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Financial Structure and Economic Development

Three globes




June 16, 2011

Washington, DC 

Conference Agenda

Thursday, June 16, 2011

8:00 AM

Conference Registration

9:00 AM

Session 1: Financial Structures at Different Stages of Economic Development
 Chair: Asli Demirguc-Kunt (Chief Economist, FPD Network, and Senior Research Manager, Development Research Group, World Bank)
Toward a Theory of Optimal Financial Structure
Introductory Presentation by Justin Lin, Senior Vice President and Chief Economist, World Bank  (Presentation)
 "Optimal Financial Structures and Development: The Evolving Importance of Banks and Markets"
Authors: Asli Demirguc-Kunt, Erik Feyen (World Bank) and Ross Levine (Brown University) (Presentation)
Discussant: Norman Loayza (World Bank) (Presentation)

"How Important Historically Were Financial Systems for Growth in the UK, US, Germany, and Japan?"
Authors: Franklin Allen (University of Pennsylvania), Forrest Capie (City University London), Caroline Fohlin (Johns Hopkins University), Hideaki Miyajima (Waseda University), Richard Sylla (New York University), Geoffrey Wood (City University London), Yishay Yafeh (Hebrew University) (Presentation)
Discussant: Philip Hoffman (California Institute of Technology) (Presentation)


10:50 AM

Coffee break

11:00 AM

 Session 2: Financial Structure and Political Economy
 Chair: Aart Kraay (Lead Economist, Macroeconomics & Growth, Development Research Group, World Bank)
 "Fragile Banks, Durable Bargains: Why Banking is All About Politics and Always Has Been"
Authors: Charles Calomiris (Columbia University) and Stephen Haber (Stanford University) (Presentation)
Discussant: Timothy Guinnane (Yale University)

"Financial Markets, Banks and Politicians"
Authors: Fenghua Song (Penn State University) and Anjan Thakor (Washington University) (Presentation)
Discussant: Claudio Raddatz (World Bank)

 "Financial Development: Structure and Dynamics"
Authors: Augusto de la Torre, Erik Feyen, and Alain Ize (World Bank) (Presentation)
Discussant: Martin Cihak (World Bank) (Presentation)

1:00 PM

Lunch break

2:30 PM

Session 3: Panel Discussion: Should Countries Promote Bank- or Market-based Systems?  Why, When and How?
Chair: Mahmoud Mohieldin (Managing Director, World Bank)
Justin Lin (World Bank), Michael Fuchs (World Bank), Franklin Allen (University of Pennsylvania), Ross Levine (Brown University) (Presentation) 

4:00  PM

Coffee Break


4:15 PM

Session 4: Financial Structure and Firm Finance 
 Chair: Marilou Jane D. Uy (Sector Director, Africa Financial and Private Sector Development Department, World Bank)
 "Is Small Beautiful? Financial Structure, Size, and Access to Finance"
Authors: Thorsten Beck (Tilberg University),  Asli Demirguc-Kunt and Dorothe Singer (World Bank) (Presentation)
Discussant:  Jun Wang (Lead Financial Sector Specialist, Financial and Private Sector Development, East Asia and the Pacific Region, World Bank)
 "Firm Growth and Finance: Are Some Financial Institutions Better Suited to Early Stages of Development than Others?"
Authors: Robert Cull (World Bank) and Colin Xu (World Bank) (Presentation)
Discussant: Stijn Claessens (International Monetary Fund) (Presentation)
 "Does Financial Structure Matter for Poverty? Evidence from Developing Countries"
Authors: Kangni Kpodar (IMF) and Raju Singh (World Bank) (Presentation)
Discussant: Colin Xu (World Bank) (Presentation)
6:16 PM

Conference ends


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