3rd Workshop on Markets and Intermediaries

September 29th - September 30th 2025
Room 220, School of Business and Economics, Humboldt University Spandauer Str. 1, 10178 Berlin

Organizers

Organized by Max Bruche (Humboldt University), Falko Fecht (Bundesbank), Philipp König (Bundesbank)

presentations: 25m, discussions: 15m, questions from the floor: 10m

Program

Monday 29 September 2025

12:30 -- 13:00 — Registration & Welcome
13:00 -- 14:40 — Session: Loans and Deposits

Credit Supply and Green Investments
Presenter: Giorgia Barboni (Warwick)
Discussant: Francesc Rodríguez-Tous (Bayes Business School)

Optimal Banking Arrangements: Liquidity Creation without Fragility
Presenter: Maxi Guennewig (Bonn)
Discussant: Siema Hashemi (Liverpool)

14:40 -- 15:10 — Coffee break
15:10 -- 16:10 — Keynote

Corporate Runs and Credit Reallocation
Presenter: Vasso Ioannidou (Bayes Business School)

16:10 -- 16:40 — Coffee break
16:40 -- 18:20 — Session: Bank-firm Matching

Search Frictions in Credit Markets
Presenter: Clément Mazet-Sonilhac (Bocconi)
Discussant: Enrico Sette (ECB)

Bank Specialization in Lending to New Firms
Presenter: Alexandra Matyunina (Banco de España)
Discussant: Martin Goetz (Bundesbank)

19:00 -- 21:30 — Conference Dinner: Restaurant Hackescher Hof
(presenters and discussants only)

Tuesday 30 September 2025

08:30 -- 10:10 — Session: Bankruptcy

Bankruptcy Law and the Market for Corporate Influence: Extending the Creditors' Bargain to Distress Investors
Presenter: Vladimir Vladimirov (Amsterdam)
Discussant: Sebastian Pfeil (Groningen)

The Economics of Legal Uncertainty
Presenter: Jan Starmans (Stockholm School of Economics)
Discussant: Gil Nogueira (Banco de Portugal)

10:10 -- 10:40 — Coffee break
10:40 -- 12:20 — Session: Monetary and Fiscal Policy

Banking under Large Excess Reserves
Presenter: Basile Dubois (McGill)
Discussant: Matthias Kaldorf (Bundesbank)

Fiscal Constraints, Disaster Vulnerability, and Corporate Investment Decisions
Presenter: Thorsten Martin (Frankfurt School)
Discussant: Olga Goldfayn-Frank (Bundesbank)

12:20 — Lunch to go
(presenters and discussants only)