supervisors, financial institutions, academic institutions, and financial sector practitioners. BUILDING-BACK-BETTER AFTER THE COVID-19 CRISIS IN EUROPE About the authors. Marco Buti is the Chief of Staff of the Commissioner for the economy, Paolo Gentiloni, and was Director-General for Economic and Financial Affairs at the European Commission between 2008 and 2019. He has been the Commission Finance Deputy at G7 and G20. A graduate of the universities of Florence and Oxford, he has been visiting professor at various universities in

Europe.

BUFFER USABILITY AND POTENTIAL STIGMA EFFECTS, SUERFSEE MORE ON

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SAVINGS BEHAVIOUR IN CRISIS AND POST-CRISIS TIMES Date: 22 April 2021Time: 13:30-16:30Venue: Cisco Webex EventsThe Global Financial Crisis and COVID-19 crisis have, among many other things, also affected savings behaviour. Changes involve both aggregate household savings ratios, individual propensity to consume and to save, as well as portfolio choice. While the post-GFC and COVID-induced very low interest rates have likely reduced DEALING WITH THE NEXT DOWNTURN: FROM UNCONVENTIONAL www.suerf.org/policynotes SUERF Policy Note No 105 THE ECB FINANCIAL STABILITY REVIEW: DISCUSSION 4 As of December 2020, EU banks had granted moratoria for more than EUR 920bn loans (or 6.4% of total loans) EUR 318bn of loans were under

current moratoria,

THE GREAT DEPRESSION AS A SAVING GLUT The Great Depression as a Saving Glut Victor Degorce1 and Eric Monnet2 1EBS & EHESS 2Paris School of Economics, EHESS and CEPR 8th SUERF & UniCredit Foundation “TRENDS IN COMPETITION AND PROFITABILITY IN THE … TABLE OF CONTENTS Abstract 5 1. Introduction 9 2. Profit maximization 11 3. Methodology 15 3.1. Basic model 15 3.2. Market power 18 3.2.1. Iwata 18 3.2.2. Bresnahan 19 ASSET-LIABILITY MANAGEMENT WITH ULTRA-LOW INTEREST RATES ASSET-LIABILITY MANAGEMENT WITH ULTRA-LOW INTEREST RATES Edited by Ernest Gnan and Christian Beer Contributions by Richard S. Grossman Philip Molyneux Frederic Lambert Claude Moser, Colt Spenser Lake, Bruce McLean Forrest, THE EFFECTIVENESS OF CAPITAL ADEQUACY MEASURES IN THE EFFECTIVENESS OF CAPITAL ADEQUACY MEASURES IN PREDICTING BANK DISTRESS Authors: David G. Mayes and Hanno Stremmel SUERF – The European Money and Finance Forum Vienna 2014 SUERF Study 2014/1 SUERF2014_1.book Page 3 Monday, April 7, 2014 9:55 AM

WELCOME TO SUERF

Europe.

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current moratoria,

EVENTS .:. SUERF

Events. SUERF events are designed to be of relevance, value and interest to its Members. Our event programme provides an opportunity for debate and networking among eminent and well-known research economists, policy makers and financial experts. INCLUSIVE PAYMENTS FOR THE POST-PANDEMIC WORLD, SUERF Thomas Lammer is a Member of the Committee on Payments and Market Infrastructures (CPMI) Secretariat at the BIS and is responsible for work related to cross-border payments and financial inclusion.Prior to joining the CPMI Secretariat he worked for more than eight years at the ECB, where he had different roles, such as Secretary of the Eurosystem’s Market Infrastructures and Payments BUFFER USABILITY AND POTENTIAL STIGMA EFFECTS, SUERF In light of the Covid-19 pandemic and its effects on the economy and financial markets, supervisors and policy makers at the international level are concerned that banks could refrain from using its capital buffers to support lending due to pay-out restrictions following the breach of the combined buffer requirement (CBR). NEXT GENERATION EU: CAN WE DO BETTER?, SUERF POLICY BRIEF About the authors. Lorenzo Codogno is Visiting Professor in Practice at the LSE’s European Institute and founder and chief economist of his own consulting vehicle, LC Macro Advisors Ltd. Prior to joining LSE, Lorenzo Codogno was chief economist and director-general at the Treasury Department of the Italian Ministry of Economy and Finance (May 2006-February 2015). PRODUCTIVITY IN THE FINANCIAL SERVICES SECTOR, SUERF 2009/4 Productivity in the Financial Services Sector. edited by Morten Balling, Ernest Gnan, Frank Lierman and Jean-Pierre Schoder, Vienna,

December 2009

March 2017.

BANKS’ BEHAVIORAL REACTIONS TO BASEL III: MOSTLY AS The Basel Committee on Banking Supervision currently evaluates the Basel III reform package. A recent BCBS Working Paper finds that bank behavioral reactions to the package largely consist of measures that strengthen bank resilience, such as increases of capital and of high quality liquid assets (HQLA), the reduction of non-performing exposures and of non-core assets, the lengthening of WHATEVER IT TAKES TO SAVE THE PLANET? CENTRAL BANKS AND Whatever it takes to save the planet? Central banks and unconventional green policy www.suerf.org/policynotes SUERF Policy Brief, No 59 5

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FINTECH AND CENTRAL BANKS 1. Fintech and Central Banks Fintech and the Future of Retail Banking, Brussels, December 9, 2016 Colloquium of the Belgian Financial Forum in cooperation with SUERF,

WELCOME TO SUERF

Europe.

THE NEW ECONOMICS OF BANKING 6.11 Erosion of Cross-Subsidies 36 6.12 Consumer Trends 37 6.13 Cost Structures 38 6.14 Capital Markets and Securitisation 38 6.15 Capital

Market Pressure 39

WELCOME TO SUERF

Europe.

THE NEW ECONOMICS OF BANKING 6.11 Erosion of Cross-Subsidies 36 6.12 Consumer Trends 37 6.13 Cost Structures 38 6.14 Capital Markets and Securitisation 38 6.15 Capital

Market Pressure 39

DEALING WITH THE NEXT DOWNTURN: FROM UNCONVENTIONAL www.suerf.org/policynotes SUERF Policy Note No 105 PASSIVE FUNDS AND MARKET STABILITY 2 Passive investing – definition and key issues Passive investing is a strategy that tracks the returns of a price index (such as an established market benchmark) No trading in the absence of changes in index composition Passive label refers to the investment approach of the fund manager – end-investor strategies can differ Relative cost, performance and diversification of passive funds THE THEORYOFFINANCIALINTERMEDIATION: AN ESSAYON … TABLE OFCONTENTS 1. Introduction 7 2. The Perfect Model 9 3. Financial Intermediaries in the Economy 11 4. Modern Theories of Financial Intermediation 15 5. “TRENDS IN COMPETITION AND PROFITABILITY IN THE … TABLE OF CONTENTS Abstract 5 1. Introduction 9 2. Profit maximization 11 3. Methodology 15 3.1. Basic model 15 3.2. Market power 18 3.2.1. Iwata 18 3.2.2. Bresnahan 19 THE EFFECTIVENESS OF CAPITAL ADEQUACY MEASURES IN THE EFFECTIVENESS OF CAPITAL ADEQUACY MEASURES IN PREDICTING BANK DISTRESS Authors: David G. Mayes and Hanno Stremmel SUERF – The European Money and Finance Forum Vienna 2014 SUERF Study 2014/1 SUERF2014_1.book Page 3 Monday, April 7, 2014 9:55 AM CHALLENGES IN SECURITIES MARKETS REGULATION: INVESTOR CIP Challenges in Securities Markets Regulation: Investor Protection and Corporate Governance Editors: Pablo Gasós, Ernest Gnan and Morten Balling Authors: Paul Tucker, Michael Haliassos, Theodor Kockelkoren, Juan Carlos Ureta, José Manuel González-Páramo, COMPETING CURRENCIES: CAN THE EURO CHALLENGE THE USD’S 3 1. Why internationalize? Or be a reserve currency? Stepping Back: An Analytical Framing “Definitions:” Internationalization: use as unit/medium of account, transactions, invoice Reserve currency: (large scale) store of value Three questions (review the thinking to date) i. INCLUSIVE PAYMENTS FOR THE POST-PANDEMIC WORLD, SUERF Thomas Lammer is a Member of the Committee on Payments and Market Infrastructures (CPMI) Secretariat at the BIS and is responsible for work related to cross-border payments and financial inclusion.Prior to joining the CPMI Secretariat he worked for more than eight years at the ECB, where he had different roles, such as Secretary of the Eurosystem’s Market Infrastructures and Payments MONETARY POLICY IMPLICATIONS OF DIGITAL CURRENCIES, SUERF 5. ↑ Worldwide transactions in Bitcoin per day reached an all-time high of 0.4 million in December 2017 and stood at around 0.3 million in February 2020 (blockchain.com). These figures are several orders of magnitude smaller than total payment transactions in the European Union that amounted to 140 billion in 2018 (European Central Bank Statistical Data Warehouse), i.e. an average of more GENDER, MONEY AND FINANCE Date: Thursday, 20 May 2021Friday, 21 May 2021 13:50-17:15 CET14:00-17:15 CET Venue: Oesterreichische Nationalbank, Otto-Wagner-Platz 3, 1090 Vienna · Online Webex PRODUCTIVITY IN THE FINANCIAL SERVICES SECTOR, SUERF 2009/4 Productivity in the Financial Services Sector. edited by Morten Balling, Ernest Gnan, Frank Lierman and Jean-Pierre Schoder, Vienna,

