annual report - Ivie

Gilbert Casamatta (Université de Toulouse) gave the final conference, which was presented by José Pío Beltrán
(Higher Council for Scientific Research [CSIC]).
Since its start in the United States five years ago, the economic and financial crisis has gained in virulence and
intensity in many countries around the world. However, in the case of the financial crisis the effects have been
heterogeneous across countries, largely due to the fact that the levels of financial and banking integration also
differ remarkably across them. In this scenario, the aim of the workshop FINANCIAL INTEGRATION AND
FINANCIAL CRISIS: SOME RECENT DEVELOPMENTS was to deal with different aspects of financial and
banking integration from a variety of perspectives, including the analysis of indices which measure international
financial integration from both the perspectives of prices and quantities, the network approaches which
consider elements derived from network analysis theory and the interactions among financial and banking
regulation and international markets. Guest speakers also discussed the question of why markets that are
seemingly unconnected in normal times may become connected in times of financial and banking distress. The
workshop took place at the headquarters of the Ivie on October 19th and was coordinated by Iván Arribas and
Emili Tortosa, Ivie associate researchers.
I. Arribas, F. Pérez (Ivie, Universitat de València) and Emili Tortosa-Ausina (Universitat Jaume I e Ivie):
"Beyond the Law of One Price: International banking integration in pre- and crisis years"
G. Fagiolo (Laboratory of Economics and Management, Sant’ Anna School of Advanced Studies): "Post-mortem
examination of the International Financial Network"
C. Georg (Deutsche Bundesbank and Oxford University): "Basel III and systemic risk regulation. What way
forward?"
A. Martin (Universitat de les Illes Balears): "The effects of financial integration on Spanish banks during the
pre-crisis period"
M. Montagna (Kiel Institute): "Hubs and resilience: Towards more realistic models of the interbank markets"
F. Rodríguez (Universidad de Granada): "Are covered bonds a substitute for mortgage-backed securities?"
The KNOWLEDGE BASED CAPITAL AND ECONOMIC PERFORMANCE workshop was organized by the Ivie and
the BBVA Foundation in the context of their extensive research program on Spanish economic growth
conducted over the past two decades. The regularly-updated databases on capital stock are the basis of this
program and offer extremely valuable information to carry out international comparative analyses of economic
growth and productivity. The methodology has been adapted several times to statistical changes as well as to
ongoing international lines of research like industry analysis, regional disaggregation, or the public/private
nature of the capital stock. It is with this background of measurement issues that this seminar was organized,
aiming at exchanging new ideas among participants currently carrying out complementary projects in this field
of research: the two projects funded under the 7th Framework Programme by the European Commission,
COINVEST and INNODRIVE; the project carried out by the Conference Board, the harmonized estimates carried
out by the INTAN-INVEST project team, the research carried out by the OECD on knowledge intensive capital at
industry level, complemented with programs of innovation in the public sector. All these projects have
generated estimates of intangible capital and investment by European and US firms.
The workshop took place at the Ivie in Valencia, on November 23, and counted with the sponsorship of the 7th
Framework Programme of the European Commission. During the meeting the main results of the
aforementioned projects were presented, as well as their complementarities and the impacts on economic
performance. Also, a future research agenda, including the methodological aspects, was drawn up. The
workshop, coordinated by Matilde Mas (Ivie, Universitat de València), was organized around two sessions that
were chaired by Javier Quesada (Ivie, Universitat de València) and Mary O'Mahony (NIESR). The opening and
closing speeches were given by José Manuel Pastor (Ivie, Universitat de València) and Vicent Soler, Dean of the
Faculty of Economics of the University of Valencia. The following papers were presented:
M. Mas (Ivie, Universitat de València): “Measuring productivity in the public sector: A personal view”
B. Görzig (DIW Berlin): “Thoughts on service lives of public intangible assets”
Scientific meetings 65