|11:30/12:30|Plenary Session : Guest Lecture

Financial crises 30 years after Diamond Dybvig

Professor Douglas W. Diamond (Chicago University)|

|17:15/18:30|Plenary Session co-organized by MMFRGMoney Macro and Finance Research Group]]

Restoring the Bank Lending Channel of Monetary Transmission

Patrick Artus (NATIXIS), Leonardo Gambacorta (BIS), Paul Mizen (University of Nottingham), Clas Wihlborg (Chapman University), Richard Werner (University of Southampton), chaired by Andrew Mullineux (Bournemouth University)|

Friday 28 june 2013

|11:15/12:15|Plenary Session : Guest Lecture

Barro-Gordon 30 years after

Robert Ophèle (Deputy Governor of the Banque de France)|

|17:15/18:45|Plenary Session : Round Table

Responsible Finance

Jacques Ninet (La Française), Benoît Jullien (MAIF), Pascal Glémain (ESSCA) |

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-Banking Risks and Regulation – 1
-Banking Market Structure – 1
-Corporate Finance and Governance
-International Finance and Financial Crises

Sessions parallèles / Parallel sessions 2 : 27 june, 14:00-15:30

-Banking Risks and Regulation – 2
-Banking Market Structure – 2
-Monetary Policy -1
-Market Finance – 1
-Finance, Growth and Development – 1

Sessions parallèles / Parallel sessions 3 : 27 june, 15:45-17:15

-Banking Risks and Regulation – 3
-Monetary and Fiscal Policy
-Finance, Growth and Development – 2
-Monetary Macroeconomics
-Monetary and Financial History

Sessions parallèles / Parallel sessions 4 : 28 june, 9:00-11:00

-Banking Risks and Regulation – 4
-Monetary Policy -2
-Market Finance – 2
-Credit, Asset Price and Business Cycle – 1
-Frontiers of Finance

Sessions parallèles / Parallel sessions 5 : 28 june, 13:45-15:15

-Banking Risks and Regulation – 5
-Monetary Policy – 3
-Market Finance – 3
-Credit, Asset Price and Business Cycle – 2
-Monetary Theory
-Exchange Rates and International Finance

Sessions parallèles / Parallel sessions 6 : 28 june, 15:30-17:00

-Banking Risks and Regulation – 6
-Banking Market Structure – 3
-Monetary Policy – 4
-Finance, Growth and Development – 3

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Banking Risks and Regulation – 4

|Bâle 3 : quels impacts potentiels pour le financement bancaire extérieur des pays émergents? / Basel III Banking Reforms: Potential Impacts on Cross-Border Banking Claims on Emerging Countries
-Jean Marc FIGUET (University of Bordeaux 4, LAREFI), Thomas HUMBLOT (University of Bordeaux 4, LAREFI) and Delphine LAHET (University of Bordeaux 4, LAREFI)
–Discussant : Frédéric BOISSAY (European Central Bank) |
|Booms and Systemic Banking Crises
-Frédéric BOISSAY (European Central Bank), Fabrice COLLARD (University of Bern) and Frank SMETS (European Central Bank)
-Discussant : Dorota SKALA (University Szczecin)|
|Safety Net, Shareholder Structure and Risk in Central European Banks
-Dorota SKALA (University of Szczecin)
-Discussant : Evarist STOJA (University of Bristol)|
|Multidimensional Risk and Risk Dependence
-Arnold POLANSKI (University of East Anglia), Evarist STOJA (University of Bristol) and Ren ZHANG (University of East Anglia)
-Discussant : Thomas HUMBLOT (University of Bordeaux 4)|

Monetary Policy – 2

|Unconventional Monetary Policies and the Bank Lending Channel
-José OLMO (University of la Defenza de Zaragoza, ARAID) and Marcos SANSO-NAVARRO (University of Zaragoza)
–Discussant :Emmanuel CARRE (University of Paris 13, CEPN-CNRS) |
|Central Banking after the Crisis : Brave New World or Back to the Future?
-Emmanuel CARRE (University of paris 13, CEPN-CNRS), Jezabel COUPPEY-SOUBEYRAN (University of Paris 1, centre d’économie de la Sorbonne), Dominique PLIHON (University of Paris 13, CEPN-CNRS) and Marc POURROY (University of Paris 1, Centre d’économie de la Sorbonne)
–Discussant : Paul HUBERT (OFCE-Sciences Po) |
|FOMC Forecasts as a Focal Point for Private Exceptations
-Paul HUBERT (OFCE-Sciences Po)
-Discussant : Marcos SANSO-NAVARRO (University of Zaragoza)|
|Monetary, Financial and Fiscal Stability in the East African Community : Ready for a Monetary Union
-Laetitia LEPETIT (University of Limoges, LAPE), Clovis RUGEMINTWARI (University of Limoges, LAPE) and Frank STROBEL (University of Birmingham)
–Discussant : Maxence LAGALLE (University of Poitiers, CRIEF) |