December 2009

INCLUSIVE PAYMENTS FOR THE POST PANDEMIC WORLD www.suerf.org/policynotes SUERF Policy Note No 193--- THE GREAT DEPRESSION AS A SAVING GLUT The Great Depression as a Saving Glut Victor Degorce1 and Eric Monnet2 1EBS & EHESS 2Paris School of Economics, EHESS and CEPR 8th SUERF & UniCredit Foundation ASSET-LIABILITY MANAGEMENT WITH ULTRA-LOW INTEREST RATES ASSET-LIABILITY MANAGEMENT WITH ULTRA-LOW INTEREST RATES Edited by Ernest Gnan and Christian Beer Contributions by Richard S. Grossman Philip Molyneux Frederic Lambert Claude Moser, Colt Spenser Lake, Bruce McLean Forrest, BANKS’ BEHAVIORAL REACTIONS TO BASEL III: MOSTLY AS The Basel Committee on Banking Supervision currently evaluates the Basel III reform package. A recent BCBS Working Paper finds that bank behavioral reactions to the package largely consist of measures that strengthen bank resilience, such as increases of capital and of high quality liquid assets (HQLA), the reduction of non-performing exposures and of non-core assets, the lengthening of “INTERNATIONALIZATION OF BANKS: STRATEGIC PATTERNS … TABLE OF CONTENTS 1. Overview 7 1.1. Introduction 7 1.2. Set up of the research 9 1.3. Structure of the paper 10 2. Bank sample and degree of internationalization 11 2.1. WHAT IS MONEY AND WHO SAYS SO? www.suerf.org/policynotes SUERF Policy Note No 1

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THE EFFECTIVENESS OF CAPITAL ADEQUACY MEASURES IN THE EFFECTIVENESS OF CAPITAL ADEQUACY MEASURES IN PREDICTING BANK DISTRESS Authors: David G. Mayes and Hanno Stremmel SUERF – The European Money and Finance Forum Vienna 2014 SUERF Study 2014/1 SUERF2014_1.book Page 3 Monday, April 7, 2014 9:55 AM FINTECH AND CENTRAL BANKS 1. Fintech and Central Banks Fintech and the Future of Retail Banking, Brussels, December 9, 2016 Colloquium of the Belgian Financial Forum in cooperation with SUERF, INCLUSIVE PAYMENTS FOR THE POST-PANDEMIC WORLD, SUERF Thomas Lammer is a Member of the Committee on Payments and Market Infrastructures (CPMI) Secretariat at the BIS and is responsible for work related to cross-border payments and financial inclusion.Prior to joining the CPMI Secretariat he worked for more than eight years at the ECB, where he had different roles, such as Secretary of the Eurosystem’s Market Infrastructures and Payments MONETARY POLICY IMPLICATIONS OF DIGITAL CURRENCIES, SUERF 5. ↑ Worldwide transactions in Bitcoin per day reached an all-time high of 0.4 million in December 2017 and stood at around 0.3 million in February 2020 (blockchain.com). These figures are several orders of magnitude smaller than total payment transactions in the European Union that amounted to 140 billion in 2018 (European Central Bank Statistical Data Warehouse), i.e. an average of more GENDER, MONEY AND FINANCE Date: Thursday, 20 May 2021Friday, 21 May 2021 13:50-17:15 CET14:00-17:15 CET Venue: Oesterreichische Nationalbank, Otto-Wagner-Platz 3, 1090 Vienna · Online Webex INCLUSIVE PAYMENTS FOR THE POST PANDEMIC WORLD www.suerf.org/policynotes SUERF Policy Note No 193--- THE NEW ECONOMICS OF BANKING 6.11 Erosion of Cross-Subsidies 36 6.12 Consumer Trends 37 6.13 Cost Structures 38 6.14 Capital Markets and Securitisation 38 6.15 Capital

Market Pressure 39

REGULATING FINTECH: WHAT IS GOING ON, AND WHERE ARE THE www.suerf.org/policynotes SUERF Policy Note No 134 6 WHATEVER IT TAKES TO SAVE THE PLANET? CENTRAL BANKS AND About the authors. Alessandro Ferrari is an economist at the Bank of Italy, working at the Monetary Policy and Economic Outlook Directorate. He got his Master of Science in Economics and Social Sciences and his PhD in Economics and Finance at Bocconi University. “INTERNATIONALIZATION OF BANKS: STRATEGIC PATTERNS … TABLE OF CONTENTS 1. Overview 7 1.1. Introduction 7 1.2. Set up of the research 9 1.3. Structure of the paper 10 2. Bank sample and degree of internationalization 11 2.1. WHATEVER IT TAKES TO SAVE THE PLANET? CENTRAL BANKS AND Whatever it takes to save the planet? Central banks and unconventional green policy www.suerf.org/policynotes SUERF Policy Brief, No 59 5

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CENTRAL BANKING AND MONETARY POLICY CENTRAL BANKING AND MONETARY POLICY: WHAT WILL BE THE POST-CRISIS NEW NORMAL? Edited and introduced by Ernest Gnan and Donato Masciandaro Contributions by Forrest Capie, Alex Cukierman, Jakob de Haan, Sylvester Eijffinger,

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WEBINARS

Upcoming Webinars

The international role of the euro – state of play, drivers,

prospects

/ 14 Jun, 2021 14:00 - 15:30 _CET (UTC+01:00)_ /

Past webinars

Fiscal and Monetary Policy Interactions

/ 26 May,

2021 15:00 - 16:30 _CET (UTC+01:00)_ / Key takeaways from the ECB’s new Financial Stability Review / 19 May, 2021 15:00 - 16:15 _CET (UTC+01:00)_ / Negative Interest Rates: Effectiveness and Side Effects – Taking

Stock

/ 06 May, 2021 15:00 - 16:15 _CET (UTC+01:00)_ / CBDC: State of play, challenges, open issues

/ 04 Dec,

2020 14:00 - 15:30 _CET (UTC+01:00)_ / Key takeaways from the ECB’s new Financial Stability Review / 25 Nov, 2020 15:30 - 16:45 _CET (UTC+01:00)_ / The surge of gold / 01 Oct, 2020 15:00 - 17:30 _CET (UTC+01:00)_ / Fireside chat: Economic outlook, the ECB’s monetary policy, and financial market implications / 14 Sep, 2020 15:30 - 17:00 _CET (UTC+01:00)_ / Economic Forecasting during and after corona

/ 10

Sep, 2020 16:00 - 17:30 _CET (UTC+01:00)_ / Libra 2.0 – What does it mean for monetary policy and financial

stability?

/ 31 Aug, 2020 16:30 - 17:30 _CET (UTC+01:00)_ / In the face of an unexpected adversary: The crucial role for central

banks

/ 10 Jul, 2020 10:00 - 11:15 _CET (UTC+01:00)_ / Radical Uncertainty: Decision-making for an unknowable future - Book presentation and discussion / 02 Jul, 2020 16:00 - 17:00 _CET (UTC+01:00)_ / A New Vision for Europe’s Capital Markets - Presentation and Discussion of the Final Report of the High Level Forum on the CMU / 29 Jun, 2020 16:00 - 17:15 _CET (UTC+01:00)_ / The International Role of the Euro: has COVID-19 affected the outlook? / 16 Jun, 2020 16:00 - 17:15 _CET (UTC+01:00)_ / The Karlsruhe ruling: implications and the way forward? / 03 Jun, 2020 16:00 - 17:00 _CET (UTC+01:00)_ / Key takeaways from the ECB’s new Financial Stability Review / 28 May, 2020 16:00 - 17:00 _CET (UTC+01:00)_ / LATEST SUERF POLICY NOTES & BRIEFS Assessing the impact of Basel III: Evidence from macroeconomic models / Olivier de Bandt, Bora Durdu, Hibiki Ichiue, Yasin Mimir, Jolan Mohimont, Kalin Nikolov, Sigrid Röhrs, Jean-Guillaume Sahuc, Valerio Scalone, Michael Straughan The interplay between green policy, electricity prices, financial constraints and jobs: firm-level evidence / Gert Bijnens, John Hutchinson, Jozef Konings, Arthur Saint Guilhem Shocks to bank capital as a driver of lending standards to corporates. What can macroprudential policy learn from bank lending surveys?

/ Ewa Wróbel

Stress-testing CESEE borrowers in the light of the COVID-19 pandemic

/ Aleksandra Riedl

What does research say about the effects of central bank balance sheet

policies?

/ Paola Di Casola

Does the upturn in Eurozone money growth imply 5% inflation?

/ Tim Congdon

Digital Disruption: The Inevitable Rise of CBDC

/

Chetan Ahya, Derrick Kam, Julian Richers Detecting turning point in the Danish economy in real time – nowcasting in Danmarks Nationalbank during the covid-19 crisis

/ Jesper Pedersen

Stress-Testing Net Trading Income: The Case of European Banks / Carla Giglio, Frances Shaw, Nicolas Syrichas and Giuseppe

Cappelletti

Real interest rates and demographic developments: the role of population growth and migration / Lucas Fuhrer, Nils Herger A digital euro to meet the expectations of Europeans

/ Fabio Panetta

Climate risks and collateral: a methodological experiment / Pierre-François Weber, Bünyamin Erkan, Antoine Oustry, Romain

Svartzman

Set-up costs and the financing of young firms / François Derrien, Jean-Stéphane Mésonnier, Guillaume Vuillemey The pandemic year from a consumer behaviour perspective: The Slovak

experience

/ Milan Gylanik, Viera Mrazikova and Roman Vrbovsky Low Interest Rates and the Distribution of Household Debt / Marina Emiris, François Koulischer What Caused The Resurgence In FDI Screening?

