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CONFERENCE | Economic and Financial Adjustments in Europe

28 Jun from 09:00 to 09:01
Edifício Quelhas

II UECE Conference on Economic and Financial Adjustments in Europe

ISEG/UTL – School of Economics and Management

Technical University of Lisbon, Lisbon, 28 June 2013

(Quelhas Building)


09:00- 10:00 | Auditorium 2, 2nd floor | Opening session

Chair: António Afonso (UECE; ISEG/UTL; ECB)

09:00-09:10 Welcome address: João Duque (President of ISEG)

09:10-10:00 Keynote address: Carlos Costa (Governor, Banco de Portugal)

10:15-11:30 | Amphitheatre 1, 4th floor | Session 1

Chair: Luís Costa (UECE; ISEG/UTL)

Sustainable debt policies despite the crisis? Empirical Evidence for Iberian Economies", Bettine Fincke (Bielefeld University)

"The implications of ageing and social spending for fiscal consolidation" Rossana Merola (ESRI), Douglas Sutherland (OECD)

"Does evidence challenge the DSGE model?" Tanya Araújo (UECE; ISEG/UTL), Sofia Terlica (Banco de Portugal), Samuel Eleutério (IST/UTL), Francisco Louçã (UECE; ISEG/UTL)

10:15-11:30 | Amphitheatre 3, 4th floor | Session 2

Chair: Clara Raposo (ADVANCE; ISEG/UTL)

"Drivers of foreign and domestic demand for sovereign bonds in developed and emerging economies: fundamentals vs. market sentiment", Tomasz Orpiszewski (AXA Investment Managers; University of Paris-Dauphine)

"FDI and Trade: Evidence from Portuguese economy, 1996-2011", Miguel Fonseca (University of Porto, Faculty of Economics), António Mendonça (ISEG/UTL), José Passos (ISEG/UTL)

"Corporatism, the game changer: The intermediating effect of privileged interest representation on the determinants of labour market reform in Europe", Maximilian A. Freier (London School of Economics)

11:30 Coffee break

11:45-13:00 | Amphitheatre 1, 4th floor | Session 3

Chair: Raquel Gaspar (CEMAPRE; ISEG/UTL)

"Economic Forecasts and Sovereign Yields", António Afonso (UECE; ISEG/UTL; ECB), Sofia Nunes (Ernst & Young).

"Sovereign Bond Market Reactions to Fiscal Rules and Credible No-Bailout Clauses – The Swiss Experience", Marc-Daniel Moessinger (ZEW Mannheim), Lars Feld (Walter Eucken Institut and University of Freiburg), Alexander Kalb (BayernLB, Department of Risk & Sector Analysis), Steffen Osterloh (German Council of Economic Experts)

"Financial Sector Linkages and the Dynamics of Bank and Sovereign Credit Spreads" René Kallestrup (Capital Four Management A/S), David Lando (Copenhagen Business School,), Agatha Murgoci (Copenhagen Business School)

11:45-13:00 Session 4

Chair: Jorge Santos (UECE; ISEG/UTL) Amphitheatre 3, 4th floor

"Assessing the Impact of Fiscal Measures on the Czech Economy", Robert Ambrisko (Czech National Bank), Jan Babecky (Czech National Bank), Jakub Rysanek (Czech National Bank),Vilém Valenta (ECB)

"Indebtedness,Deleveraging Dynamics and Macroeconomic Adjustment", Carlos Cuerpo (EC), Inês Drumond (EC), Julia Lendvai (EC), Peter Pontuch (EC), Rafal Raciborski (EC)

"Technological change and the composition of taxes and public expenditures", Pedro Gomes (University Carlos III, Madrid)

13:00 Lunch

14:00 – 15:30 | Amphitheatre 1, 4th floor | Session 5

Chair: Rosa Borges (UECE; ISEG/UTL)

"ECB Monetary Policy in the Presence of Nonlinearities", Anastassios A. Drakos (Athens University of Economics and Business), Georgios P. Kouretas (Athens University of Economics and Business)

"Country adjustment to a sudden stop: does the euro make a difference?" Cinzia Alcidi (Center for European Policy Studies)

