International Conference
Reassessment of the ‘Optimal Currency Area’ theory in the persistently heterogeneous European Union
9-10 September 2021, Vilnius
International Conference
Reassessment of the ‘Optimal Currency Area’ theory in the persistently heterogeneous European Union
9-10 September 2021, Vilnius
The international conference organized by the Euro4Europe project team offers an opportunity to discuss and rethink key theories, concepts, and methods on economic integration, business cycles’ asymmetries and synchronization, the transmission of macroeconomic shocks on national, supranational, and regional scales. The Euro4Europe project, funded by the EU Social Fund, explores the impact of European integration on business cycle asymmetries (BCA) and provides empirical evidence about long-standing disputes whether integration increases or decreases BCA.
The conference organizers are keen to hear from researchers who rethink theories and propose new concepts and methods on national business cycle synchronization, transmission of macroeconomic shocks, economic integration and its impact at different geographical scale, regional business cycle synchronization’ impact on resilience and recovery of regions.
The conference will be arranged in a hybrid format. There is no registration fee.
Important Dates
15 June, 2021 Deadline for papers submission
30 June, 2021 Notification of acceptance
2 September, 2021 Deadline for registration of participants
Key Areas of the Conference
National Business Cycle Synchronization
Economic Integration and Transmission of Macroeconomics Shocks
The Impact of Economic Integration on Regional Business Cycle Synchronization
Keynote speakers
Dr. Georgios Georgiadis
European Central Bank
Dr Georgiadis’ research interests are international macroeconomics, international finance, and macroeconometrics. He has published in leading professional journals such as Journal of Monetary Economics, Journal of International Economics, European Economic Review, among many others. Dr Georgiadis has excensively contributed to policy work, covering a wide range of topics (global value chains, service trade liberalization, exchange rate pass-through to import and export prices, among others).
Professor Paul de Grauwe
London School of Economics and Political Science
Prof. de Grauwes' research interests are international monetary relations, monetary integration, theory and empirical analysis of the foreign-exchange markets, and open-economy macroeconomics. His published books include “The Economics of Monetary Union”, “International Money. Post-war Trends and Theories”, “The exchange rate in behavioral finance framework”. He has published more than a hundred scientific articles covering a lot of topics on monetary and fiscal policies, behavioral economics, structural reforms, growth and inequality, EMU, business cycles, and more.
Scientific Committee
Dr. Svatopluk Kapounek
Ph. D. Povilas Lastauskas
Dr. Jesus Crespo Cuaresma
Dr. Jarko Fidrmuc
Ph. D. Mariarosaria Comunale
Dr. Dmitrij Celov
Ph. D. Rima Rubčinskaitė
Ph. D. Laimutė Urbšienė
Ph. D. Algirdas Bartkus
Ph. D. Linas Tarasonis
Organization Committee
Dr. Svatopluk Kapounek
Ph. D. Povilas Lastauskas
Ph. D. Rima Rubčinskaitė
Aistė Simanavičienė
Programme
9.00 a.m. - 19.00 p.m. on 9th September 2021 (GMT +3)
9.00 a.m. – 18.25 p.m. on 10th September 2021 (GMT + 3)
The Senate Hall, Vilnius University Central Administration Building
Universiteto str. 3, Vilnius
Online - Zoom
9th September 2021
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9.30 - 10.15 |
Registration, welcome coffee |
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10.15 - 10.30 |
Opening Remarks Aida Mačerinskienė, the dean of Vilnius University Faculty of Economics and Business Administration |
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10.30 - 12.15 |
Session: Uncertainty Chair: Svatopluk Kapounek |
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European Integration, Macroeconomic Spillovers, and Uncertainty Jesus Crespo Cuaresma, Vilnius University & Vienna University of Economics and Business (Discussant: Svatopluk Kapounek) |
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Global Impacts of Monetary Policy Uncertainty Povilas Lastauskas, Bank of Lithuania and Vilnius University (Discussant: Jesus Crespo Cuaresma) |
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Financial Market Uncertainty: Measurements, Effects and Trends Svatopluk Kapounek, Vilnius University and Mendel University (Discussant: Povilas Lastauskas) |
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12.15 - 14.00 |
Lunch break |
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14.00 - 15.15 |
Keynote Speech: Global Risk and the Dollar Georgios Georgiadis, European Central Bank
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| 15.15 - 17.00 |
Session: Optimum Currency Area I Chair: Michal L. Kobielarz |
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Optimal Monetary Policy in a Dual Labor Market: The Role of Informality Monica Gomez Ospina, Paris School of Economics, EHESS (Discussant: Michal L. Kobielarz) |
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A new Optimum Currency Area Index for the Euro Area Davor Kunovac, Croatian National Bank, Diego Rodriguez Palenzuela, European Central Bank, Yiqiao Sun, European Central Bank (Discussant: Monica Gomez Ospina) |
