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