The contribution of integrated financial markets to economic growth is high on the agenda of the European policy makers. However, research hitherto has focused less on the factors that may make finance matter for growth in the more mature economies, such as the European OECD countries. The objective of this conference is therefore to present new high-quality research on how improvements and integration in the financial markets contribute to innovations in all sectors of the economy and thereby to economic growth opportunities, with an eye to a better understanding of the nexus between finance and growth especially in advanced countries and the challenges for growth in Europe. The objective is also to provide a forum for debate on these topics among market participants, policy makers and researchers.

Thursday 20 September

9-9.15 Welcome and opening session General chairman: Jouko Vilmunen, Head of Research, Bank of Finland
Catherine Lubochinsky, SUERF
President Sinikka Salo, Member of the Board, Bank of Finland (opening address)
9.15-10.30 Presentation Keynote speech: What are the financial factors of growth in mature economics?
Peter L. Rousseau, Vanderbilt University
11-12.30 Session 1 Chair: Ari Hyytinen, University of Jyväskylä, Bank of Finland
  Paper Presentation The quality of banking and regional growth
  Author(s) Iftekhar Hasan (Lally School of Management and Technology, Rensselaer Polytechnic Institute, Bank of Finland), Michael Koetter (University of Groningen, Deutsche Bundesbank), Michael Wedow (Deutsche Bundesbank)
  Comments Cândida Ferreira (Technical University of Lissabon)
  Paper Presentation Banking competition, financial dependence and economic growth
  Author(s) Joaquín Maudos (Ivie, Universidad de València), Juan Fernández de Guevara (Ivie)
  Comments Laurent Weill (University of Strasbourg)
14-15.15 Presentation Invited speech: Appetite for risk: On the financing of innovative firms
Cilian Jansen Verplanke, Rabobank
15.45-17 Presentation Presidential address: The role of financial markets and innovation for productivity and growth in Europe
Philipp Hartmann, European Central Bank
Closing remarks first day

Friday 21 September

9-10.30 Session 2 Chair: Ulf von Kalckreuth, Deutsche Bundesbank
  Paper Presentation When do R&D subsidies boost innovation? Revisiting the inverted-U shape
  Author(s) Juha Kilponen (Bank of Finland), Torsten Santavirta (Helsinki School of Economics)
  Comments Nicolas Berman (University Paris I Panthéon-Sorbonne, Banque of France)
  Paper Presentation Credit constraints and the cyclicality of R&D investments: Evidence from France
  Author(s) Nicolas Berman (University Paris I Panthéon-Sorbonne, Banque de France), Laurent Eymard (Banque de France), Philippe Aghion (Harvard University, PSE), Philippe Askenazy (Paris School of Economics, IZA), Gilbert Cette (Banque de France, Aixe-Marseille II University)
  Comments Eugenio Proto (University of Warwick)
11-12.30 Session 3 Chair: Wim W. Boonstra (Rabobank Nederland)
  Paper Presentation Which firms benefit more from financial development?
  Author(s) Jan Bena (LSE), Štĕpán Jurajda (CERGE-EI)
  Comments Sami Torstila (Helsinki School of Economics)
  Paper Presentation Regulation of financial systems and economic growth in OECD countries: An empirical analysis
  Author(s) Alain de Serres, Shuji Kobayakawa, Torsten Sløk, Laura Vartia (OECD)
  Comments Timo Korkeamäki (Gonzaga University, Bank of Finland)
14-15.15 Presentation Keynote speech: The financial factors of growth in mature economies: what have we learnt?
Paul Wachtel (New York University)
15.45-17 Session 4 Chair: Már Gudmundsson (Bank for International Settlements)
  Paper Presentation Financial intermediation and macroeconomic efficiency
  Author(s) Yves Kuhry, Laurent Weill (University of Strasbourg)
  Comments Antti Ripatti (Bank of Finland)
  Paper Presentation Self-selection and advice in venture capital finance
  Author(s) Christian Keuschnigg (University of St. Gallen, CEPR, CESifo), Soeren Bo Nielsen (Copenhagen Business School, EPRU, CEPR, CESifo)
  Comments Otto Toivanen (Helsinki Center of Economic Research)
Concluding remarks