Department of Economic and Social History at the Univ. of Vienna: Maria Stella Chiaruttini and Clemens Jobst and the Paris School of Economics: Marianna Astore (Web)
Date: 06.–07.10.2022
Venue: Österreichische Nationalbank, Vienna
Proposals by: 31.07.2022
- Keynote speaker: Catherine Schenk (Univ. of Oxford)
The financial crisis of 2007–2008 mercilessly exposed both the importance of financial interconnectedness across the globe and our still insufficient understanding of it, spurring a surge in scholarly research devoted to this issue (Glasserman and Young 2016). Less conspicuously but not less importantly, technological progress, structural change and processes of economic integration and disintegration are also constantly reshaping banking networks at a local and a global level, with potentially significant consequences on growth and inequality (Berger and DeYoung 2001; Degryse and Ongena 2005; Degryse et al. 2009; Hasan et al. 2009; De Haan and Sturm 2017; Bernini and Brighi 2018).
Financial historians have always been aware of the crucial role played by credit networks – in the form of multibranch banking systems, interbank correspondent networks and links between banks and non-bank financial intermediaries – for the development and resilience of modern markets. Suffice here to mention the literature investigating the relationship between the traditional unit banking structure of the U.S. and the historical fragility of American banking markets (Bordo et al. 1996; Calomiris and Carlson 2017). There are however many aspects of banking networks that deserve further attention. A first challenge is the quantitative analysis of networks. We still don’t have enough datasets and quantitative studies analysing the behaviour and evolution of banking networks, despite increasing efforts to fill this gap (e.g. ERC Grant GloCoBank No 883758; Marie Skłodowska-Curie Grant EUROCBH No 898910). This lack of data, in turn, prevents us from studying the features of competition and complementary between partly overlapping credit networks, the interactions between these networks and local economic development as well as the role of banking interconnectedness in the spread or containment of financial crises. Read more … (Web)