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27/11/2006 : Workshop on "The future of corporate financing in an integrating EU financial market"


The goal of the workshop was to bring together researchers, policy makers and market representatives - as speakers and in the audience - in order to explore the evolution and prospects of corporate financing in the context of an integrating EU (and global) financial environment, focussing on the implications for efficiency, investment, profitability and ultimately economic growth.


Starting from observations on the importance of efficient financial system, the finance-growth link in the enlarged EU, and the factors driving the ongoing progressive disintermediation process, key questions addressed by the workshop were to investigate (i) what is needed to make the EU's broader and deeper financial system more efficient; (ii) the implications of this process on corporate governance issues and (iii) how this process is supported by financial sector regulation.


Programmeenpdf(55 kB) (pdf file 54 kb)
The workshop was organised around four sessions and a panel discussion with a general discussion at the end of each session.


Session 1: Relevance of financial system performance and investigation of the finance-growth link in the enlarged EU

Session 2: Evolution of corporate financing structures: Progress of market financing and the role of derivatives

Session 3: Implications of progressing financial integration: Pressure for liquid, transparent and cost efficient markets

Session 4: Challenges from a broader financial system: The aspect of corporate governance and financial regulation.

Panel: Discussion of main lessons and key policy implications



Contributions. Copyright with the authors

  • Annalisa Ferrando (ECB): The performance of the European Financial System - presentation english textpdf(639 kB) (pdf file 605 kb)

  • Peter Haiss (University of Vienna): New Evidence on the Finance-Growth-Nexus in the enlarged EU - presentation english textpdf(684 kB) (pdf file 659 kb) and Europe Institute Working Paper Nr. 73, 2006

  • Cesare Ravara (Credit Suisse research): Evolution in corporate financing structures over the past decade - presentation english textpdf(231 kB) (pdf file 217 kb)

  • Bernhard Speyer (Deutsche Bank Research): Credit derivatives and their impact on corporate lending - presentation english textpdf(180 kB) (pdf file 167 kb) and paper accessible via the DB Research website

  • Richard Portes (London Business School and CEPR): European Bond Markets: transparency, liquidity and efficiency - presentation english textpdf(163 kB) (pdf file 143 kb) and study english textpdf(2 MB) (pdf file 1.1 Mb)

  • Luis Correia da Silva (Oxera): The cost of raising capital: an international comparison - presentation english textpdf(553 kB) (pdf file 531 kb)

  • Andrew Mullineux (University of Birmingham): Financial sector convergence and corporate governance - presentation english textpdf(275 kB) (pdf file 260 kb)

  • Alain de Serres (OECD): Regulation of financial systems and economic growth - presentation english textpdf(129 kB) (pdf file 117 kb) and OECD Economics Department Working Paper Nr. 506, 2006

 

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