/

Simon J. Evenett

How to prevent a too restrictive fiscal policy in Europe?

/ Wim Boonstra

Monetary and Fiscal Policy: Privileged powers, entwined

responsibilities

/ Claudio Borio and Piti Disyatat Will consumers save the EU recovery? - Insights from the Commission’s consumer survey / Roberta Friz, Fiona Morice SPACs (special purpose acquisition companies) / Mario Hübler, Jakob Hanzl, Christoph Prenner Foreclosures and House Prices

/ Michele

Loberto

Strengthening the international role of the euro / Gergely Hudecz, Gong Cheng, Edmund Moshammer, Alexander Raabe Banking regulation and the benefits of international cooperation – views from a banking supervisor / Joachim Wuermeling Europe’s growth gap: reconciling Keynes and Schumpeter / François Villeroy de Galhau The Bewildering Effects of COVID-19 and Other Recessions on Forecast Accuracy Measurements / Boriss Siliverstovs Navigating the Digital Transition, Maintaining a Stable Payment System

/ Denis Beau

Data sharing for better policy making

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Claudia Buch

Negative Interest Rate Policy – The Experience So Far / Luis Brandao Marques, Marco Casiraghi, Gaston Gelos, Gunes Kamber,

Roland Meeks

Building-back-better after the Covid-19 crisis in Europe: The twin transition and divergence / Marco Buti, István P. Székely How should the COVID restrictions in England be eased? / David K. Miles, Adrian H Heald, Michael Stedman Zero Covid: fewer deaths and much less contraction in GDP / Cécile Philippe, Nicolas Marques The banking supervisors dilemma: wearing many hats on one head / Sasin Kirakul, Jeffery Yong, Raihan Zamil How the Capital Markets Union can help Europe avoid a liquidity trap

/ Sylvain Broyer

Fed’s financial stability concerns and monetary policy / Klodiana Istrefi, Florens Odendahl, Giulia Sestieri A New Measure of Synthetic Leverage

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Daniel Fricke

The Macroeconomics of Covid-19 Leverage

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Théophile Jégard, Simon Ray Not all debt is bank debt: Nonbank borrowing in Central, Eastern and

Southeastern Europe

/ Katharina Allinger, Elisabeth Beckmann Smoke and Mirrors: On cancelling public debts held by the Eurosystem / Jef Boeckx and Xavier Debrun The Impact of COVID-19 on European Banks

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Shekhar Aiyar, Mai Chi Dao, Andreas A. Jobst, Aiko Mineshima, Srobona Mitra, Mahmood Pradhan Europe: the shock of Covid-19 and the fear of accelerated

zombification

/ Hélène Baudchon, Louis Boisset, Guillaume Derrien, Kenza Charef The Great Depression, banking crisis, and Keynes’ paradox of thrift / Victor Degorce, Eric Monnet The Saving and Employment Effects of Higher Job Loss Risk / Ragnar E. Juelsrud, Ella Getz Wold Uncertainty Is Not an Excuse. Integrating Climate Risks into Monetary Policy Operations and Financial Supervision / Julia Anna Bingler, Chiara Colesanti Senni, Pierre Monnin CESEE’s Macroprudential Policy Response to Covid-19 / Markus Eller, Reiner Martin, Lukas Vashold The impact of Covid-19 on global value chains

/ Heli Simola

Crisis management of credit institutions: Senior unsecured creditors must prepare for bail-in / Christine Sif Larsen, Anne Dyrberg Rommer Banking union - achievements and challenges

/

Luis de Guindos

The challenges to the banking sector a year after the outbreak of the

COVID-19 pandemic

/ Pablo Hernández de Cos How do central banks use big data and machine learning? / Sebastian Doerr, Leonardo Gambacorta, Jose Maria Serena Unconventional monetary policies and expectations on economic

variables

/ Alessio Anzuini, Luca Rossi EMU deepening and sovereign debt spreads: using political space to achieve policy space / Iván Kataryniuk, Víctor Mora-Bajén, Javier J. Pérez Immovable property: where, why and how should it be taxed?

/ Doris Prammer

Shaken but not deterred: business confidence and Covid-19 in the Euro

area

/ Gene Ambrocio

The role of fiscal policies in the Covid-19 crisis: scope and

limitations

/ Niels Thygesen

The way forward for EU-wide stress tests

/

Pedro Duarte Neves

A backstop liquidity facility for a greener economy / Eric Jondeau, Benoit Mojon, Cyril Monnet Shifts in the portfolio holdings of euro area investors in the midst of COVID-19: looking-through investment funds / Daniel Carvalho, Martin Schmitz EU – US: Towards renewed transatlantic cooperation? / Maartje Wijffelaars, Philip Marey Whatever it takes to save the planet? Central banks and unconventional

green policy

/ Alessandro Ferrari, Valerio Nispi Landi Next Generation EU: can we do better?

/

Lorenzo Codogno, Paul van den Noord Central bank communication with the general public: effective or not? / Nils Brouwer, Jakob de Haan On the Origin of Systemic Risk

/ Mattia

Montagna, Giovanni Covi, Gabriele Torri Debt cancellation by the ECB: Does it make a difference?

/ Paul de Grauwe

CBDC: Where is the unique selling proposition?

/

Peter Bofinger,Thomas Haas Scarring in Europe / Reza Moghadam, Markus Guetschow, Camille White Are lower bank capital requirements an efficient policy tool for supporting credit to SMEs? / Michel Dietsch, Henri Fraisse, Mathias Lé, Sandrine Lecarpentier Greening the UK financial system – a fit for purpose approach / Yannis Dafermos, Daniela Gabor, Maria Nikolaidi, Frank van Lerven Who has purchased euro area debt since the start of the health crisis?

/ Olivier Sirello

Pandemic Recession, Recovery Plan and Helicopter Money: A Tale from

the Serenissima

/ Charles Goodhart, Donato Masciandaro, Stefano Ugolini Digital technologies: a source of a productivity rebound? / Gilbert Cette, Sandra Nevoux, Loriane Py Sharing Economy in the Financial Industry: A Platform Approach towards Sharing in Regulatory Reporting using the Shapley Value / Aaron Janowski, Moritz Plenk, Mirko Haselwander The rise of digital watchers

/ Till Ebner,

Thomas Nellen, Jörn Tenhofen Should developed economies manage international capital flows? An empirical and welfare analysis / Dennis Bonam, Gavin Goy, Emmanuel de Veirman Crisis management for medium-sized banks: the case for a European

approach

/ Andrea Enria

Vaccination delay to cost Europe EUR90bn in 2021 / Ludovic Subran, Ana Boata, Patrick Krizan, Katharina Utermöhl Bank stress tests: their philosophy and their use by prudential authorities during the Covid-19 crisis / Valère Fourel, Julien Idier, Valerio Scalone, Aurore Schilte Banking Across Borders: Are Chinese Banks Different? / Eugenio Cerutti, Catherine Koch, Swapan-Kumar Pradhan The crisis management framework for banks in the EU: what can be done with small and medium-sized banks?

/ Elke König

The crisis management framework for banks in the EU: how Can we deal with small and medium-sized banks?

/ Ignazio Visco

A pragmatic solution for the liquidity in resolution problem / Matthias Gruber, Stefan W. Schmitz The evolution of bond and swap trading

/

Martin Scheicher

Nowcasting world GDP growth with high-frequency data / Caroline Jardet, Baptiste Meunier The future of data collection & data management: Agile RegOps for digitalizing the regulatory value chain / Martina Drvar, Johannes Turner, Maciej Piechocki, Eric Stiegeler,

Daniel Münch

Scars of youth non-employment and labour market conditions / Giulia Martina Tanzi Is the 100% Reserve Reform Finally Getting Topical?

/ Christian Pfister

Is inflation dead or hibernating?

/ Claudio

Borio

Buffer usability and potential stigma effects

/

Stefan W. Schmitz, Viola Nellessen, Michaela Posch, Peter Strobl Interest rate-growth differentials on government debt: an empirical investigation for the euro area / Cristina Checherita-Westphal and João Domingues Semeano The post-COVID-19 recovery: what challenges and roadmap for the

banking industry?

/ Jordi Gual

Capital Buffer Assignments to Other Systemically Important Institutions in the Euro area – Is the Country Heterogeneity in the EU caused by Regulatory Capture?

/ Michael Sigmund

Consequences for banks’ business from COVID-19 and policy responses / Francesco Mazzaferro COVID-19 pandemic: Perception, confusion and conspiracies

/ Stefan Schneider

Could housing booms undermine productivity growth?

/ Sebastian Doerr

Is NGEU a game changer for the ECB’s role in fighting the fall-out from COVID-19 in the euro area? / Lukas Reiss, Maria Teresa Valderrama Thriving in a post-pandemic world

/ Debora

Revoltella, Pedro de Lima Monetary policy effects when interest rates are negative / Joost Bats, Massimo Giuliodori, Aerdt Houben Limits of the Market /

Paul De Grauwe

Preparing for a higher inflation regime

/ Elga

Bartsch, Jean Boivin, Philipp Hildebrand On the risk-adjusted performance of machine learning models in credit

default prediction

/ Andres Alonso, Jose Manuel Carbo Are equity markets currently overvalued? The role of the time horizon in earnings expectations / Roberto Blanco and Irene Roibás In Support of Monetary Policy: Using the Countercyclical Capital Buffer to Avoid a Reversal Interest Rate / Matthieu Darracq Pariès, Christoffer Kok, Matthias Rottner A stronger voice for Europe in global development

/ Werner Hoyer

The world economy under Covid-19: Can emerging market economies keep

the engine running?