Market Finance – 2

|Time Varying Financial Integration in Emerging Stock Markets, de Jure Capital Account Openness and Risk Premiums
-Salem BOUBAKRI (University Paris-10, EconomiX-CNRS), Cécile COUHARDE (University Paris-10, EconomiX-CNRS) and Hélène RAYMOND (University Paris-10, EconomiX-CNRS)
–Discussant : Sébastien GALANTI (University of Orléans, LEO)|
|Réaction du marché boursier à l’annonce de l’émission de certains types de financement : cas des grandes firmes
-Chekib BANI (Ecole supérieure de commerce de Tunis, LARMA)
–Discussant : Eric YAYI (University of Orléans, LEO)|
|Recommendation Value on an Emerging Market : the Impact of Analysts’ Recommendations on Stock Prices and Trading Volumes in Tunisia
-Zahra BEN BRAHAM (University of Carthage, DEFI) and Sébastien GALANTI (University of Orléans, LEO)
–Discussant : Chekib BANI (Ecole supérieure de commerce de Tunis, LARMA)|
|Les choix de portefeuille des épargnants sur le cycle boursier et le cycle de vie
-Alexis DIRER (University of Orléans, LEO) and Eric YAYI (University of Orléans, LEO)
–Discussant : Hélène RAYMOND (University Paris-10, EconomiX-CNRS) |

Credit, Asset Price and Business Cycle – 1

|Nonlinear Relationship Between Global Excess Liquidity and Asset Prices : Evidence from a Panel threshold Model
-Sophie BRANA (University of Bordeaux IV, LAREFI) and Stéphanie PRAT (INSEEC Business School, LAREFI)
–Discussant : Gauthier VERMANDEL (University of Rennes 1, CREM)|
|Financial Regulation Policy Uncertainty and Credit Spreads in the U.S.
-Gabriela NODARI (University of Verona)
–Discussant : Sophie BRANA (University of Bordeaux IV, LAREFI)|
|Is There Systematic Variation in Market Efficiency?
-Dominik ROSCH (Rotterdam school of Management), Avanidhar SUBRAHMANYAM (UCLA Anderson School) and Mathijs Von DIJK (Rotterdam School of Management)
–Discussant : Gabriela NODARI (University of Verona)|
|Cross-Border Bank Lending and the Conduct of Monetary Policy in a Monetary Union
-Jean-Christophe POUTINEAU (University of Rennes 1, CREM) and Gauthier VERMANDEL (University of Rennes 1, CREM)
–Discussant : Dominik ROSCH (Rotterdam school of Management)|

Frontiers of Finance

|Basel III Requirements and Stability/Risk Relationship of Islamic and Conventional Banks
-Mohammad BITAR (University of Grenoble II, CERAG)
–Discussant : Fédi KALAI (University of Lille 1, EQUIPPE)|
|La banque conventionnelle et la banque islamique avec fonds propres : contrat de dépôt et partage du risque de liquidité
-Jean-Baptiste DESQUILBET (University of Lille 1, EQUIPPE) and Fédi KALAI (University of Lille 1, EQUIPPE)
–Discussant : Mohammad BITAR (University of Grenoble II, CERAG)|
|La microfinance en Tunisie est-elle un outil au service de lutte contre la pauvreté ? Reflexions à partir de l’expérience d’ENDA
-Elwardi DHAOUI (University of Sfax, MODEVI)
–Discussant : Romain JOURDHEUIL (University of Bordeaux IV, GREThA) |
|Le microcrédit social au Crédit Municipal : vers une analyse des comportements en termes d’émotions morales
-Romain JOURDHEUIL (University of Bordeaux IV, GREThA) and Guillaume PASTUREAU (University of Bordeaux IV, GREThA)
–Discussant : Elwardi DHAOUI (University of Sfax, MODEVI)|

