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Agenda: Does Financial Structure Matter?

February 10February 11
9:00 AM -- 10:50 AMSession I: Facts and Concepts
Chair: Paul Collier
9:00 AM -- 9:30 AMOpening Remarks:
Paul Collier

Financial Structure, Corporate Finance, and Economic Growth, Rene Stulz
Discussant: Franklin Allen

Bank-Based and Market-Based Financial Systems: Cross-Country Comparisons
Asli Demirguc-Kunt and Ross Levine
Discussant: John Williamson

10:50 AM -- 11:10 AM
11:10 AM -- 12:30 AM
Session II: Financial Structure and Growth
Chair: Anupam Khanna
Bank-Based or Market-Based Financial Systems: Which is Better? Ross Levine

External Dependence and Industry Growth: Does Financial Structure Matter?
Thorsten Beck and Ross Levine
Discussant: Augusto De la Torre

Funding Growth in Bank-Based and Market-Based Financial Systems: Evidence from Firm Level Data
Asli Demirguc-Kunt and Vojislav Maksimovic
Discussant: Enrico Perotti

12:30 PM -- 2:00 PM

2:00 PM -- 3:30 PM
Session III: Financial Structure, Banks and Stock Markets
Chair: John Page

International Corporate Financing Decisions 
Ian Domowitz, Jack Glen and Ananth Madhavan
Discussant: Lemma Senbet


Financial Structure and Bank Profitability
Asli Demirguc-Kunt and Harry Huizinga
Discussant: Dimitri Vittas

3:20 PM -- 4:10 PM


4:10 PM -- 5:30 PM
Session IV: Country Case Studies
Chair: James Hanson
Financial Structure in Chile: Macroeconomic Developments and Microeconomic Effects
Francisco Gallego and Norman Loayza

Financial Structure in Firms from Emerging Economies: The Effects of International Financial Integration: A Case Study of Argentina
Sergio Schmukler and Esteban Vesperoni


Financial Structure and Economic Activity in Mexico 
Martina Copelman Werner

10:00 AM -- 12:30 AM

Session V: Country Case Studies (continued)
Chair: Roumeen Islam

Corporate Groups, Financial Liberalization and Growth: The Case of Indonesia
Andy Chui, Sheridan Titman, and John Wei
Distorted Incentives and Financial Structure in Turkey
Cevdet Denizer, Bulent Gultekin and Mustafa Gultekin

The Informational Requirement on Financial Systems at Different Stages of Economic Development: The Case of South Korea
Chun Chang


Case Study Discussants: Raghu Rajan and Stijn Claessens

12:30 PM -- 2:00 PM
2:00 PM -- 4:00 PM

Session VI: Panel Discussion:
Chair: Jerry Caprio

Should Countries Promote Bank- or Market-based Systems?  If yes, how? If not, what should they promote?

Panel: Franklin Allen, Rene Stulz, Jerry Caprio, Manuel Conthe, John Boyd



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