Banking Initiative

Understanding the future of banking

The IESE Banking Initiative, with the support of Citi, wishes to study post-crises developments of banking and financial markets, paying particular attention to regulation and competition policy and the impact on business banking models. The initiative aims to promote a rigorous and informed dialogue on current issues in the fields of banking and financial markets among academics, regulators, companies and civil society.

The origin of the initiative lies in the annual Future of Banking Conference that IESE launched in London in 2014 to help improve research on the governance and management of banks.

With an initial horizon of four years, the program aims to be a reference point in banking and financial studies and will focus on issues that will be crucial to understanding the evolution of these sectors. Throughout the initiative, an annual report on the future of banking will be produced by a group of first-rate researchers.

The initiative is grateful for the support of:

Reports.

Report No. 5: June 2023

The International Economic and Financial Order After the Pandemic and War

Report No. 4: May 2022

Technology and Finance

Report No. 3: May 2021

Resilience of the Financial System to Natural Disasters

Report No. 2: June 2020

The Bank Business Model in the Post-Covid-19 World

Report No. 1: June 2019

Sound At Last? Assessing a Decade of Financial Regulation

"Zombie Credit and (Dis-)Inflation: Evidence from Europe", Viral Acharya, Matteo Crosignani, Tim Eisert & Christian Eufinger, Forthcoming at Journal of Finance.
"How do Supply Shocks to Inflation Generalize? Evidence from the Pandemic Era in Europe", Viral Acharya, Matteo Crosignani, Tim Eisert & Christian Eufinger, Working Paper, 2023.
"Concentrating on Bailouts: Government Guarantees and Bank Asset Composition", Christian Eufinger, Juan Pablo Gorostiaga & Björn Richter, Working Paper, 2023.
“Stock Comovement and Financial Flexibility”, Teng Huang, Anil Kumar, Stefano Sacchetto & Carles Vergara-Alert, forthcoming in the Journal of Financial and Quantitative Analysis.
“CBDC and Banks: Threats or Opportunity?”, Martina Fraschini, Luciano Somoza & Tammaro Terracciano, Working Paper, 2023.
“The Monetary Entanglement between CBDC and Central Bank Policies”, Martina Fraschini, Luciano Somoza & Tammaro Terracciano, Working Paper, 2023.
“The Crypto Cycle and US Monetary Policy”, Natasha Che, Alexander Copestake, Davide Furceri & Tammaro Terracciano, IMF Working Paper.
“Monetary Policy, Market Power and SMEs”, Annalisa Ferrando, Peter McAdam, Filippos Petroulakis & Xavier Vives, AEA Papers and Proceedings, 2023, 113, 105-109.
"Diamond and Dybvig meet money: Are deposit contracts efficient after all?", David Rivero and Hugo Rodríguez, Working Paper, 2023.
“Information Technology and Lender Competition”, Xavier Vives and Zhiqiang Ye, Working Paper, 2023. Recipient of the SANFI award to the best paper on Banking on the 29^th Finance Forum 2022.
“Free Entry in a Cournot Market with Overlapping Ownership”, Xavier Vives and Orestis Vravosinos, Working Paper, 2023.
“Open Banking: Promise and Trade-Offs”, David Rivero and Xavier Vives, European Economy, issue 2022, 45-56.
“Market Opacity and Fragility”, Giovanni Cespa & Xavier Vives, July 2023.
“Exchange Competition, Entry and Welfare” & Web appendix, Cespa, Giovanni & Vives, Xavier, The Review of Financial Studies, May 2022, 35, 5, 2570-2624.
“Fintech Entry, Lending Market Competition and Welfare” Xavier Vives & Zhiqiang Ye, 2023.
“Product Market Structure and Monetary Policy Evidence from the Euro Area”, Annalisa Ferrando, Peter McAdam, Filippos Petroulakis & Xavier Vives, 2021, Working Paper Series 2632, European Central Bank.
“(In)efficiency in Information Acquisition and Aggregation through Prices”, Alessandro Pavan, Savitar Sundaresan & Xavier Vives, Working Paper.
“Financial Markets, Common Ownership and Product Market Outcomes”, Albert Banal-Estañol, Jo Seldeslachts & Xavier Vives, Working Paper.
“The antitrust FinTech challenge”, Xavier Vives, 2021, Concurrences, N° 4, 21-26.
“Diversification, Common Ownership, and Strategic Incentives”, Albert Banal-Estañol, Jo Seldeslachts & Xavier Vives, AEA Papers and Proceedings, 2020, 110, 561-564.
“Whatever it Takes: The Real Effects of Unconventional Monetary Policy”, Eufinger, Christian, Acharya, Viral V., Eisert, Tim & Hirsch, Christian, The Review of Financial Studies, Vol. 32(9), 2019, pp 3366-3411.
“Interbank Networks and Backdoor Bailouts: Benefiting from other Banks’ Government Guarantees”, Eufinger, Christian & Eisert, Tim, Management Science, Vol. 65(8), 2019, pp 3673-3693.
“Self-fulfilling Runs and Endogenous Liquidity Creation”, Rivero, David & Hugo Rodríguez, Journal of Financial Stability, Vol. 45, 2019, 100704.
“Digital Disruption in Banking”, Vives, Xavier, The Annual Review of Financial Economics, Vol 11, 2019, pp 243-272.
“Competition and Stability in Modern Banking: A Post-Crisis Perspective”, Vives, Xavier, International Journal of Industrial Organization, Vol. 64, 2019, pp 55-69.
“Competition Policy in Banking in the European Union”, Maudos, Joaquín & Vives, Xavier, Review of Industrial Organization, Vol. 55, No. 1, 2019, pp 27-46.

