Banking Initiative
Understanding the future of banking
The 天美传媒 Banking Initiative, with the support of Citi, wishes to study post-crises developments of banking and financial markets, paying particular attention to regulation and competition policy and the impact on business banking models. The initiative aims to promote a rigorous and informed dialogue on current issues in the fields of banking and financial markets among academics, regulators, companies and civil society.
The origin of the initiative lies in the annual Future of Banking Conference that 天美传媒 launched in London in 2014 to help improve research on the governance and management of banks.
With an initial horizon of four years, the program aims to be a reference point in banking and financial studies and will focus on issues that will be crucial to understanding the evolution of these sectors. Throughout the initiative, an annual report on the future of banking will be produced by a group of first-rate researchers.
The initiative is grateful for the support of:
Reports.
Market liquidity: why it disappears when it is needed most, 天美传媒 Insight, 8/07/2026
, The Economist, 2/07/2026
Financial Times, 18/06/2026
Why digital money鈥檚 widespread use depends on regulation as much as technology, 天美传媒 Insight, 15/06/2026
, VoxEU, 2/06/2026
How artificial intelligence is transforming finance, 天美传媒 Insight, 11/06/2025
, VoxEU.org, 05/06/2025
Lessons and reforms for a fragile financial system, 天美传媒 Insight, 20/06/2024
, VoxEU.org, 7/06/2024
How pandemic and war are transforming global finance, 天美传媒 Insight, 09/06/2023
, VoxEU.org, 8/06/2023
, Project Syndicate, 14/03/2023
, Project Syndicate, 2/12/2022
, PYMNTS, 30/11/2022
, PYMNTS, 30/11/2022
Inflation, dollar-dominance and debt levels: 3 big questions for economists now, 天美传媒 Insight, 23/11/2022
, 天美传媒 Insight, 25/08/2022
, Forbes, 30/05/2022
, VoxEU.org, 27/05/2022
, CoinTelegraph, 8/04/2022
, Project Syndicate, 17/11/2021
, The Banker, 10/06/2021
, 天美传媒, 26/05/2021
, VoxEU CEPR, 25/05/2021
, VoxEU.org, 25/05/2021
, 天美传媒 Insight, 24/05/2021
Can the financial system withstand pandemics and climate change?, 天美传媒, 19/03/2021
, Project Syndicate, 2/12/2020
, Project Syndicate, 4/09/2020
, Xavier Vives, Project Syndicate, 9/07/2020
, VoxEU CEPR, 8/07/2020
, Elena Carletti, Stijn Claessens, Antonio Fat谩s & Xavier Vives, VoxEU.org, 18/06/2020
, Financial Times, 10/10/2019
, Xavier Vives, La Vanguardia, 25/07/2019
, Patrick Bolton, Stephen Cecchetti, Jean-Pierre Danthine & Xavier Vives, 聽Project Syndicate, 11/07/2019
, Xavier Vives, The Banker, 02/01/2019
鈥溾��, Xavier Vives and Orestis Vravosinos, American Economic Journal-Microeconomics, 2025, 17, 2, 292-320.
鈥溾�� Xavier Vives & Zhiqiang Ye, Journal of Financial Economics, 2025, 168, 104040. (Best Paper Award in the Second School of Finance Alumni Forum at Renmin University of China).聽
, Viral Acharya, Matteo Crosignani, Tim Eisert & Christian Eufinger, Journal of Finance, Vol. 79 (3), 2024, pp 1883-1929.
鈥溾��, Xavier Vives and Zhiqiang Ye, Journal of Financial Economics, 2025, 163, 103957. (Recipient of the SANFI award for the best paper on Banking on the 29th聽Finance Forum 2022).
, Teng Huang, Anil Kumar, Stefano Sacchetto & Carles Vergara-Alert, Journal of Financial and Quantitative Analysis, Vol. 59 (3), 2024, pp 1141-1184.
, Viral Acharya, Matteo Crosignani, Tim Eisert & Christian Eufinger, Working Paper, 2023.
