Humboldt-Universität zu Berlin - Finance Group

Humboldt-Universität zu Berlin | School of Business and Economics | Finance Group | Conferences | Workshop on Financial Intermediation and Corporate Debt Markets 2023

Workshop on Financial Intermediation and Corporate Debt Markets 2023

March 23-24, 2023 at Deutsche Bundesbank in Frankfurt / Main


Organisers: Max Bruche (Humboldt University) and Philipp König (Deutsche Bundesbank)


This workshop, jointly organized by Humboldt University Berlin and the Research Centre of Deutsche Bundesbank, brings together research from the areas of corporate finance, banking and financial intermediation in order to foster exchange about important topical issues in these areas both from a theoretical and an empirical perspective.




DAY 1: Thursday, March 23


13:50 - 14:00

Introductory Remarks


Session 1. Large Banks and Bank Concentration

Chair: Max Bruche, Humboldt University Berlin

14:00 - 15:00

Survival of the Biggest: Large Banks and Crises since 1870

(by Baron, Schularick, Zimmermann)
Presenter: Kaspar Zimmermann, SAFE
Discussant: Daniel Streitz, IWH Halle

15:00 - 16:00

Market Concentration in Fintech

(by Corbae, d’Erasmo, Liu)

Presenter: Pablo d’Erasmo, Federal Reserve Bank of Philadelphia
Discussant: Melissa Prado, Nova SBE

16:00 – 16:30

Coffee break

  Session 2. Government Intervention in Debt Markets
Chair: Max Bruche, Humboldt University Berlin

16:30 - 17:30

Decomposing Employment Effects of a Government Support
Program: Hires, Exits and Reallocation

(by Bonfim, Custodia, Raposo)
Presenter: Diana Bonfim, Banco de Portugal
Discussant: Björn Imbierowicz, Deutsche Bundesbank

17:30 - 18:30

The effects of loan guarantee coverage on credit additionality:
evidence from a Covid-19 public support program

(by Cascarino, Palazzo, Sette, Gallo)
Presenter: Francesco Palazzo, Banca d’Italia
Discussant: Diogo Mendes, Stockholm School of Economics


DAY 2: Friday, March 24



Session 3. Central Bank Interventions in Markets

Chair: Philipp König, Deutsche Bundesbank

08:30 - 09:30

Do non-banks need access to the lender-of-last-resort?
(by Breckenfelder, Hoerova)
Presenter: Marie Hoerova, ECB
Discussant: Yigitcan Karabulut, Frankfurt School of Finance & Management

09:30 - 10:30

Whatever it takes? Market-maker-of-last-resort and its fragility
(by Choi, Yorulmazer)
Presenter: Tanju Yorulmazer, Koç University
Discussant: Natalya Martynova, Deutsche Bundesbank

10:30 - 11:00

Coffee break


Session 4. New Currencies

Chair: Philipp König, Deutsche Bundesbank

11:00 - 12:00

Jumpstarting an International Currency
(by Bahaj, Reis)
Presenter: Saleem Bahaj, University College London
Discussant: Egemen Eren, BIS

12:00 - 13:00

Can Stablecoins be Stable?
(by d’Avernas, Maurin, Vandeweyer)
Presenter: Adrien d’Avernas, Stockholm School of Economics
Discussant: Toni Ahnert, ECB