/ Kristel Buysse, Dennis Essers Surge in corporate insolvencies hitting German banks

/ Jan Schildbach

Cyber risk in the financial sector

/ Iñaki

Aldasoro, Jon Frost, Leonardo Gambacorta, Thomas Leach, David Whyte Retail CBDC Remuneration: The Sign Matters

/

Christian Pfister

Keynes and Schumpeter are what the European economy needs right now

/ Sylvain Broyer

Lessons from the Swedish anti-corona strategy

/

Lieven Noppe

Cross-country differences in Europe’s second COVID wave

/ David Mackie

Tracking Covid: What Worked?

/ Markus Guetschow

Policy revolution / Elga Bartsch, Jean Boivin, Stanley Fischer, Philipp Hildebrand Central banks’ response to the “tragedy on the horizon” / François Villeroy de Galhau Finding the Right “Hall of Mirrors”: The Mixed Blessings of Lessons from the Past for Shaping a Post-COVID Future

/ Robert Holzmann

Macroeconomic stabilisation when nominal interest rates are constrained: A role for household inflation expectations? / Geoff Kenny, Ioana Duca-Radu, Andreas Reuter Update of the European Fiscal Monitor (September 2020) / Willem-Pieter de Groen, Inna Oliinyk The shadow of fiscal dominance: Misconceptions, perceptions and

perspectives

/ Isabel Schnabel

More travel warnings are almost like a new lockdown for the hospitality industry

/ Eric Heymann

The Great Demographic Reversal: Ageing Societies, Waning Inequality, and an Inflation Revival / C.A.E. Goodhart, Manoj Pradhan Monitoring economic activity in times of Covid-19: moving up to higher

frequency

/ Barbara Castelletti, Marie Delorme, Pavel Diev, Yannick Kalantzis, Antoine Lalliard, Matteo Mogliani The Eurosystem collateral framework in 2018 and 2019 / Marco Corsi, Benjamin Hartung, Viktoriya Gocheva Can we expect the economy to rebound rapidly?

/ Stéphane Dupraz

The EU’s “Northern enlargement” 25 years on – stocktaking and some thoughts for the future / Ernest Gnan and Robert Holzmann A Journey through the Monetary Cyber World

/ Christian Pfister

Limits and pitfalls of QE in emerging markets

/ Daniel Daianu

To each crisis its analogy, to each analogy its critical reflection

/ Robert Holzmann

Global value chains and the challenge of Covid-19 / Antoine Berthou, Juan Carluccio, Guillaume Gaulier Home- and host-country prudential regulation and spillovers in dollar

credit

/ Stefan Avdjiev, Bryan Hardy, Patrick McGuire, Goetz von Peter After Coronavirus: Deflation or Inflation?

/

C.A.E. Goodhart

A rule-based monetary strategy for the European Central Bank: a call for monetary stability / Juan E. Castañeda Inclusive payments for the post-pandemic world

/

Raphael Auer, Jon Frost, Thomas Lammer, Tara Rice, Amber Wadsworth Are bank capital requirements optimally set? Evidence from researchers’ views / Gene Ambrocio, Iftekhar Hasan, Esa Jokivuolle, Kim Ristolainen Finland and monetary policy through three crises / Tuomas Välimäki and Meri Obstbaum Financial integration in the Nordic-Baltic region vis-à-vis the EU: A

Swedish perspective

/ David Farelius, Stefan Ingves, Magnus Jonsson The Growth of Indexing - What is happening, and why?

/ Craig Lazzara

Measuring Regulatory Complexity

/ Jean-Edouard

Colliard, Co-Pierre Georg The big debt surge /

Ralph Solveen

Eurozone in times of Covid-19: Debt monetisation by stealth / Peter Vanden Houte European Recovery Fund: Sceptics Q&A

/ Reza

Moghadam, Jacob Nell, Joao Almeida, Bruna Skarica, Markus Guetschow Radical Uncertainty /

John Kay

How effective are bank levies in reducing leverage given the debt bias of corporate income taxation? / Franziska Bremus, Kirsten Schmidt, Lena Tonzer The Macroeconomic Impact of NPLs in Euro Area Countries / Ivan Huljak, Reiner Martin, Diego Moccero, Cosimo Pancaro Special Update of the European Fiscal Monitor

/

Willem-Pieter de Groen, Inna Oliinyk, Sander van Veldhuizen How firms are adapting to the lockdown: insights from text mining / Mathilde Gerardin, Martial Ranvier Retail Central Bank Digital Currencies: means of payment vs store of

value

/ Santiago Fernández de Lis, Pablo Urbiola Europe’s answer to Libra – potential and prerequisites of a

programmable euro

/ Andreas Krautscheid, Tobias Tenner, Siegfried Utzig Banking between two crises

/ Karel Lannoo

The liquidity trap, monetary policy and the health crisis / Stéphane Lhuissier Financial resilience of German households to Corona triggered income

shock

/ Orcun Kaya

A sensible fiscal policy for the sharp rise in government debt / Forrest Capie, Meyrick Chapman, Chris Marsh, Geoffrey Wood Which factors drive consumers to adopt crypto-assets? Results from an

Austrian survey

/ Helmut Stix

The need for a new financial architecture after CORONA, an opinion / Freddy Van den Spiegel Covalization: Europe on the Rack Between Globalization and Covid - A Historian’s Perspective on the European Union: Europe and

Globalization

/ Harold James

The EU’s recovery plan is the next generation of fiscal solidarity

/ Sylvain Broyer

Credit Guarantees in the COVID-19 crisis – Relevance and Economic

Impact

/ Julien Brault, Simone Signore Assessing the efficacy of COVID-19 tracing regimes

/ David Mackie

Towards a wider international role for the euro

/

Francesco Papadia, Konstantinos Efstathiou A first look at fiscal dynamics in the Euro area after COVID-19: the case for a shift in the fiscal governance system

/ Marco Protopapa

The international role of the euro

/ Marco Buti

There is nothing magic in central bank money / Jean Barthélemy, Adrian Penalver Do contactless cards really change the way we pay? / Martin Brown, Nicole Hentschel, Hannes Mettler, Helmut Stix Keeping the COVID-19 R number below 1 as mobility rises

/ David Mackie

An ECB digital currency – a flight of fancy?

/

Yves Mersch

Does the EU convergence machine still work and how will the Covid-19

crisis impact it?

/ Patrick Bisciari, Dennis Essers, Evelien Vincent US dollar funding markets during the Covid-19 crisis – the international dimension / Egemen Eren, Andreas Schrimpf, Vladyslav Sushko International inflation co-movements

/ Philip R.

Lane

Simulating the distributive effects of the Macron-Merkel Recovery Fund / Friedrich Heinemann Making banking integration work for better risk sharing in the eurozone: the role of cross-border banking consolidation

/ Mathias Hoffmann

Cross-border consolidation in the European banking sector: between

dreams and reality

/ Jan Van Hove

Services are the next – and fast approaching – frontier of global trade and financial services is a sector leading the way

/ Robert Koopman

German Constitutional Court vs ECB: Law, Economics and Politics / Donato Masciandaro Turning collective savings into private equity investments: The Covid-19 crisis as a catalyst for pan-European efficient resource

allocation

/ Georges Hübner

ECB needs to finance Corona budget deficits

/ Paul De Grauwe

The currency composition of foreign exchange reserves / Hiro Ito and Robert N McCauley Monetary policy implications of digital currencies / Katrin Assenmacher Can we compare the COVID-19 and 2008 crises?

/

Marc-Olivier Strauss-Kahn Coronavirus and the world of work

/ Monika Kiss

How large is the coronavirus macro shock? Putting the near-term record-breaking shock in the long-term context / Elga Bartsch, Jean Boivin, Philipp Hildebrand Covid-19 policy response and the role of the EIB

/ Debora Revoltella

An EU Recovery Fund: How to square the circle? / Kajus Hagelstam, Alice Zoppè, Cristina Sofia Dias Never Let a Good Crisis Go to Waste!