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Banking Risks and Regulation – 6

|The Determinants of Banks Failures in the Unites States : Revisited
-Vincent BOUVATIER (University of Paris Ouest-Nanterre la Défense, EconomiX), Michael BREI (University of Paris Ouest-Nanterre la Défense, EconomiX and University of West Indies) and Xi YANG (University of Paris Ouest-Nanterre la Défense, EconomiX)
–Discussant : Isabelle DISTINGUIN (University of Limoges, LAPE) |
|Bank Analysts and Bank Rating Agencies : Who Knows What When?
-Chien-Ju LU (University of Yuan-ZE), Isabelle DISTINGUIN (University of Limoges, LAPE), Yuanchen CHANG (University National Chengchi) and Amine TARAZI (University of Limoges, LAPE)
–Discussant : Noëlle DUPORT (University of Poitiers, CRIEF)|
|Focus versus Diversification: does the Breadth of Ownership Structure Matter?
-Nadia ZEDEK (University of Limoges, LAPE)
–Discussant : Xi YANG (University of Paris Ouest-Nanterre la Défense, EconomiX)|

Banking Market Structure – 3

|Pouvoir de marché et fragilité bancaire : une double relation
-Aurelien LEROY (University of Orléans, LEO)
–Discussant : Marie-Noëlle CALES (Université de Lyon,GATE)|
|Structures bancaires locales, offre de crédit à l’échelle des départements français : l’impact de la crise de 2008
-Celine MESLIER (University of Limoges, LAPE), Philippe ROUS (University of Limoges, LAPE), Alain SAUVIAT (University of Limoges, LAPE) and Pascale TORRE (University of Limoges, LAPE)
–Discussant : Aurelien LEROY (University of Orléans, LEO)|
|Competition between Clearing Houses on the European Market
-Marie-Noëlle CALES (Université de Lyon,GATE), Laurent GRANIER (Université de Lyon,GATE) and Nadège MARCHAND (Université de Lyon,GATE)
–Discussant : Alain SAUVIAT (University of Limoges, LAPE) |

Monetary Policy – 4

|Un modèle théorique d’intermédiation : transmission et gestion des chocs
-Cécile BASTIDON (University Sud Toulon Var, LEAD)
–Discussant : Fabien LABONDANCE (University La Réunion)|
|Politique monétaire unique, taux bancaires et prix immobiliers dans la zone euro
-Christophe BLOT (OFCE) and Fabien LABONDANCE (University La Réunion)
–Discussant : Dominique PEPIN (University of Poitiers, CRIEF)|
|Influence de la politique monétaire sur les prix d’actifs : les enseignements d’un modèle MIU appliqué à la Fed
-Christian AUBIN (University of Poitiers, CRIEF), Ibrahima DIOUF (University of Poitiers, CRIEF) and Dominique PEPIN (University of Poitiers, CRIEF)
–Discussant : Cécile BASTIDON (University Sud Toulon Var, LEAD)|

Finance, Growth and Development – 3

|Financial Development and Democracy: Does the Institutional Quality Matter?
-Wafa GHARDALLOU (University of Orléans, LEO, and University of Carthage, DEFI) Abdelkader BOUDRIGA (University of Orléans, LEO, and University of Carthage, DEFI)
–Discussant : Jude C. EGGOH (University of Angers, GRANEM)|
|Répression financière et politique fiscale dans un pays en développement
-Laurent AUGIER (University of La Rochelle, CRIEF) and Xiao Xiao WANG (University of Poitiers, CRIEF)
–Discussant : Wafa GHARDALLOU (University of Orléans, LEO, and University of Carthage, DEFI)|
|Secteur bancaire et croissance : une analyse des canaux de transmission dans les pays de l’UEMOA
-Denis H. ACCLASSATO (University of Orléans, LEO) and Jude C. EGGOH (University of Angers, GRANEM)
–Discussant : Laurent AUGIER (University of La Rochelle, CRIEF)|

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Banking Risks and Regulation – 1

|Understanding Shadow Banking from an European Perspective
-Pierre Nicolas REHAULT (University of Limoges, LAPE)
–Discussant : Esther JEFFERS (University of Paris 8, LED)|
|Universal Banking and Shadow Banking in Europe
-Esther JEFFERS (University of Paris 8, LED) and Dominique PLIHON (University of Paris 13, CEPN)
–Discussant : Noma ZIADEH-MIKATI (University of Limoges, LAPE)|
|Too Low for Too Long Interest Rates, Bank Risk Taking and Bank Capitalization : Evidence from the US Commercial Banks
-Noma ZIADEH-MIKATI (University of Limoges, LAPE)
–Discussant : Pierre Nicolas REHAULT (University of Limoges, LAPE)|

