1st FINPRO - Finance and Productivity Conference

The Great Financial Crisis of 2007/2008 still casts a shadow on many developed economies in terms of real outcomes, such as investment, innovation, employment, or trade. Whereas a plethora of macroprudential measures strengthened the resilience of financial systems, immediate liquidity assistances provided by lenders of last resort around the globe created potentially hazardous dependencies of financial institutionsand markets on loose re-financing conditions. This environment alleviated credit constraints for non-financial firms, but it might also have contributed to the rise of unsustainable leverage in the corporate sector and poor governance and monitoring that leads ultimately to the misallocation of real resources.

The summary of the First Finance and Productivity Conference can be found here.

In the following, interested parties can find the presentation slides of the various papers and discussions presented during the conference.

Welcoming Address by Filippo Di Mauro (CompNet) and Ralph De Haas (EBRD)

Session 1: Entrepreneurship and innovation

Cyclical Fluctuations, Financial Shocks, and the Entry of Fast-Growing Entrepreneurial Startups
Christoph Albert (CEMFI)

Early Career Choices of Superstar Entrepreneurs
Nandini Gupta (Indiana University)

Panel discussion
Thorsten Beck (Cass Business School) and Vincent Sterk (UCL)

Keynote Speech
Şebnem Kalemli-Özcan (University of Maryland

Session 2: Financial flows and factor allocation

Credit Misallocation during the European Financial Crisis
Fabiano Schivardi (LUISS University)

International Capital Flows and Misallocation: Not so Harmful after all
Fadi Hassan (Bank of Italy and CEP)

Panel discussion
Andrea Caggese (Pompeu Fabra) and William F. Maloney (Chief Economist Sustainable Development, the World Bank Group)

Session 3: Financial frictions and productivity

Financial Shocks, Productivity and Prices
Simone Lenzu (NYU Stern)

Identifying Financial Constraints from Production Data
Klaas Mulier (Ghent University)

Panel discussion
Ramana Nanda (Harvard Business School) and Marcela Eslava (Universidad de Los Andes)

Session 4: Micro foundations of aggregate productivity

Scarring Recessions and Credit Constraints: Evidence from Colombian Plant Dynamics
Marcela Eslava (Universidad de Los Andes)

Aggregate Productivity and Microeconomic Heterogeneity
Giuseppe Fiori (Federal Reserve Board of Governors and NC State)

Panel discussion
Reint Gropp (IWH) and Michael Koetter (IWH)

Keynote Speech
Kalina Manova (University College London)

Session 5: Policy and crisis transmission

Monetary Policy, Markup Dispersion, and Aggregate TFP
Matthias Meier (University of Mannheim)

The Cleansing Effect of Banking Crises
Vahid Saadi, (IE Business School)

Panel discussion
Jose Luis Peydro (Barcelona GSE) and Kalina Manova (UCL)

Closing remarks

Filippo di Mauro (Chairman of CompNet), Michael Koetter (IWH) and Cagatay Bircan (EBRD)