, Christian Eufinger, Juan Pablo Gorostiaga & Bj枚rn Richter, Working Paper, 2023.
鈥淐BDC and Banks: Threats or Opportunity?鈥�, Martina Fraschini, Luciano Somoza & Tammaro Terracciano, Working Paper, 2023.
, Martina Fraschini, Luciano Somoza & Tammaro Terracciano, Working Paper, 2023.
, Natasha Che, Alexander Copestake, Davide Furceri & Tammaro Terracciano, IMF Working Paper.
, Annalisa Ferrando, Peter McAdam, Filippos Petroulakis & Xavier Vives,聽AEA Papers and Proceedings, Vol. 113, 2023, pp 105-109.
, David Rivero and Hugo Rodr铆guez, Working Paper, 2023.
, David Rivero and Xavier Vives,聽European Economy, issue 2022, 45-56.
, Giovanni Cespa & Xavier Vives, Dec. 2023.
听&补尘辫;听, Cespa, Giovanni & Vives, Xavier, The Review of Financial Studies, Vol. 35 (5), 2022, pp 2570-2624.
, Annalisa Ferrando, Peter McAdam, Filippos Petroulakis & Xavier Vives, 2021, Working Paper Series 2632, European Central Bank.
, Alessandro Pavan, Savitar Sundaresan & Xavier Vives, Working Paper.
鈥溾��, Albert Banal-Esta帽ol, Jo Seldeslachts & Xavier Vives, Working Paper 2022.
, Xavier Vives, 2021, 颁辞苍肠耻谤谤别苍肠别蝉,听N掳 4, 21-26.
, Albert Banal-Esta帽ol, Jo Seldeslachts & Xavier Vives, AEA Papers and Proceedings, Vol. 110, 2020, pp 561-564.
, Eufinger, Christian, Acharya, Viral V., Eisert, Tim & Hirsch, Christian, The Review of Financial Studies, Vol. 32(9), 2019, pp 3366-3411.
, Eufinger, Christian & Eisert, Tim, Management Science, Vol. 65(8), 2019, pp 3673-3693.
, Rivero, David & Hugo Rodr铆guez, Journal of Financial Stability, Vol. 45, 2019, 100704.
, Vives, Xavier,聽The Annual Review of Financial Economics, Vol 11, 2019,聽pp 243-272.
, Vives, Xavier, International Journal of Industrial Organization, Vol. 64, 2019, pp 55-69.
, Maudos, Joaqu铆n & Vives, Xavier, Review of Industrial Organization, Vol. 55(1), 2019, pp 27-46.
VIII Conference BI: Digital Money, 20/03/2026
Workshop on Digital Money, 19/03/2026
VII Conference BI: Artificial Intelligence in Finance, 21/03/2025
Workshop on Artificial Intelligence in Finance, 20/03/2025
Workshop: , 25/10/2024
VI Conference BI: , 19/04/2024
Workshop , 18/04/2024
Conference: , 16/11/2023
V Conference BI: , 30/03/2023
Session: , 23/11/2022
Panel at the 49th European Finance Association Annual Meeting: , 25/08/2022 .