Banking Market Structure – 1

|Loan Officer Reliance on Hard Information : Empirical Investigation on the Role of Banking Competition
-Abdellah BOUCHELLAL (University of Orléans, LEO)
–Discussant : Ion LAPTEACRU (University Bordeaux IV, LAREFI)|
|La structure des marchés et le comportement concurrentiel des banques des PECO
-Ion LAPTEACRU (University Bordeaux IV, LAREFI)
–Discussant : Mouhamad KOUZEZ (University of Angers, UNAM-GRANEM)|
|Valeur de la firme bancaire jordanienne : une approche en données de panel
-Mouhamad KOUZEZ (University of Angers, UNAM-GRANEM) and Bruno SEJOURNE (University of Angers, UNAM-GRANEM)
–Discussant : Abdellah BOUCHELLAL (University of Orléans, LEO)|

Corporate Finance and Governance

|Born to Be Alive ? The Survival of Innovative and Non-Innovative French Micro Start-ups
-Régis BLAZY (IEP Strasbourg and EM Strasbourg Business School) and Tristan BOYER (IPAG-LAD)
–Discussant : Ludovic VIGNERON (University of Lille-Nord de France, IDP)|
|Investor Protection and Optimal Contracts UnderRisk Aversion and Costly State Verification
-César TAMAYO (Rutgers University)
–Discussant : Régis BLAZY (IEP Strasbourg and EM Strasbourg Business School)|
|Caractéristiques informationnelles du secteur d’activité et recours aux crédits fournisseur
-Meriam DAIRI (University of Lille-Nord de France, LSMRC) and Ludovic VIGNERON (University of Lille-Nord de France, IDP)
–Discussant : César TAMAYO (Rutgers University)|

International Finance and Financial Crises

|Market Volatility Transmission and Central Banking : What Happened during Subprime Crisis
-Kamel Malik BENSAFTA (University of Orléans, LEO) and Gervasio SEMEDO (University of Tours, LEO)
–Discussant : Ons JEDIDI (University of Rennes 1, CREM)|
|Forecasting Sovereign Debt Crises : A Distinct Rule of Thumb for the Advanced Economies?
-Ons JEDIDI (University of Rennes 1, CREM)
–Discussant : Davide TOMIO (Copenhagen Business School) and Jun UNO (Waseda University)|
|The Microstructure of the European Sovereign Bond Market : a Study of the Euro-Zone Crisis
-Loriana PELIZZON (University of Venice), Marti SUBRAHMANYAM (University of New-York, Stern School of Business), Davide TOMIO (Copenhagen Business School) and Jun UNO (Waseda University)
–Discussant : Kamel Malik BENSAFTA (University of Orléans, LEO) |

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Banking Risks and Regulation – 2

|Les déterminants des créances bancaires transfrontalières sur les pays émergents : le rôle des banques étrangères implantées
-Sophie BRANA (University of Bordeaux 4, LAREFI) and Delphine LAHET (University of Bordeaux 4, LAREFI)
–Discussant : Tchudjane KOUASSI (University of Limoges, LAPE)|
|Foreign Banks’ Activity and Funding Strategies and Risk-Taking : Evidence from Emerging Countries
-Tchudjane KOUASSI (University of Limoges, LAPE)
–Discussant : Chamsa FENDRI (University of grenoble 2, CERAG)|
|La Charter Value a-t-elle été source d’autodiscipline pour les banques avant la crise de 2007 ? une étude empirique sur le marché européen
-Chamsa FENDRI (University of grenoble 2, CERAG) and Philippe MADIES (University of Grenoble 2, CERAG)
–Discussant : Delphine LAHET (University of Bordeaux 4, LAREFI)|