/ Kai

A. Konrad, Marcel Thum Shh, don’t say it! ECB Helicopter Money: Economics and Politics / Donato Masciandaro How the economy will recover from the Corona shock / Jörg Krämer and Bernd Weidensteiner Interlinking Europe’s recovery plan and the next EU budget / Kevin Körner and Barbara Böttcher Overview of Central Bank Digital Currency - State of Play

/ Johannes Duong

Embedded supervision: how to build regulation into Libra 2.0 and the

token economy

/ Raphael Auer

What central banks have done to help the economy survive Covid-19 / Florens Odendahl, Adrian Penalver, and Urszula Szczerbowicz Politics and Economics of Global Currencies

/ Paul De Grauwe

Navigation tools in the semi-normal corona era

/

Andy Langenkamp

The search for the right European Financing Instruments in the Corona Pandemic - ESM Liquidity Assistance versus Corona Bonds / Friedrich Heinemann Regulation, Corporate Culture and Individual Responsibility in Banking

/ David T Llewellyn

The range of different opinions and moods in Germany on collective

‘corona bonds’

/ Ingobert Waltenberger The Prudent Algorithm Principle: A new paradigm for financial

supervision

/ Jakob Thomä

Passive Funds Actively Affect Prices: Evidence from the Largest ETF

Markets

/ Karamfil Todorov

European banks in the corona crisis

/ Jan

Schildbach

Mother Nature: The gender-climate nexus

/ Jessica

Murray

How deep will it fall? Comparing the euro area recessions of 2020 and

2009

/ Andreas Breitenfellner, Paul Ramskogler A diverse monetary union creates invisible transfers that justify conditional solidarity / Enrico Perotti and Oscar Soons Reflections on the health and financial crisis

/

Jacques de Larosière Does It Fit? Tweeting on Monetary Policy and Central Bank

Communication

/ Donato Masciandaro, Davide Romelli, Gaia Rubera The European Deposit Insurance Scheme: Economic Rationale, Issues and

Policy Solutions

/ Ettore Panetti

A “European Capitalization and Development Fund” (ECDF) to facilitate Europe’s post-corona recovery

/ Ernest Gnan

Euro Area Economics: Putting the OOH into HICP

/

Jacob Nell, Bruna Skarica, Joao Almeida, Markus Guetschow Central Bank Digital Currency: A Primer

/

Christian Pfister

Are Standard Macro and Credit Policies Enough to Deal with the Economic Fallout from a Global Pandemic? A Proposal for a Negative SME

Tax

/ Thomas Drechsel, Şebnem Kalemli-Özcan Reforms, Reversals and the Road Ahead: Lessons from Three Decades of Transition in Central and Eastern Europe

/ Beata Javorcik

The Paradox of Endogenous Nationalism and the Role of Quantitative

Easing

/ Massimo Morelli

Capital Regulations and the Management of Credit Commitments during

Crisis Times

/ Paul Pelzl, María Teresa Valderrama Euro Area Economics: Greenflation?

/ Jacob Nell,

Joao Almeida, Markus Guetschow R-star decline and monetary hysteresis

/

Phurichai Rungcharoenkitkul Mortgage Lending and Macroprudential Policy in the UK and US

/ Alan Brener

Cost-Efficiency and Productivity of euro area banks / Ivan Huljak, Reiner Martin, Diego Moccero Regulating fintech: what is going on, and where are the challenges?

/ Fernando Restoy

Making sure your bot colleague is less biased than you!

/ Frank De Jonghe

The European Banking Union

/ Margarita Delgado

Populism, Economic Policies and Central Banking: an Overview / Ernest Gnan, Donato Masciandaro European Banking Consolidation: Can a view to the past inform current

policy efforts?

/ Peter Hahn

How Could Central Bank Digital Currencies Be Designed? / Itai Agur, Anil Ari, Giovanni Dell’Ariccia Interests and alliances /

Klaas Knot

Europe’s role in the global financial system

/ Luis

de Guindos

Bank resolution, the need to recognize reality in order to prepare for

the next crisis

/ Jesper Berg, Henrik Bjerre-Nielsen Should central banks also be supervisors: a political economy

perspective

/ Donato Masciandaro Economic policy in EMU: What role for fiscal and monetary policy? Which has more scope left? How to combine them?

/ Marco Buti

DLT-Based Regulatory Reporting - A game changer for the regulatory

regime?

/ Daniel Münch, Noah Bellon TCFD: strengthening the foundations of sustainable finance

/ Mark Carney

The quest for policy scope: Implications for monetary policy

strategies

/ Klaas Knot

Investing in Europe’s Competitiveness and Sustainability

/ Werner Hoyer

Central bank independence and inflation

/ Ryszard

Kokoszczyński, Joanna Mackiewicz-Łyziak Deposit facility rate, bank reserves, and portfolio reallocation

incentives

/ Manuel Buchholz, Kirsten Schmidt, Lena Tonzer Euro Area Fiscal Policy: The Factual, the Possible and the Surprising

/ Daniele Antonucci

Following “Libra” German banks say: The economy needs a programmable digital euro / Andreas Krautscheid, Tobias Tenner, Siegfried Utzig Putting macroprudential policy to work: a case study on the Dutch

housing market

/ Paul Hilbers, Marco van Hengel Central Banking in challenging times

/ Claudio

Borio

Ten years after Lehman, is the financial system safer?

/ Denis Beau

Inflation In The Eurozone Is Dead. Long Live (The Right Kind Of)

Inflation

/ Sylvain Broyer

Reforming the Stability and Growth Pact: Striving for sustainability while offering room for manoeuvre

/ Karsten Wendorff

Towards a European Governance Framework for Cryptoassets / Jason Grant Allen, Rosa María Lastra The rise of central banks as sovereign debt holders: Implications for

investor bases

/ Alvise Lennkh, Bernhard Bartels, Thibault Vasse Libra – a view from Europe

/ Heike Mai

Tackling non-performing loans in Europe

/ Peter

Grasmann, Markus Aspegren, Nicolas Willems Banks’ behavioral reactions to Basel III: mostly as intended

/ Stefan W. Schmitz

Dealing with the next downturn: From unconventional monetary policy to unprecedented policy coordination / Elga Bartsch, Jean Boivin, Stanley Fischer, Philipp Hildebrand On Crypto Assets / Andrei

Kirilenko

Non-banks in the EU: ensuring a smooth transition to a Capital Markets

Union

/ Fatima Pires

How to improve crisis management in the banking union: a European

FDIC?

/ Fernando Restoy

Central bank digital currency: institutional issues

/ Wim Boonstra

Integration and convergence in the EMU: a complex dynamic

/ Bruno Cabrillac

The euro’s global role: past, present and future

/

Arnaud Mehl

Making the most of the EMU: Challenges and opportunities for

structural reforms

/ Luiz de Mello

Strengthened EU fiscal framework: fiscal discipline versus economic

stabilization

/ Bernhard Grossmann, Gottfried Haber Reconciling risk sharing with market discipline: A constructive approach to euro area reform

/ Isabel Schnabel

Controlling CBDC through tiered remuneration

/

Ulrich Bindseil

Escaping the Trap: Secular Stagnation, Monetary Policy and Financial

Fragility

/ Martin Wolf

European Economic and Monetary Union: from the Past into the Future / Jean-Claude Trichet Beliefs and Portfolios: New Measurement and Facts

/

Stefano Giglio, Matteo Maggiori, Johannes Stroebel, Stephen Utkus How to Make Capitalism Work for All?

/ Anita

Angelovska Bezhoska

Restricting or Abolishing Cash: An Effective Instrument for Eliminating the Shadow Economy, Corruption and Terrorism? / Friedrich Schneider Central banks still run money creation

/ Daniel

Daianu

Mitigating Fiscal Risks from the Financial Sector

/ Ludger Schuknecht

Loan portfolio diversification in the euro area, capital requirements, and the European Banking Union / Esa Jokivuolle, Matti Virén Regulatory complexity and the quest for robust regulation / Prasanna Gai, Malcolm Kemp, Antonio Sánchez Serrano, Isabel

Schnabel

Libra: A new competitor among international currencies?

/ Beat Weber

Main findings from a survey on the long-term impact of Brexit on the

UK and EU economies

/ Patrick Bisciari

Global economic governance at a crossroads

/ Carlo

Monticelli

Rethinking Capital Regulation: The Case for a Dividend Prudential Target in the Euro Area

/ Manuel Muñoz

Bilateral Trade Balances Under Focus

/ Florence

Jaumotte

A products and activities approach to managing risk in asset

management

/ Barbara Novick

Financial aspects of Brexit

/ Thomas Url

Central banks are too risk averse as investors

/

Massimiliano Castelli, Stefan Gerlach Thoughts for a third EU Referendum: Revoke Article 50 OR Leave with

“a” deal

/ Graham Bishop

Chinese foreign investment: a dangerous obsession or a new normal? Get ready for the latter!

/ Peter Havlik

The future of financial stability: Maintaining effectiveness while

reducing complexity

/ Andreas Ittner

The future of the UK services trade post-Brexit: unlikely to be bright

/ Olga Pindyuk

Monetary and financial stability: the implications for prudential

supervision

/ Ed Sibley

Analysing the Economics of BREXIT and World Trade / David T. Llewellyn Rethinking the Trade-offs for Monetary Policy in an Era of

Globalization

/ Enrique Martínez-García The impact of Brexit on growth and the public finances

/ Iain Begg

The post-crisis Phillips Curve and its policy implications: cumulative wage gap matters for inflation

/ Liviu Voinea

How to assess the adequacy of capital requirements based on internal

models?

/ Susanne Roehrig

What is „Modern Money Theory“ (MMT)?

/ Beat Weber

The future of money and payments

/ Agustín

Carstens

A New Horizon / Mark Carney The Euro Area: Staying the Course through Uncertainties / François Villeroy de Galhau The Euro Area: Creating a Stronger Economic Ecosystem

/ Christine Lagarde

Market power: a complex reality

/ Peter Praet

Beyond voluntary disclosure: why a ‘market-shaping’ approach to financial regulation is needed to meet the challenge of climate change

/ Josh Ryan-Collins

Fiscal Rules / Vitor Gaspar, David

Amaglobeli

New Frontiers in the Euro Debate in Iceland

/

Thorsteinn Thorgeirsson Disintermediation and re-intermediation effects of the CSPP / Óscar Arce, Ricardo Gimeno, Sergio Mayordomo Creating an enabling environment for innovation and digitalisation / Debora Revoltella, Tim Bending, Christoph Weiss, Philipp-Bastian

Brutscher

What lies in store for the eurozone? An assessment of the Greek bailout programmes: Has the EU become wiser?

/ Yannis Stournaras

Europe needs reforms for inclusive growth. Do Europeans agree?