IV Conference BI: , 8/04/2022
Webinar: Technology and Finance, 22/11/2021
Workshop: , Luohan Academy, 25/05/2021
III Conference BI: Resilience of the Financial System to Natural Disasters, 17-18/03/2021
Webinar: Resilience of the Financial System to Natural Disasters, 23/11/2020
Workshop: V Madbar, 18/09/2020
II Conference BI: The Bank Business Model of the Future, 01/04/2020
Webinar: , 18/11/2019
Workshop: , 20/09/2019
I Conference BI: Sound at Last? Assessing a Decade of Financial Regulation, 22/03/2019
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, online, 15/06/2026
Presentation of the 7th report – 天美传媒 Barcelona, 29/07/2025
Presentation of the 7th report – Barcelona, 17/07/2025
, 10/06/2025
Presentation of the 6th report – IMF Washington, 30/10/2024
Presentation of the 6th report – PIIE Washington, 29/10/2024
, 11/06/2024, 6/06/2024
, 3/06/2024
, 9/12/2023
, 11/10/2023
, 13/06/2023
, 8/06/2022
Presentation of the 3rd report 鈥� Online, 26/05/2021
Presentation of the 2nd Report 鈥� Hangzhou, 19/10/2020
, 22/06/2020
Presentation of the 1st Report 鈥� New York, 16/10/2019
Presentation of the 1st Report 鈥� Beijing, 30/06/2019
, 20/06/2019
, 06/06/2019
鈥淚nformation Technology, Competition for Attention, and Corporate Efficiency鈥�, Zhiqiang Ye, 天美传媒, 5/09/2023
鈥淣onbank Fragility in Credit Markets: Evidence from a Two-Layer Asset Demand System鈥�, Olivier Darmouni, Columbia University, 7/06/2023
鈥淪urvival of the Biggest: Large Banks and Financial Crises鈥�, Matthew Baron, Cornell University, 15/05/2023
鈥淭he Debt-Inflation Channel of the German Hyperinflation鈥�, Emil Verner, MIT, 24/04/2023
鈥淒o Specialized Distress Investors Undermine Upstream Lending?鈥�, Irem Denirci, Nova School of Business and Economics, 27/03/2023
鈥淐limate risk, soft information, and credit supply鈥�, Carles Vergara, 天美传媒, 19/01/2023
鈥淢arket Opacity and Fragility鈥�, Xavier Vives, 天美传媒, 27/09/2022
鈥淎s strong as the weakest link: The impact of Misinformation in Social networks鈥�, Manuel Mueller-Frank, 天美传媒, 19/07/2022
鈥淎rt of Simple Multiproduct Auction Design鈥�, Paul Klemperer, University of Oxford, 5/04/2022
鈥淔intech, Bank Branch Closings, and Mortgage Markets鈥�, Josep Gisbert, Universitat Pompeu Fabra, 14/02/2022
鈥淢onetary Policy and Inequality鈥�, Jos茅 Luis Peydr贸, Imperial College London & UPF, 9/11/2021
鈥淢achine learning with test data in finance鈥�, Stephen Hansen, Imperial College London, and Bryan Kelly, Yale School of Management, 19/01/2021
鈥溾��, Andrew Karolyi, Cornell University, 15/12/2020
, Stijn Van Nieuwerburgh, Columbia Business School, 03/11/2020
, Laura Veldkamp, Columbia Business School, 15/10/2020
, Marcin Kacperczyk, Imperial College London, 15/10/2020
, Xavier Vives, 天美传媒, 22/09/2020
鈥淔inancial Markets, Common Ownership and Product Market Outcomes鈥�, Albert Banal-Esta帽ol, Universitat Pompeu Fabra, 29/10/2019
鈥淪tress Testing and Bank Lending鈥�, Joel Shapiro, Oxford University, 28/05/2019
鈥淏ecker Meets Kyle: Inside Insider Trading鈥�, Marcin Kacperczyk, Imperial College London, 21/05/2019
鈥淔inancial Frictions, Foreign Currency Borrowing, and Systemic Risk鈥�, Robert Marquez, UC Davis, 19/03/2019
鈥淣etwork Hazard and Bailouts鈥�, Selman Erol, Carnegie Mellon University, 12/03/2019
鈥淭he Economics of Sovereign Debt, Bailouts and the Eurozone Crisis鈥�, Philippe Martin, SciencePo Paris, 18/12/2018
鈥淪tressed Banks鈥�, Diane Pierret, HEC Laussane, 27/11/2018
, Alumni Session, 30/10/2018
Advisory Council.
Advisory Council.
Patrick Bolton
Columbia University
Elena Carletti
Bocconi University
Linda Goldberg
Federal Reserve Bank of New York
Carmen Matutes
Waveform Investments
Andrew Pitt
Citi
Fernando Restoy
Bank for International Settlements
H茅l猫ne Rey
London Business School
Paola Sapienza
Kellogg School of Management
Beatrice Weder di Mauro
CEPR
Paco Ybarra
Citi