"Trade Dynamics in the Euro Area: The role of export destination and composition", Peter Wierts (De Nederlandsche Bank), Henk van Kerkhoff (De Nederlandsche Bank), Jakob de Haan (De Nederlandsche Bank, University of Groningen, CESifo)

14:00 – 15:30|  Session 6 | Amphitheatre 3, 4th floor

Chair: Peter Claeys (University of Barcelona)

"Asymmetric Macroeconomic Reactions to Uncertainty Shocks in the U.S.", Giovanni Caggiano (University of Padova), Efrem Castelnuovo (University of Padova), Nicolas Groshenny (Reserve Bank of New Zealand)

"Fiscal Shocks in a two-sector open economy with endogenous markups", Olivier Cardi (Université Panthéon-Assas University, ERMES), Romain Restout (University of Lorraine, BETA, UCL IRES)

"Has the "voracity effect" lost appetite? Group heterogeneity in a political competition over a common resource", Peter Claeys (University of Barcelona), Alessandro Maravalle (Bank of France)

15:30 Coffee break

16:00-17:15 Keynote address: Frank Smets (ECB, KULeuven) Auditorium 2, 2nd floor

17:30-19:15 | Amphitheatre 1, 4th floor | Session 7

Chair: Gilles Dufrénot (Aix-Marseille School of Economics)

"The marginal investor in sovereign bond markets", Nuno Coimbra (London Business School)

"The relationship between debt level and fiscal sustainability in OECD countries: A regime-shift multicointegration approach", Mariam Camarero (University of Jaume I), Josef Lluis Carrion-i-Silvestre (University of Barcelona), Cecilio Tamarit (University of Valencia)

"The pro-cyclical effects of financial integration in the euro area", Saskia E. van Ewijk (Nyenrode Business Universiteit, Breukelen), Ivo J.M. Arnold (Erasmus School of Economics, Rotterdam)

"The fiscal impact of the fluctuations in asset markets", Luca Agnello (University of Palermo), Gilles Dufrénot (Aix-Marseille School of Economics), R. Sousa (University of Minho; LSE)

17:30-19:15 | Amphitheatre 3, 4th floor | Session 8

Chair: Michael G. Arghyrou (Cardiff Business School)

"On the time-varying relationship between EMU sovereign spreads and their determinants", António Afonso (UECE; ISEG/UTL; ECB), Michael G. Arghyrou (Cardiff Business School), George Bagdatoglou (Timberlake Consultants), Alexandros Kontonikas (Adam Smith Business School, University of Glasgow)

"The Impact of Market Regulations on Intra-European Real Exchange Rates", Agnès Bénassy-Quéré (Paris School of Economics, University Paris 1), Dramane Coulibaly (EconomiX-CNRS, University of Paris Ouest)

"The Euro Area Sovereign Debt Crisis: Flight to Liquidity, Credit Rating Agencies and the Spread of the Fever from Greece, Ireland and Portugal", Roberto de Santis (ECB)

"External Sovereign Debt in a Monetary Union: Bailouts and the Role of Corruption", John Tsoukalas (University of Glasgow)

20:00 Dinner | Clube dos Jornalistas, R. das Trinas 129, Lisboa



Programme Committee

António Afonso (UECE; ISEG/UTL; ECB), Michael Arghyrou (Business School, Cardiff University), Mário Centeno (UECE; ISEG/UTL; Banco de Portugal), Peter Claeys (University of Barcelona), Gilles Dufrénot (Banque de France; CEPII; Aix-Marseille School of Economics), Raquel M. Gaspar (CEMAPRE; ISEG/UTL), Pedro Gomes (University Carlos III, Madrid), Hubert Kempf (CES – Sorbonne Economic Centre; École Normale Supérieure de Cachan), Alexandros Kontonikas (Adam Smith Business School, University of Glasgow), Ludger Schuknecht (Federal Ministry of Finance, Germany), Miguel St. Aubyn (UECE; ISEG/UTL).

Organizing Committee

António Afonso (UECE; ISEG/UTL; ECB), Maria Rosa Borges (UECE; ISEG/UTL), Miguel St. Aubyn (UECE; ISEG/UTL).


Sandra Araújo (UECE)