/ Pier Carlo Padoan

Big tech in finance and new challenges for public policy

/ Agustín Carstens

The output cost of the global financial crisis: A reappraisal after

ten years

/ David Turner, Patrice Ollivaud Monetary Policy beyond normalization

/ Maria

Demertzis

Africa needs investments beyond its pockets of growth / Olivier de Boysson, Clément Gillet Business models in prudential policies

/ Isabelle

Vaillant, Marina Cernov Bank business models: time to act

/ Rudi Vander

Vennet

Trends and Cycles in Financial Intermediation

/

Philip R. Lane

Regtech meets financial supervision: how climate scenario analysis by supervisors is ushering in a new regulatory paradigm

/ Jakob Thomä

Global financial vulnerabilities: Get ready for a bumpy ride

/ Claudio Borio

A plea for a paradigm shift in financial decision-making in the age of climate change and disruptive technologies / Angela Köppl, Sigrid Stagl A Financial Union for the Euro Area

/ Poul M.

Thomsen

A Green Supporting Factor — The Right Policy?

/ Jacob

Dankert, Lars van Doorn, Henk Jan Reinders, Olaf Sleijpen Preserving regulatory certainty: The review of insurers’ capital

requirements

/ Gabriel Bernardino Central banks should reflect climate risks in monetary policy

operations

/ Pierre Monnin

21st century cash: Central banking, technological innovation and

digital currencies

/ Fabio Panetta

Green bond finance and certification

/ Torsten

Ehlers, Frank Packer The future for central bank balance sheets and their potential use as a macroprudential tool

/ Paul Fisher

A solid common landing ground for EMU

/ Jeroen

Dijsselbloem

Temporary Eurobill Fund (TEF): 30 FAQs

/ Graham

Bishop

Strengthening the euro area Architecture: A proposal for Purple bonds / Lorenzo Bini Smaghi, Michala Marcussen Modern financial repression in the euro area crisis: making high public debt sustainable?

/ Ad van Riet

Populism and Central Bank Independence

/ Donato

Masciandaro, Francesco Passarelli Central Bank Accountability and Judicial Review

/

Charles Goodhart, Rosa Lastra Opportunities and challenges for banking regulation and supervision in

the digital age

/ José Manuel González-Páramo In the euro area, discipline is of the essence, but risk-sharing is no

less important

/ Daniel Daianu

European Monetary Union reform preferences of French and German

parliamentarians

/ Sebastian Blesse, Pierre C. Boyer, Friedrich Heinemann, Eckhard

Janeba, Anasuya Raj

Credit conditions and corporate investment in Europe / Laurent Maurin, Rozalia Pal, Philipp-Bastian Brutscher Euro area quantitative easing: Large volumes, small impact?

/ Daniel Gros

Comparability of Basel risk weights in the EU banking sector / Zsofia Döme, Stefan Kerbl The New Silk Road: Implications for Europe

/

Stephan Barisitz, Alice Radzyner Fairness and Support for the Reforms: Lessons from the Transition

Economies

/ Sergei Guriev

The occasional importance of the current account in an era of a global

savings glut

/ Jesper Berg, Steffen Lind Deepening the Economic and Monetary Union: the EU priorities by 2025

and beyond

/ Marco Buti

Risk sharing in EMU: key insights from a literature review / Demosthenes Ioannou, David Schäfer Recent developments in Chinese shadow banking

/

Michael Chui, Christian Upper Is cash back? Assessing the recent increase in cash demand / Clemens Jobst, Helmut Stix Is there a risk of snapback in long-dated yields?

/

Hyun Song Shin

Gaming the rules or ruling the game? – How to deal with regulatory

arbitrage

/ Danièle Nouy

International financial crises: new understandings, new data

/ Jaime Caruana

Technological Change and the Future of Cash

/

François R. Velde

Banks or platforms: The digital future

/ Patricia

Jackson

The political economy of central banking in the digital age

/ Sir Paul Tucker

(No) worries about the new shape of international capital flows / Matthieu Bussiére, Julia Schmidt, Natacha Valla Completing the architecture of the Euro

/ Lorenzo

Bini Smaghi

Bail-ins: Issues of Credibility and Contagion

/ Clas

Wihlborg

Two turbulent centuries: Lessons from Austria’s monetary policy,

1816-2016

/ Ernest Gnan, Clemens Jobst Doves, Hawks and Pigeons: Behavioral Monetary Policy Making / Donato Masciandaro Ten Myths in the Brexit Debate / David T. Llewellyn Bank secrecy in offshore centres, capital flows and blacklisting: It

takes two to tango

/ Donato Masciandaro Some seeming paradoxes or interesting points of Russia’s economy and

banking sector

/ Stephan Barisitz

Gender diversity and monetary policy

/ Donato

Masciandaro, Paola Profeta, Davide Romelli Cash without future? Future without cash? A wider view / Christian Beer, Urs W. Birchler, Ernest Gnan Modigliani–Miller, Basel 3 and CRD 4

/ Morten Balling

What is money and who says so?

/ Peter R. Fisher

EVENTS

Gender, Money and Finance - 1st Vienna Economic Dialogue / Vienna I online / 20 May - 21 May, 2021 The fight against COVID-19: Effectiveness, efficiency, and trade-offs – Stock-taking and lessons for the final spurt / Online Workshop / 30 Apr, 2021 Savings behaviour in crisis and post-crisis times / Online / 22 Apr, 2021 The medium-term outlook for inflation: low forever or are we in for a surprise? / Virtual / 19 Mar, 2021 COVID-19 and Government Firm Rescue Measures: best practices, current challenges, and the way forward post-corona / Online Workshop /

03 Mar, 2021

Europe: Smart and Green / Online Conference / 21 Jan -

22 Jan, 2021

MEMBER ANNOUNCEMENTS G20 green finance challenge / BIS

and Bank of Italy

ECB conference on money markets - deadline: 30 June 2021

/ ECB

ESM Lunch Talk - “The Economics of Belonging”, 18 May 2021 / European Stability Mechanism

(ESM)

Economist specialised in European Economic Policy / Vienna Institute for International Economic Studies (wiiw) Brave New World? The economic and political challenges facing Eastern Europe after COVID-19, 5 May 2021

/ wiiw

The 2021 Annual Meeting of the Central Bank Research Association - Deadline: 11 May 2021 /

CEBRA

ECB Annual Report 2020 /

ECB

Deepening Economic and Monetary Union (EMU) and the role of the European Stability Mechanism (ESM) - 5 May 2021 / Belgian Financial Forum / NBB Economist specialised in Visegrád group countries / Vienna Institute for International Economic Studies (wiiw) Post-Doc Economist specialised in international economics / The Vienna Institute for International Economic Studies (wiiw) 2021 Graduate Programme (Monetary Economics and Financial Stability)

/ BIS

Introducing: Housing and Financial Stability: Mortgage Lending and Macroprudential Policy in the UK and US, (Routledge, 2020); and Strategies for Compliance: Tools, Techniques and Challenges in Financial Services, (Routledge, 2021)

/ Dr

Alan Brener, University College London International Central Banking / Deutsche Bundesbank Ökonomin/Ökonom für Geldpolitik und -theorie

/ OeNB

Leiterin/Leiter der Hauptabteilung Volkswirtschaft

/ OeNB

SNB Research Conference 2021 "Central Banking at a Crossroads: Challenges in the Current Environment" - Deadline 22 March 2021 / Swiss National Bank 2021 RiskLab/BoF/ESRB Conference on Systemic Risk Analytics - Deadline 31 March 2021 / Bank of

Finland

Building a smart and green Europe in the COVID-19 era

/ EIB

SNB-CIF Conference on "Cryptoassets and Financial Innovation” - Deadline 31 January 2021 / Swiss National Bank The review of Solvency II - 1 December 2020 / Belgian Financial Forum / NBB 6 Traineeship positions - General Secretariat Directorate / Economics Department (start March/April 2021) - Application deadline 26 November

/ EIB

The coronacrisis: policy revolution in macro-economic policy - 17 November 2020 / Belgian Financial

Forum / NBB

Ökonomin/Ökonom für Konjunkturanalyse und -prognose für Österreich / OeNB Ökonomin/Ökonom für Inflationsanalyse,-forschung und -prognose sowie Preismessung

/ OeNB

Lessons learned from the world’s first CBDC - 30 Oct 2020

/ OeNB

Globalization and Pandemics - 26 Nov 2020

/ OeNB & wiiw

Referent/in für Wirtschafts- und Handelspolitik / WKÖ (Austrian Economic

Chambers)

Banque de France Research grants 2021-2022 - Deadline 13 December

/ Banque de France

Firms in times of the pandemic - 4 December 2020 / Banque de France & Banca

d’Italia

14th South-Eastern European Economic Research Worksho - 10 and 11 December 2020 / Bank of

Albania

"Financial Stability and Regulation", 22-23 October 2020

/ Bank of Italy and

Bocconi University

International Capital Flows and Financial Policies - 20-21 October 2020 / Banque de France BdF-ECB Workshop on international financial flows, 19 October 2020 / Banque de France & ECB (Senior) Economist - Application deadline 2nd November 2020

/ EIB

(Associate) Economist - Application deadline 2nd November 2020

/ EIB

Looking back, looking forward: Regional cooperation in the Western Balkans - 14 October 2020 / wiiw "New Challenges to Monetary Policy Strategies” - 24 November 2020

/ Bank of Finland

EBF High-Level Public Dialogue - 1 October, 15:00 CET / ONLINE

/ EBF

BIS Quarterly Review, September 2020

/ BIS

2021 PhD Fellowship Programme (Monetary & Economic Department)

/ BIS

“Data science in central banking – data, technologies and applications” Basel, Switzerland, 17–18 March 2021

