4th Workshop on Markets and Intermediaries

March 25th – March 26th 2026
Bundesbank Seminar Centre at Berlin Wannsee

Organizers

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

Program

Wednesday 25 March 2026

12:00 -- 13:00 — Registration & Welcome, Buffet Lunch
13:00 -- 15:00 — Session I: Bank Risk and Regulation

Banks' Next Top Model
Presenter: Elizaveta Sizova (Norwegian School of Economics)
Discussant: Sergio Vicente (University of Luxemburg)

Banks and Non-banks: Competitors in Loan Origination, Partners in Regulatory Arbitrage
Presenter: Chiara Lattanzio (University College London)
Discussant: Yuliyan Mitkov (University of Vienna)

15:00 -- 15:30 — Coffee Break
15:30 -- 17:30 — Session II: Banks and Payments

Shadow Banks on the Rise: Evidence Across Market Segments
Presenter: Kim Fe Cramer (London School of Economics)
Discussant: Dominic Cucic (Danmarks Nationalbank)

Cash me if you can: ATM Explosions, Payment Choice, and Consumption
Presenter: Theresa Spickers (University of Amsterdam)
Discussant: Olga Balakina (Safe Frankfurt)

19:00 -- 21:30 — Conference Dinner at the Bundesbank Seminar Centre

Thursday 26 March 2026

09:00 -- 11:00 — Session III: Econometrics of Loan Shocks

Identifying Heterogeneous Supply and Demand Shocks in European Credit Markets
Presenter: Olivier De Jonghe (ECB)
Discussant: Edoardo Rainone (Banca d'Italia)

Estimating the Impact of Loan Supply Shocks
Presenter: Alejandro Casado (Banco de España)
Discussant: Martin Götz (Deutsche Bundesbank)

11:00 -- 11:30 — Coffee Break
11:30 -- 13:30 — Session IV: The Consequences of IPOs

The Effect of IPOs on Workers
Presenter: Margarida Soares (Nova)
Discussant: Merih Sevilir (IWH / ESMT)

The Silicon Divide: High-Technology IPOs and the Widening Socioeconomic Gap
Presenter: Wenchuan Zhao (Oxford)
Discussant: Francesco Mazzola (ESCP)

Take-away lunch