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The European Association for Banking and Financial History (eabh) e.V.

Conference

The Development of Financial Markets

20 Jun 2019 at 10:00am

St. Petersburg, Russia

This conference adopts a longue durée approach to the historical study of the design of financial systems and their related institutions and explores some of the following questions: how should we coordinate financial systems to make them beneficial for society as a whole? Are there identifiable and transferable factors that facilitated growth and development in some economies as compared to others? What components of a financial system are important, and in which periods and under what circumstances? How have different parts of financial systems interacted throughout history? How has the past shaped the role of finance today?

The conference will touch on a variety of big questions pertaining to financial history: What are the key financial factors when it comes to building or rebuilding a nation? What is the ideal role of the state in relation to money and banking? What are the appropriate tasks of government intervention and regulation? Is it more beneficial for overall economic performance to centralise or decentralise power? What is the relationship between the architecture of national financial systems and sovereign risk? What economic, legal and political factors determine development outcomes in the long run? How should we organise financial markets to account for competing factors: domestic protection vs. deregulation; bank-based (financial intermediaries) vs. market-based (financial markets); innovation vs. regulation. And what responsibility should be ascribed to central banks or financial regulators for the success (or failure) of financial systems throughout history?

Programme

08.45 - 09.00 Welcome Coffee & Registration
09.00 - 09.15 Welcome

Ksenia Yudaeva, First Deputy Governor of the Bank of Russia

Hugo Bänziger, Chairman of eabh
09.15 - 10.00 Keynotes

Bank based vs. market based: The experiences of Canada and the US
Angela Redish, Vancouver School of Economics

How the West was won. The story of how Wall Street’s giants crushed Europe's investment banks
Philip Augar, Author
10.00 - 11.00 Session One
Moderator: Nathan Marcus, Ben Gurion University of the Negev, Beer Sheva

The commercial banking in the Russian Empire in 1860 - 1913: Development and markets integration
Sofya Salomatina Faculty of History, Moscow Lomonosov State University (MSU)

‘All possible methods’: Saving the Russian financial system in the 1899 - 1902 crisis
Nikita Lychakov, National Research University Higher School of Economics, Moscow

Minds, markets and panics: Central bank informational interventions: 1800 - 2019
Anton Comanescu, The National Bank of Romania
11.00 -12.00 Panel Discussion
Moderator: Harold James, Princeton University

Ksenia Yudaeva, First Deputy Governor of the Bank of Russia
Hugo Bänziger, Chairman of eabh
Philip Augar, Author
Angela Redish, Vancouver School of Economics
Yakov Mirkin, IMEMO (invited)
12.00 - 12.45 Lunch
12.45 - 14.00Session Two
Moderator: Joost Jonker, University of Amsterdam

The Development of US capital markets
Hugo Bänziger, Chairman of eabh

A century and a half of financing the French economy. Has the market been superior to banks? A reassessment
André Straus, Centre national de la recherche scientifique

Money and monetary stability in Europe: 1300 - 1914
Kivanç Karaman, Boğaziçi University, Istanbul

Government‐supported industries and financial crises in developing economies, 1880 ‐ 1913
Rui Esteves, The Graduate Institute Geneva (invited)

14.00 - 14.30 Coffee
14.30 - 15.45Session Three
Moderator: Chris Colvin, Queen’s University Belfast

Sovereign debt
Jennifer Asuncion, Countryrisk.io & Bernhard Obenhuber, Countryrisk.io

The package makes the deal: Sovereign debt crisis and lending strategies of Lloyds Bank International in Latin America, 1975 - 1983
Wilfried Kisling, University of Oxford

Does speculation destabilize commodity markets? Evidence before futures markets
Christopher Coyle, Queen's University Belfast

On the evolution of household portfolios: The case of France and the Netherlands
Tim van der Valk, Utrecht University
15.45 - 16.00Conclusion
Catherine Schenk, University of Oxford
20.00Dinner

Date

20 Jun 2019 at 10:00am to 4:00pm

Location

Bank of Russia
Fontanka river embankment 68

St. Petersburg, Russia

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