/ BIS

The economic implications of COVID-19

/ Princeton BCF

Future Money: Which Road? on September 3, 2020

/ ETH-Zürich

EIBURS Research grant: Firm competitiveness, growth and digitalisation / EIB

Institute

‘Coronationalism’ vs a geopolitical Europe? EU external solidarity at the time of Covid-19 /

CEPS

How to Spend it: A Proposal for a European Covid-19 Recovery Programme

/ wiiw

Do conventional monetary policy instruments matter in unconventional times? / Lena Tonzer The EU Recovery Plan - 25 June 2020

/ NBB and BFF

Bernazer Prize Nominations - Until 31 May 2020

/ Banco de España

Banking & the State - Deadline 31 Aug 2020

/ Conference

Banking in a Digital World: Drivers and Trends - 19 May 2020

/ EBF

IWH-FIN-FIRE workshop: Challenges to Financial Stability

/ Lena Tonzer, IWH

Panel discussion evaluating EU/EMU policy responses and proposals

/ wiiw

Research project on “Evolution of Financial Algorithms and Regulation” M/F / Jean-Edouard Colliard, HEC Paris Economics of Monetary Union

/ Paul De Grauwe,

LSE

Walking the Highwire: Rebalancing the European Economy in Crisis / Olli Rehn, Bank of Finland 37th Symposium on Money, Banking and Finance - Deadline 22 Feb 2020

/ Banque de France

SNB Research Conference 2020: Monetary Policy in a Low Interest Rate Environment / Swiss

National Bank

9th European System of Central Banks Day Ahead Conference - Deadline

15 Feb 2020 / De

Nederlandsche Bank (DNB) Upcoming Lectures & Conferences / Belgian Financial Forum Finance & Migration - Deadline 15 Feb 2020

/ Conference

NBRNM 8th Research Conference jointly organized with EIB - Deadline 1 February 2020 / NBRNM &

EIB

Finance and Philosophy- Why we’re always suprised

/ Alex J. Pollock

VIDEOS

May 26, 2021 - Fiscal and Monetary Policy Interactions May 21, 2021 - Gender, Money and Finance - 1st Vienna Economic

Dialogue

May 21, 2021 - Gender, Money and Finance - 1st Vienna Economic

Dialogue

May 20, 2021 - Gender, Money and Finance - 1st Vienna Economic

Dialogue

May 20, 2021 - Gender, Money and Finance - 1st Vienna Economic

Dialogue

May 19, 2021 - Key takeaways from the ECB’s new Financial Stability

Review

May 06, 2021 - Negative Interest Rates: Effectiveness and Side Effects

– Taking Stock

Apr 30, 2021 - The fight against COVID-19: Effectiveness, efficiency, and trade-offs – Stock-taking and lessons for the final spurt Apr 30, 2021 - The fight against COVID-19: Effectiveness, efficiency, and trade-offs – Stock-taking and lessons for the final spurt Apr 22, 2021 - Savings behaviour in crisis and post-crisis times Apr 22, 2021 - Savings behaviour in crisis and post-crisis times Dec 11, 2020 - Bank’s funding and revenue prospects in the low for

long era

Dec 11, 2020 - Bank’s funding and revenue prospects in the low for

long era

Dec 11, 2020 - Bank’s funding and revenue prospects in the low for

long era

Dec 04, 2020 - CBDC: State of play, challenges, open issues Nov 25, 2020 - Key takeaways from the ECB’s new Financial Stability

Review

Nov 18, 2020 - The effectiveness of monetary policy in a low interest

rate environment

Oct 14, 2020 - How to spend it? How to pay it back? EU and US

Perspectives

Oct 14, 2020 - How to spend it? How to pay it back? EU and US

Perspectives

Oct 14, 2020 - How to spend it? How to pay it back? EU and US

Perspectives

Oct 14, 2020 - How to spend it? How to pay it back? EU and US

Perspectives

Oct 01, 2020 - The surge of gold Sep 21, 2020 - 25 years of EU Northern Enlargement Sep 14, 2020 - Fireside chat: Economic outlook, the ECB’s monetary policy, and financial market implications Aug 31, 2020 - Libra 2.0 – What does it mean for monetary policy and financial stability? Jul 10, 2020 - In the face of an unexpected adversary: The crucial role for central banks Jul 02, 2020 - Radical Uncertainty: Decision-making for an unknowable future - Book presentation and discussion Jun 29, 2020 - A New Vision for Europe’s Capital Markets - Presentation and Discussion of the Final Report of the High Level

Forum on the CMU

Jun 16, 2020 - The International Role of the Euro: has COVID-19 affected the outlook? Jun 03, 2020 - The Karlsruhe ruling: implications and the way forward? May 28, 2020 - Key takeaways from the ECB’s new Financial Stability

Review

Nov 08, 2019 - Populism, Economic Policies and Central Banking May 20, 2019 - Cash on Trial May 20, 2019 - Cash on Trial

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SUERF is a non-profit association, designed to create an active network between professional economists, financial practitioners, central bankers and academics for the analysis and mutual understanding of monetary and financial issues. For details about SUERF membership, please contact: suerf@oenb.at SUERF CONFERENCE PROCEEDINGS 25 years of “Northern” EU enlargement

/ Oesterreichische

Nationalbank I SUERF Populism, Economic, Policies and Central Banking

/ by

Ernest Gnan and Donato Masciandaro European Economic and Monetary Union: The first and the next 20 years / Oesterreichische Nationalbank Cash on Trial, mk II - Economics, Technology and Institutions / by Urs Birchler, Ernest Gnan, Carl-Christoph Hedrich and Jens

Ulbrich

Do We Need Central Bank Digital Currency? Economics, Technology and

Institutions

/ by Ernest Gnan and Donato Masciandaro Shadow Banking: Financial Intermediation beyond Banks

/

by Esa Jokivuolle

The Financial System of the Future

/ Oesterreichische

Nationalbank

New Challenges in Central Banking: Monetary Policy Governance and Macroprudential Issues / by Ernest Gnan and Donato Masciandaro Brexit and the implications for financial services

/

by Patricia Jackson

Central Banking and Monetary Policy: what will be the post-crisis new

normal?

/ by Ernest Gnan and Donato Masciandaro The SSM at 1 / by Jens Ulbrich, Carl-Christoph Hedrich and Morten Balling Banking Reform / by Patricia Jackson The state as an intermediary to foster long-term investments: the case of the targeted European savings account / Hans-Peter Burghof, Carola Müller Cash on Trial / by Christian Beer, Ernest Gnan and Urs W. Birchler Liquidity and Market Efficiency – Alive and well?

/ by

Esa Jokivuolle and Jouko Vilmunen Asset-Liability Management with Ultra-low Interest Rates / by Ernest Gnan and Christian Beer Challenges in Securities Markets Regulation: Investor Protection and Corporate Governance / by Pablo Gasós, Ernest Gnan and Morten Balling Money, Regulation and Growth: Financing New Growth in Europe / by Marc Quintyn, Donato Masciandaro, Frank Lierman and Morten

Balling

Banking After Regulatory Reforms - Business as Usual?

/

by Esa Jokivuolle and Jouko Vilmunen The Value of Banks and Their Business Models to Society / by Allard Bruinshoofd and Jakob de Haan The Effectiveness of Capital Adequacy Measures in Predicting Bank

Distress

/ by David Mayes and Hanno Stremmel The Future of Sovereign Borrowing in Europe

/ by

Morten Balling, Ernest Gnan and Johannes Holler Property Prices and Real Estate Financing in a Turbulent World / by Morten Balling and Jesper Berg States, Banks and the Financing of the Economy: Monetary Policy and Regulatory Perspectives / by Morten Balling, Ernest Gnan & Patricia Jackson States, Banks, and the Financing of the Economy: Fiscal Policy and Sovereign Risk Perspectives / by Morten Balling, Peter Egger & Ernest Gnan The Interaction of Political, Fiscal and Financial Stability: Lessons

from the Crisis

/ by Ernest Gnan

Developing Distress Resolution Procedures for Financial Institutions

/ by Clas Wihlborg

The ESRB at 1 / by Stefan Gerlach, Ernest Gnan and Jens Ulbrich Future Risks and Fragilities for Financial Stability

/

by David T. Llewellyn and Richard Reid New Paradigms in Banking, Financial Markets and Regulation? / by Morten Balling, Frank Lierman, Freddy Van den Spiegel, Rym Ayadi and David T. Llewellyn New Paradigms in Monetary Theory and Policy?