Banking Market Structure – 2

|The Determinants of American Banking M&A Operations Performance : an Analysis by Line of Activities
-Mehrez BEN SLAMA (University of Monastir, EAS), Mouldi DJELASSI (University of Tunis, ESSEC), Ibtissem ROUINE (University of Carthage, IHEC) and Dhafer SAIDANE (University of Lille 3, SKEMA)
–Discussant : Gunther CAPELLE-BLANCARD (University of Paris 1, CEPII) |
|Incidence of Bank Levy and Bank Market Power
-Gunther CAPELLE-BLANCARD (University of Paris 1, CEPII) and Olena HAVRYLCHYK (CEPII)
–Discussant : Laurent WEILL (University of Strasbourg, IEP)|
|Does Bank Competition Influence the Lending Channel in the Eurozone?
-Zuzana FUNGACOVA (Bank of Finland), Laura SOLANKO (Bank of Finland) and Laurent WEILL (University of Strasbourg, IEP)
–Discussant : Mehrez BEN SLAMA (University of Monastir, EAS)|

Monetary Policy – 1

|Good Luck or Good Policy : a Time-Varying Parameters VAR Analysis in the BRICS
-Rémy CHARLEROY (University of Paris 1)
–Discussant : Eric GIRARDIN (University of Aix-Marseille) |
|Inflation Targeters Do not Care (Enough) about Financial Stability : a Myth ? Investigation on a Sample of Emerging Market Economies
-Armand FOUEJIEU (University of Orélans, LEO)
–Discussant : Rémy CHARLEROY (University of Paris 1)|
|China’s Monetary Policy Communication : Money Markets not only Listen, They also Understand
-Alicia GARCIA-HERRERO (Lingna University) and Eric GIRARDIN (University of Aix-Marseille)
–Discussant : Armand FOUEJIEU (University of Orléans, LEO)|

Market Finance – 1

|Sovereign Credit Ratings, the macroeconomy and Credit Default Swap Spreads
-Yang LIU (University of Bath) and Bruce MORLEY ( University of Bath)
–Discussant : Nicolas MARTELIN (University of Luxembourg, LSF)|
|The Overreaction Smile
-Thorsten LEHNERT (University of Luxembourg, LSF) and Nicolas MARTELIN (University of Luxembourg, LSF)
–Discussant : Etienne GEBRAN HARB (ESSCA)|
|Modèle de pricing d’un CDS impliquant un risque de contrepartie – approche par les copules / CDS pricing model with CVA – Copula approach
-Etienne GEBRAN HARB (ESSCA)
–Discussant : Bruce MORLEY ( University of Bath)|

Finance, Growth and Development – 1

|Spurious Regressions and Near-Multicollinearity, with an Application to Aid, Policies and Growth
-Jean-Bernard CHATELAIN (University Paris 1 Panthéon Sorbonne, CES) and Kirsten RALF (Ecole Supérieure du Commerce Extérieur)
–Discussant : Antoine PARENT (SciencesPo Lyon, LET)|
|Public Debt and Economic Growth through History: New Evidence from a Macroeconometric Retrospective Analysis
-Alexandru MINEA (University of Auvergne, CERDI) and Antoine PARENT (SciencesPo Lyon, LET)
–Discussant : Jean-Bernard CHATELAIN (University Paris 1 Panthéon Sorbonne, CES)|
|Inflation et objectif de monnaie unique dans les pays de la CEDEAO : convergence nominale versus variabilité relative des prix
-Gervasio SEMEDO (University of Tours, LEO) and Nasser ARRY TANIMOUNE (University of Ottawa)
–Discussant : Ibrahima DIOUF (University of Poitiers, CRIEF)|

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Banking Risks and Regulation – 3

|The Invisible Hand and the Banking Trade : Seigniorage, Risk-Shifting, and more
-Marcus MILLER (University of Warwick) and Lei ZHANG (university of Warwick and University of Sichuan)
–Discussant : Philipp KÖNIG (University of Berlin) |
|Loan Loss Provisioning Behavior, Income Smoothing and the Role of Banks’ Ownership Structure
-Vincent BOUVATIER (University Paris 10, EconomiX), Laetitia LEPETIT (University of Limoges, LAPE) and Frank STROBEL (University of Birmingham)
–Discussant :Marcus MILLER (University of Warwick) |
|The « Celtic Case » : Guarantees, Transparency and Dual Debt Crises
-Philipp KÖNIG (University of Berlin), Karting ANAND (Bank of Canada) and Frank HEINEMANN (University of Berlin)
–Discussant : Laetitia LEPETIT (University of Limoges, LAPE)|

