Banking Initiative | IESE Business School

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. 4: May 2022

Report No. 4: May 2022 Technology and Finance

By Darrell Duffie, Thierry Foucault, Laura Veldkamp & Xavier Vives
Centre for Economic Policy Research

Report No. 3: May 2021

Report No. 3: May 2021 Resilience of the Financial System to Natural Disasters

By Patrick Bolton, Marcin Kacperczyk, Harrison Hong & Xavier Vives
Centre for Economic Policy Research

Report No. 2: June 2020

Report No. 2: June 2020 The Bank Business Model in the Post-Covid-19 World

By Elena Carletti, Stijn Claessens, Antonio Fatás & Xavier Vives
Centre for Economic Policy Research

Report No. 1: June 2019

Report No. 1: June 2019 Sound At Last? Assessing a Decade of Financial Regulation

By Patrick Bolton, Stephen Cecchetti, Jean-Pierre Danthine & Xavier Vives
Centre for Economic Policy Research

Winter is coming in Europe, IESE Insight, 25/08/2022
Locking the stablecoin door after the horse has spent all of the crypto on carrots and then vanished over the fence, Forbes, 30/05/2022
The impact of technology on finance, VoxEU.org, 27/05/2022
ECB executive board member talks about current state of digital euro CBDC research, CoinTelegraph, 8/04/2022
New report: Improving the resilience of the financial system in response to Natural Disasters, IESE, 26/05/2021
Banking on resilience: Preparing our financial system to face natural disasters, IESE Insight, 24/05/2021
Can the financial system withstand pandemics and climate change?, IESE, 19/03/2021
Was COP26 cheap talk?, Project Syndicate, 17/11/2021
How resilient is the financial system to natural disasters?, The Banker, 10/06/2021
VoxTalks: The financial system and climate change, VoxEU CEPR, 25/05/2021
Resilience of the financial system to natural disasters, VoxEU.org, 25/05/2021
European banking’s moment of merger truth, Project Syndicate, 2/12/2020
A stable euro requires an ambitious industrial policy, Project Syndicate, 4/09/2020
“What Will COVID-19 Do to Banking?”, Xavier Vives, Project Syndicate, 9/07/2020
VoxTalks: Banks Under Pressure, VoxEU CEPR, 8/07/2020
“The Bank Business Model in the Post-Covid-19 World”, Elena Carletti, Stijn Claessens, Antonio Fatás & Xavier Vives, VoxEU.org, 18/06/2020
Better Data on Modern Finance Reveals Uncomfortable Truths, Financial Times, 10/10/2019
“Política y bancos centrales”, Xavier Vives, La Vanguardia, 25/07/2019
“How to Keep Central Banks Independent”, Patrick Bolton, Stephen Cecchetti, Jean-Pierre Danthine & Xavier Vives,  Project Syndicate, 11/07/2019
“How Will Banking Look in 10 Years’ Time?”, Xavier Vives, The Banker, 02/01/2019

“Market Opacity and Fragility”, Giovanni Cespa & Xavier Vives, July 2022.
“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, 2022.
“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.
“Information Technology and Bank Competition”, Ye, Zhiqiang & Vives, Xavier, Working Paper.
“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.

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

“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

Advisory Council

Co-authors of the Reports

Post-Doctoral Fellow

Assistants