/ by

Morten Balling and David T. Llewellyn Roles, Missions and Business Models of Public Financial Institutions

in Europe

/ by Mathias Schmit, Laurent Gheeraert, Tierry Denuit, Cédric Warny Divergence of Risk Indicators and the Conditions for Market Discipline

in Banking

/ by Jens Forssbaeck Monetary Policy After the Crisis

/ by Ernest Gnan,

Ryszard Kokoszczynski, Tomasz Łyziak & Robert McCauley Regulation and Banking After the Crisis

/ by Frank

Browne, David T. Llewellyn and Philip Molyneux The Future of Banking in CESEE after the Financial Crisis / by Attila Csajbók and Ernest Gnan Contagion and Spillovers: New Insights from the Crisis / by Peter Backé, Ernest Gnan and Philipp Hartmann The Quest for Stability: The Financial Stability View

/

by Morten Balling, Jan Marc Berk and Marc-Olivier Strauss-Kahn The Quest for Stability: The View of Financial Institutions / by Morten Balling, Jan Marc Berk and Marc-Olivier Strauss-Kahn The Quest for Stability: The Macro View

/ by Morten

Balling, Jan Marc Berk and Marc-Olivier Strauss-Kahn Crisis Management at Cross-Roads - Challenges facing cross-border financial institutions at the EU level / by Rym Ayadi, Morten Balling and Frank Lierman Design, Structure and Implementation of a Modern Deposit Insurance

Scheme

/ by Beat Bernet and Susanna Walter Productivity in the Financial Services Sector

/ by

Morten Balling, Ernest Gnan, Frank Lierman and Jean-Pierre Schoder Financing SMEs in Europe / by Morten Balling, Beat Bernet and Ernest Gnan Current Trends in the Russian Financial System

/ by

Morten Balling

The Failure of Northern Rock: A multi-dimensional Case Study / by Franco Bruni and David T. Llewellyn Asset Management in Volatile Markets

/ by Morten

Balling, Ernest Gnan and Catherine Lubochinsky Monetary Policy, Regulation and Volatile Markets

/ by

Morten Balling, Ernest Gnan and Catherine Lubochinsky Macroeconomic Differentials and Adjustment in the Euro Area / by Iulia Siedschlag Commodities, Energy and Finance / by Ernest Gnan and

Már Gudmundsson

Monetary Policy Transmission in Poland: A Study of the Importance of Interest Rate and Credit Channels / by Tomasz Łyziak, Jan Przystupa and Ewa Wróbel Governance of Financial Supervisors and its Effects – a Stocktaking

Exercise

/ by Marc Quintyn

Corporate Governance in Financial Institutions

/ by

Spyros G. Stavrinakis; Christian Harm; David T. Llewellyn; Bridget Gandy, Peter Shaw, Peter Tebbutt and Mark Young Economic Convergence in South-Eastern Europe: Will the Financial

Sector deliver?

/ by Valerie Herzberg and Max Watson Information and Uncertainty in the Theory of Monetary Policy

/ by Helmut Wagner

The Adoption of the Euro, Choice of Currency Regime and Integration of

Payment Systems

/ by Michael C. Bonello, George M. von Furstenberg, Kari Kemppainen/Sinikka Salo Macroeconomic Adjustment in the New EU Member States

/

by Jürgen von Hagen and Iulia Traistaru-Siedschlag Measuring Scale Economies in a Heterogeneous Industry: The Case of European Settlement Institutions / by Patrick van Cayseele and Christophe Wuyts Visions about the Future of Banking

/ by Hans J.

Blommestein

Fiscal Issues in the New EU Member Countries: Prospects and Challenges

/ by Helmut Wagner

Inflation Targeting and its Effects on Macroeconomic

/

by Thórarinn G. Pétursson Internationalization of Banks: Strategic Patterns and Performance

/ by Alfred Slager

Banking Mergers and Acquisitions in the EU: Overview, Assessment and

Prospects

/ by Rym Ayadi and Georges Pujals Trends in Competition and Profitability in the Banking Industry: A

Basic Framework

/ by Jacob A. Bikker and Jaap S.B. Bos Will the Adoption of Basel II Encourage Increased Bank Merger Acticity? Evidence from the United States / by Timothy H. Hannan and Steven J. Pilloff Two new measures of banking efficiency

/ Riccardo

Brogi and Paolo Santella From floating to monetary union: The economic distance between exchange rate regimes / Eduard H. Hochreiter and Pierre L. Siklos Electronic purses in Euroland: Why do penetration and usage rates

differ?

/ by Leo van Hove

Northern and Eastern Enlargement of EMU: Do Structural Reforms Matter? / by Andrew Hughes Hallett, Svend E. Hougaard Jensen and Christian

Richter

European Monetary and Financial Integration: Evolution and Prospects / by Jean-Paul Abraham, Franco Bruni, Alexandre Lamfalussy, Roert Raymond, Jean-Claude Trichet Supervisory Systems, Fiscal Soundness and International Capital Movement, More Challenges for New EU Members / by Andreas Grünbichler and Patrick Darlap, Sinikka Salo, Leslie Lipschitz, Timothy Lane and Alex Mourmouras Russia’s Financial Markets Boom, Crisis and Recovery 1995-2001 Lessons for Emerging Markets Investors

/ by Ralph Süppel

Securing Financial Stability: Problems and Prospects for New EU

Members

/ by Michael C. Bonello, Fabrizio Saccomanni, Claudia M. Buch, Jörn Kleinert and Peter Zajc Monetary and Financial Thinking in Europe: Evidence from Four Decades

of SUERF

/ by Jean-Paul Abraham The EU Experience in Financial Services Liberalization: A Model for

GATS Negotiations?

/ by Paola Bongini

The Theory of Financial Intermediation, An Essay on What it Does (Not)

Explain

/ by Bert Scholtens and Dick van Wensveen European Financial Cross-Border Consolidation: At the crossroads in Europe? By exception, evolution or revolution? / by Jean-Paul Abraham & Peter Van Dijcke Bank Management between Shareholders and Regulators

/

by Christian Harm

Ongoing Changes in the Business Cycle - Evidence and Causes / by Thomas Dalsgaard, Jørgen Elmeskov, Cyn-Young Park Is there a Future for Regional Banks and Regional Exchanges? The Strategies of Selected Austrian Finance Institutions / by David T. Llewlleyn, R. Ortner, H. Stepic, St.K. Zapotocky Banking Internationalisation and the Expansion Strategies of European Banks to Brazil during the 1990s / by Luiz Fernando de Paula Implications of Globalisation for Monetary Policy

/ by

Helmut Wagner

Financial System Transition in Central Europe: The First Decade / by Thomas Reininger, Franz Schardax and Martin Summer Italian Mutual Banks: Performance, Efficiency and Mergers and

Acquisitions

/ by Juan Sergio Lopez, Alessandra Appennini, and Stefania P.R. Rossi & Roberto Di Salvo, Maria Carmela Mazzilis,and Andrea Guidi Reflections on the Regulation of European Securities Markets / by Alexandre Lamfalussy Investments in Painting: The interaction of monetary return and

psychic income

/ by M.M.G. Fase

Company Financing, Capital Structure, and Ownership: A Survey, and Implications for Developing Economies / by Sanjiva Prasad, Christopher J. Green and Victor Murinde Central Banking and the Choice of Currency Regime in Accession

Countries

/ by Willem H. Buiter and Clemens Grafe The Federal Reserve System Discussed: A Comparative Analysis / by M.M.G. Fase and W.F.V. Vanthoor The Spanish Bank’s Strategy in Latin America

/ by

Miguel Sebastian and Carmen Hernansanz The New Capital Adequacy Framework - Institutional Constraints and Incentive Structures / by Cem Karacadag and Michael W. Taylor Strengthening Financial Infrastructure Deposit Insurance and Lending

of Last Resort

/ by Richard Dale; Franco Bruni and Christian de Boissieu Emerging Stock Markets after the Crises

/ by Sarah

Hewin, John Calverley and Kevin Grice The New Economics of Banking / by David T. Llewellyn Towards an Understanding of the Changing Structure of Financial Intermediation: An Evolutionary Theory of Institutional Survival / by Joseph Bisignano Corporate Governance in Central and Eastern Europe: Transition management is a tough job / by Debora Revoltella and Peter R. Haiss & Gerhard Fink Does Sweden Need a Mandatory Bid Rule? A Critical Analysis

/ by Rolf Skog

Governance of stakeholder relationships: The German and Dutch

experience

/ by George M.M. Gelauff and Corina den Broeder TESTIMONIALS AND ENDORSEMENTS

EWALD NOWOTNY

_Governor, Oesterreichische Nationalbank (2008-2019)_ „The Oesterreichische Nationalbank has hosted SUERF’s Secretariat at our premises in Vienna since 2000. Our long-standing co-operation with SUERF has been both a pleasure and of mutual benefit. During this time, we have jointly organised nine workshops, conferences and colloquia. These events have been of consistently high scientific quality and have always addressed topics of immediate interest to central bankers, supervisors, financial firms and academic economists. SUERF successfully creates a joint communication and networking platform among quite distinct groups. SUERF smoothly bridges the gaps in language, concepts, and interests among them, thus creating new perspectives, insights and solutions. What I particularly like about SUERF is the Association’s non-profit, non-partisan attitude: people there seek to facilitate dialogue and new thinking, not to push an agenda or make a profit. We will gladly continue our co-operation, and I warmly recommend membership and support for SUERF.“

HYUN SONG SHIN

_Economic Adviser and Head of Research, Monetary and Economic

Department, BIS_

”SUERF provides a rare setting where economists from academia, central banks and the private sector can debate cutting edge issues and reach insights that are much more than the sum of the individual contributions. Academic studies benefit from the richer institutional setting from practitioners and policymakers, while applied work benefits from the eye on detail and rigour that academics provide. I applaud SUERF’s efforts and expect it to contribute further to the development of the subject.”

AXEL WEBER

_Chairman, UBS AG_

"SUERF does a great job in identifying the burning issues in central banking, money and finance. SUERF’s mission to bring together academics, policy makers and financial practitioners has become all the more important in the post-crisis environment. SUERF’s highly focused events and publications really add value. It is a network worth supporting and being part of."more »»» � SUERF - The European Money and Finance Forum 2010-2018 .:. Société Universitaire Européenne de Recherches Financières Privacy Policy .:. Legal notice Design by draganmarkovic.net

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