VI Conference, 19/04/2024 --> SAVE THE DATE
Workshop on Banking Turmoil and Regulatory Reform , 18/04/2024 --> SAVE THE DATE

V Conference: The Impact of the War on the International Economic and Financial Order, 30/03/2023
Session: The Impact of the War on the International Economic and Financial Order, 23/11/2022
Panel at the 49th European Finance Association Annual Meeting: The Financial Consequences of the War in Ukraine, 25/08/2022 Watch the session.
IV Conference: Technology and Finance, 8/04/2022
Webinar: Technology and Finance, 22/11/2021
Workshop: Technology and New Finance in the Digital Era, Luohan Academy, 25/05/2021
III Conference: Resilience of the Financial System to Natural Disasters, 17-18/03/2021
Webinar: Resilience of the Financial System to Natural Disasters, 23/11/2020
Workshop: V Madbar, 18/09/2020
II Conference: The Bank Business Model of the Future, 01/04/2020
Webinar: What Is the Bank Business Model Today?, 18/11/2019
Workshop: IV Madbar, 20/09/2019
I Conference: Sound at Last? Assessing a Decade of Financial Regulation, 22/03/2019

Conversation between professors Jaime Caruana and Xavier Vives

“Information Technology, Competition for Attention, and Corporate Efficiency”, Zhiqiang Ye, IESE, 5/09/2023
“Nonbank Fragility in Credit Markets: Evidence from a Two-Layer Asset Demand System”, Olivier Darmouni, Columbia University, 7/06/2023
“Survival of the Biggest: Large Banks and Financial Crises”, Matthew Baron, Cornell University, 15/05/2023
“The Debt-Inflation Channel of the German Hyperinflation”, Emil Verner, MIT, 24/04/2023
“Do Specialized Distress Investors Undermine Upstream Lending?”, Irem Denirci, Nova School of Business and Economics, 27/03/2023
“Climate risk, soft information, and credit supply”, Carles Vergara, IESE, 19/01/2023
“Market Opacity and Fragility”, Xavier Vives, IESE, 27/09/2022
“As strong as the weakest link: The impact of Misinformation in Social networks”, Manuel Mueller-Frank, IESE, 19/07/2022
“Art of Simple Multiproduct Auction Design”, Paul Klemperer, University of Oxford, 5/04/2022
“Fintech, Bank Branch Closings, and Mortgage Markets”, Josep Gisbert, Universitat Pompeu Fabra, 14/02/2022
“Monetary Policy and Inequality”, José Luis Peydró, Imperial College London & UPF, 9/11/2021
“Machine learning with test data in finance”, Stephen Hansen, Imperial College London, and Bryan Kelly, Yale School of Management, 19/01/2021
“Is financial globalization in reverse after 2008 Global Financial Crisis? Evidence from Corporate Valuations”, Andrew Karolyi, Cornell University, 15/12/2020
“Can the Covid Bailouts Save the Economy?”, Stijn Van Nieuwerburgh, Columbia Business School, 03/11/2020
“Scarring Body and Mind: The Long-Term Belief-Scarring Effects of COVID-19”, Laura Veldkamp, Columbia Business School, 15/10/2020
“Do Investors Care about Carbon Risk?”, Marcin Kacperczyk, Imperial College London, 15/10/2020
“Digital Disruption in Banking”, Xavier Vives, IESE, 22/09/2020
“Financial Markets, Common Ownership and Product Market Outcomes”, Albert Banal-Estañol, Universitat Pompeu Fabra, 29/10/2019
“Stress Testing and Bank Lending”, Joel Shapiro, Oxford University, 28/05/2019
“Becker Meets Kyle: Inside Insider Trading”, Marcin Kacperczyk, Imperial College London, 21/05/2019
“Financial Frictions, Foreign Currency Borrowing, and Systemic Risk”, Robert Marquez, UC Davis, 19/03/2019
“Network Hazard and Bailouts”, Selman Erol, Carnegie Mellon University, 12/03/2019
“The Economics of Sovereign Debt, Bailouts and the Eurozone Crisis”, Philippe Martin, SciencePo Paris, 18/12/2018
“Stressed Banks”, Diane Pierret, HEC Laussane, 27/11/2018
“10 Years after Lehman Brothers Fall”, Alumni Session, 30/10/2018