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Exits and Bailouts in a Monetary Union Michal L. Kobielarz, Department of Economics KU Leuven (Discussant: Yiqiao Sun) |
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17.00 - 17.15 |
Coffee break |
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| 17.15 - 19.00 |
Session (online): European Integration and Regulation Chair: Jesus Crespo Cuaresma |
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Learning and the Anatomy of the Profitability Premium Chi-Yang Tsou, University of Manchester (Discussant: Beau Soederhuizen) |
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Debunking the Myth of Southern Profligacy. A DSGE Analysis of Business Cycles in the EMU's Big Four Alice Albonico, University of Milano-Bicocca, Department of Economics, Management and Statistics, and CefES (Discussant: Chi-Yang Tsou) |
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Optimal Capital Ratios for European Banks Beau Soederhuizen, CPB Netherlands Bureau for Economic Policy Analysis (Discussant: Alice Albonico) |
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19.30 - 21.00 |
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Dinner |
Online - Zoom
10th September 2021
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9.00 - 10.15 |
Keynote Speech: The fragility of the Eurozone: endemic or temporary? Paul de Grauwe, London School of Economics and Political Science |
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10.15 - 12.00 |
Session: National Business Cycles Synchronization Chair: Dmitrij Celov |
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Financial Instability: Evidence from Wavelet Analysis Svatopluk Kapounek, Vilnius University (Discussant: Jarko Fidrmuc) |
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Jarko Fidrmuc, Vilnius University (Discussant: Dmitrij Celov) |
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Business cycles synchronization in the EU: an ultimate, comprehensive comparison across methods Dmitrij Celov and Mariarosaria Comunale, Vilnius University (Discussant: Svatopluk Kapounek) |
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12.00 - 13.30 |
Lunch break |
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13.30 - 15.50 |
Session: Monetary Policy Chair: Povilas Lastauskas |
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International Information Flows, Sentiments and Cross-Country Business Cycle Fluctuations (online) Michal Brzoza-Brzezina, Department of Quantitative Economics SGH Warsaw School of Economics (Discussant: Boris Fisera) |
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The Bright Side of Transparency: Evidence from Supervisory Capital Requirements Nordine Abidi, International Monetary Fund, Ixart Miquel-Flores, European Central Bank & Frankfurt School of Finance and Management, Quentin Vandeweyer, University of Chicago (Discussant: Michaela Elfsbacka Schmoller) |
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Interplay between Income Inequality and Financial Development as a Conditioning Factor of Monetary Transimission in the Euro Area Boris Fisera, Institute of Economic Research Slovak Academy of Sciences (Discussant: Michal Brzoza-Brzezina) |
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Secular Stagnation in a Currency Union Michaela Elfsbacka Schmoller, Bank of Finland (Discussant: Ixart Miquel-Flores) |
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15.50 - 16.05 |
Coffee break |
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16.05 - 18.25 |
Session: Regional Business Cycle Synchronization Chair: Florian Horky |
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Synchronization in resilience at the EU NUTS 3 level Rima Rubčinskaitė, Vilnius University (Discussant: Florian Horky) |
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Jarko Fidrmuc, Vilnius University (Discussant: Rima Rubčinskaitė) |
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Business cycles Synchronization with the main trading partners: evidence from the Baltic States Laimutė Urbšienė, Vilnius University (Discussant: Jarko Fidrmuc) |
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Dynamic Analysis of Perceptions on Firms Financing Behavior: A Behavioral Perspective Florian Horky, Zeppelin University of Friedrichshafen (Discussant: Laimutė Urbšienė) |
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19.00 - 20.30 |
Dinner |
To download the programme press here.
The guidelines for the participants here
Registration
Full-paper submission here (closed)
Registration for non-presenting participants is welcome here (closed).
You can join sessions online directly - just check the links here. By joining sessions online you would need to introduce yourself (name, institution, country, your email).
15 June, 2021 Deadline for paper submission
2 September, 2021 Deadline for registration of participants
There is no registration fee for all participants. The Zoom link to the webstream will be shared only with the registered participants.
Call for papers
Research papers falling in the key areas of the conference, broadly interepreted, are welcome. Only completed papers in English (PDF format) should be submitted to .
Venue
The Senate Hall (2nd floor), Vilnius University Central Administration Building
Universiteto str. 3, Vilnius
Online - Zoom
The link will be shared only with registered non-presenting participants.