Monetary and Fiscal Policy

|Is There an Alternantive Strategy for Reducing Public Debt by 2032
-Christophe BLOT (OFCE), Marion COCHARD (OFCE), Jérôme CREEL (OFCE and ESCP Europe), Bruno DUCOUDRÉ (OFCE), Danielle SCHWEISGUTH (OFCE) and Xavier TIMBEAU (OFCE)
–Discussant : Richard WERNER (University of Southampton) |
|Inflation Targeting and Fiscal Rules : Do Interactions and Sequence of Adoption Matter?
-Jean-Louis COMBES (University of Auvergne, CERDI), Alexandru MINEA (University of Auvergne, CERDI) and René TAPSOBA (University of Auvergne, CERDI)
–Discussant : Christophe BLOT (OFCE)|
|Enhanced Debt Management for the Eurozone : Reconnecting Public Debt Management with Monetary to Attain Sustainable Growth and National Debt
-Richard WERNER (University of Southampton)
–Discussant : Alexandru MINEA (University of Auvergne, CERDI)|

Finance, Growth and Development – 2

|Growth Effect of FDI in Developing Economies: the Role of Institutional Quality
-Cristina JUDE (University of Orléans, LEO) and Gregory LEVIEUGE (University of Orléans, LEO)
–Discussant : Mamadou-Diang BARRY (University of Franche-Comté)|
|Intégration financière internationale, développement financier et croissance économique dans les pays émergents et en développement : estimations d’un modèle à équations simultanées
-Jean-Pierre ALLEGRET (University of Paris Ouest Nanterre La Défense, EconomiX) and Sana AZZABI (University of Tunis El Manar, PS2D)
–Discussant : Gregory LEVIEUGE (University of Orléans, LEO)|
|Développement financier, croissance économique et investissements directs étrangers : une analyse conditionnelle fréquentielle
-Mamadou-Diang BARRY (University of Franche-Comté)
–Discussant : Sana AZZABI (University of Tunis El Manar, PS2D)|

Monetary Macroeconomics

|Relative Price Dispersion and Inflation: Evidence for the UK and US
-Gulnihal AKSOY (University College Dublin), Don BREDIN (University College Dublin), Keith CUTHBERTSON (City University), Stilianos FOUNTAS (University of Macedonia)
–Discussant : Cornel OROS (University of Poitiers, CRIEF) |
|Stability of Money Demand in Vietnam: Application of the Bounds Testing Approach on 1999-2011
-Ngoc-Anh LAI (University Paris 1 Panthéon-Sorbonne, CES)
–Discussant : Stylianos FOUNTAS (University of Macedonia) |
|Revisiting the Inflation – Output Gap Relationship for France using a Wavelet Transform Approach
-Claudiu T. ALBULESCU (‘Politehnica’ University of Timisoara), Cornel OROS (University of Poitiers, CRIEF) and Aviral K. TIWARI (ICFAI University Tripura)
–Discussant : Ngoc-Anh LAI (University Paris 1 Panthéon-Sorbonne, CES)|

Monetary and Financial History

|Les emprunts de Louis XIV ont-ils évincé les créances privées ? Réflexion à partir des rentes de l’Hôtel-Dieu
-Pierre-Charles PRADIER (University of Paris 1)
–Discussant : Christian RIETSCH (University of Orléans, LEO)|
|Le premier emprunt Classis anglais de 1711
-Georges GALLAIS-HAMONNO (University of Orléans, LEO) and Christian RIETSCH (University of Orléans, LEO)
–Discussant : Dominique TORRE (University of Nice-Sophia-Antipolis, GREDEG)|
|Paul Einzig and the Covered Interest Rate Parity Principle Anomalies
-Dominique TORRE (University of Nice-Sophia-Antipolis, GREDEG)
–Discussant : Pierre-Charles PRADIER (University of Paris 1 Panthéon-Sorbonne)|

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Banking Risks and Regulation – 5

|Factors of Contagion for the G7 Countries during the Global Financial Crises and the European Sovereign Debt Crisis : a Time-Varying VAR Analysis
-Suzanne SALLOY (University Paris Est Créteil, Erudite) and Irfan KASI (University Paris Ouest Nanterre la Défense, EconomiX)
–Discussant : Cécile CASTEUBLE (University of Limoges, LAPE)|
|Macroeconomic Effects of Bank Recapitalizations
-Markus HAAVIO (Bank of Finland), Antti RIPATTI (University of Helsinki, HECER) and Tuomas TAKALO (Bank of Finland)
–Discussant : Suzanne SALLOY (University Est Créteil, Erudite)|
|Bank Risk-Return Efficiency and Bond Spread : Evidence of Market Discipline for Listed European Banks
-Cécile CASTEUBLE (University of Limoges, LAPE), Emmanuelle NYS (University of Limoges, LAPE) and Philippe ROUS (University of Limoges, LAPE)
–Discussant : Markus HAAVIO (Bank of Finland)|

Monetary Policy – 3

|Macroeconomics at Risk
-Christophe BOUCHER (ABN-AMRO and University of Lorraine, CEREIGE) and Bertrand MAILLET (ABN-AMRO and University of Orléans, LEO)
–Discussant : Michele PIFFER (London School of Economics)|
|Monetary Policy, Leverage Premium, and Loan Default Profitability
-Michele PIFFER (London School of Economics)
–Discussant : Ekaterina PIROZHKOVA (Birkbeck College, University of London) |
|Financial Frictions and Robust Monetary Policy in the Models of the New Keynesian Framework
-Ekaterina PIROZHKOVA (Birkbeck College, University of London)
–Discussant : Christophe BOUCHER (ABN-AMRO and University of Lorraine, CEREIGE)|

Market Finance – 3

|Measuring Option Implied Degree of Distress in the US Financial Sector Using the Entropy Principle
-Phillip MATROS (Unversity Regensburg) and Johannes VILSMEIER (University Regensburg)
–Discussant : Franck NICOLAS (Natixis Asset Management)|
|Construction de portefeuille : recherche d’une cohérence entre le risque stratégique et le risque actif
-Alexis FLAGEOLLET (Natixis Asset Management) and Franck NICOLAS (Natixis Asset Management)
–Discussant : Claudiu ALBULESCU (‘Politehnica’ University of Timisoara)|
|Revisiting the Financial Volatility- Derivatives Products Relationship on Euronext.liffe, using a Frequency Domain Analysis
-Claudiu ALBULESCU (‘Politehnica’ University of Timisoara), Daniel GOYEAU (University of Poitiers, CRIEF) and Aviral K. TIWARI (ICFAI University Tripura)
–Discussant : Phillip MATROS (University Regensburg) |

Credit, Asset Price and Business Cycle – 2

|Incomplétude et intermédiation en macroéconomie financière avec risque collectif et actifs réels
-Pierre Marie LARNAC (University of Paris Dauphine, LEDa)
–Discussant : Julien LECUMBERRY (University of Rennes 1, CREM) |
|PIB et prix des actions : impact macroéconomique de la composante non fondamentale
-Julien LECUMBERRY (University of Rennes 1, CREM)
–Discussant : Bénédicte SERBINI (University of Savoie, IREGE) |
|Fiscal Effort, Banking Intermediation and Sovereign Bond Risk Premiums in the Euro Area
-Nicolas HUCHET (University du Sud Toulon-Var) and Bénédicte SERBINI (University of Savoie, IREGE)
–Discussant : Pierre Marie LARNAC (University of Paris Dauphine, LEDa)|

Monetary Theory

|A Model of Viability for a Monetary Economy
-Jean CARTELIER (Université de Paris-Ouest, EconomiX), Patrick SAINT-PIERRE (Université Paris-Dauphine, LEDA-SDF)
–Discussant : Françoise VASSELIN (Université Paris 2 Panthéon-Assas, LEMMA) |
|Electronic Purse versus Fiat Money: A Harsh Competition
-Sébastien LOTZ (Université Paris 2 Panthéon-Assas, LEMMA) and Françoise VASSELIN (Université Paris 2 Panthéon-Assas, LEMMA)
–Discussant : Jean CARTELIER (Université de Paris-Ouest, EconomiX)|

Exchange Rates and International Finance

|Chocs extérieurs et régimes monétaires en Asie du Sud-Est : une analyse DSGE
-Ibrahima SANGARE (University Montesquieu Bordeaux 4, LAREFI)
–Discussant : Jiri SCHWARZ (Czech National Bank)|
|Purchasing Power Parity as a Long-Term Memory Process
-Mohamed Bilel TRIKI (University of Tunis El Manar) and Samir MAKTOUF (University of Tunis El Manar)
–Discussant : Ibrahima SANGARE (University Montesquieu Bordeaux 4, LAREFi) |
|Foreign Exchange Interventions as an (Un)conventionel Monetary Policy Tool
-Lubomir LIZAL (Czech National Bank) et Jiri SCHWARZ (Czech National Bank)
–Discussant : Mohamed Bilel TRIKI (University of Tunis El Manar)|

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