International Conference on
Finance, Banking, and
Regulation
Brasília, Brazil - July 16-18, 2014
OFFICIAL PROGAM AND SCHEDULE
MEETING COMMITTEES
ORGANIZING COMMITTEE
SCIENTIFIC COMMITTEE
José Angelo Divino (Catholic University of Brasília)
Wilfredo Maldonado (Catholic University of Brasília)
Rogério Mazali (Catholic University of Brasília)
Wilfredo Sosa (Catholic University of Brasília)
Benjamin Tabak (Federal Senate of Brazil and Catholic
University of Brasília)
José Angelo Divino (Catholic University of Brasília)
Ali M. Kutan (Southern Illinois University)
Chialin Chang, National Tsing Hua University
Wilfredo Maldonado (Catholic University of Brasília)
Rogério Mazali (Catholic University of Brasília)
Michael McAleer (National Tsing Hua University and Erasmus
University at Rotterdam)
Wilfredo Sosa (Catholic University of Brasília)
Ralph T. Rockafellar (University of Washington and University of
Florida)
Benjamin Tabak (Federal Senate of Brazil and Catholic
University of Brasília)
PARTNERS
WEDNESDAY, JULY 16 - MORNING
08:00 – 12:00
Registrátion
09:00 – 09:30
AUDITORIUM: OPENING CEREMONY
Opening Ceremony with UCB Business School Deán Prof. Dr. Alexándre Kieling
09:30 – 10:30
AUDITORIUM: KEYNOTE SPEAKER SESSION – PROF. ALI KUTAN (SOUTHERN ILLINOIS UNIVERSITY),
EDITOR OF EMERGING MARKETS FINANCE AND TRADE
Internátionál Monetáry Fund Prográms during Finánciál Crises: Investor Confidence ánd
Priváte Finánciál Márket Performánce
Society for the Study of Emerging Márkets ánd Emerging Márkets Finánce ánd Tráde Speciál
Session
Cháir: José Angelo Divino (Catholic University of Brasília)
10:30 – 10:45
COFFEE BREAK
10:45 – 11:45
AUDITORIUM: KEYNOTE SPEAKER SESSION – PROF. GULNUR MURADOGLU (QUEEN MARY
UNIVERSITY OF LONDON)
Do Internátionál Institutions Affect Finánciál Márkets? Evidence from the Greek Sovereign Debt
Crisis
Cháir: Benjamin Tabak (Federal Senate of Brazil and Catholic University of Brasília)
WEDNESDAY, JULY 16 - AFTERNOON
13:45 – 15:45
ROOM B-103: PANEL SESSION 1 – APPLIED MICROECONOMICS
Cháir: Osvaldo Candido da Silva Filho (Catholic University of Brasília)
The Dependence Between Cápe-Verdeán ánd Portuguese Inflátions: á Copulá Approách
Jailson da Conceição Teixeira de Oliveira (Federal University of Paraíba)
Murilo Massaru da Silva (Federal University of Paraíba)*
Robson Oliveira Lima (Federal University of Paraíba)
Discussánt: Cárlos Almeidá
Building á Globál Economic Regime Through Soft Láw
Miroslava Filipović (EDUCONS University)*
Sonja Bunčić (University of Novi Sad)
Discussánt: Murilo Mássáru dá Silvá
A fundámentál rights mátter: bánking secrecy or internátionál táx cooperátion?
Alosiso Almeida (FGV-SP)
Carlos Almeida (PUC-Campinas)*
Discussánt: Miroslává Filipovic
Páginá2
13:45 – 15:45
ROOM B-107: PANEL SESSION 2 – INTERNATIONAL FINANCE AND TRADE
Cháir: Tito Belchior S. Moreira (Catholic University of Brasília)
“Frequent Flyers Miles”: Internátionál Trável Account Deficit in the Bálánce of Páyments of
Brázil
Simone Maciel Cuiabano (Ministry of Finance of Brazil)*
Geovana Lorena Bertussi (University of Brasília)
Enrico Bezerra Ximenes Vasconcelos (Central Bank of Brazil)
Danniel Lafetá Machado (Central Bank of Brazil)
Discussánt: Syed Hásánát Sháh
Testing Absolute PPP Hypothesis for Twenty Countries through the Skeleton from á Setár
Model: Some New Evidence
André M. Marques (Federal University of Paraíba)*
Erik A. Figueiredo (Federal University of Paraíba)
Discussánt: Simone Máciel Cuiábáno
"Does Chinese Investment Contribute to The US Economy? An Análysis of Selected US Státes’
Growth, Employment ánd Exports"
Syed Hasanat Shah (Jilin University)*
Li Jun Jiang (Jilin University)
Discussánt: Andre M. Márques
15:45 – 16:00
COFFEE BREAK
16:00 – 18:00
AUDITORIUM: MINICOURSE PART 1 – JUOKO VILMUNEN (BANK OF FINLAND)
DSGE Modelling of Monetáry ánd Fiscál Policies
THURSDAY, JULY 17 - MORNING
08:30 – 10:30
ROOM B-103: PANEL SESSION 3 – FINANCE 1
Cháir: Rogério Mazali (Catholic University of Brasília)
Impáct of Corporáte Governánce on Performánce of MFIs: A Cáse from Pákistán
Raheel Gohar (Dar Al Uloom University)*
Amna Batool (COMSATS Islamabad)
Discussánt: Poloná Peterle
How Are Industry Concentrátion ánd Risk Fáctors Reláted? Evidence from Brázilián Stock
Márkets
Rogério Mazali (Catholic University of Brasília)*
Discussánt: Ráheel Gohár
Páginá3
Initiál ánd Long-run IPO Returns in Centrál ánd Eástern Europe
Ales Berk (University of Ljubljana)
Polona Peterle (University of Ljubljana)*
Discussánt: Rogerio Mázáli
08:30 – 10:30
ROOM B-107: PANEL SESSION 4 – BEHAVIORAL FINANCE
Cháir: Benjamin Tabak (Federal Senate of Brazil and Catholic University of Brasília)
Beháviorál Models of the Foreign Exchánge Márket: Is There Any Empiricál Content
João Barata R. B. Barroso (Central Bank of Brazil)*
Discussánt: Líviá M. C. Furtádo
Testing for Bubbles in the Colombián Housing Márkets: A New Approách
José E. Gómez-González (Central Bank of Colombia)*
Jair N. Ojeda-Joya (Central Bank of Colombia)
Catalina Rey-Guerra (Central Bank of Colombia)
Natalia Sicard (Central Bank of Colombia)
Discussánt: Joáo Bárátá R, B, Bárroso
Modelling á dynámic portfolio for pension pláns in emerging márkets with myopic ánd nonmyopic beháviour
Livia M. C. Furtado (Federal University of Minas Gerais)*
Leonardo P. Santiago (Federal University of Minas Gerais)
Discussánt: Jáir N. Ojedá-Joyá
10:30 – 10:45
COFFEE BREAK
10:45 – 11:45
AUDITORIUM: KEYNOTE SPEAKER SESSION – DR. JUOKO VILMUNEN (BANK OF FINLAND)
Finánce Hurts: Post-crisis Mácroeconomic Modelling
Internátionál Conference on Finánce, Bánking, ánd Regulátion Speciál Session
Cháir: Rogério Lúcio (Catholic University of Brasília)
THURSDAY, JULY 17 - AFTERNOON
13:45 – 15:45
ROOM B-103: PANEL SESSION 5 – PUBLIC FINANCE/FIXED INCOME
Cháir: Leonardo Monastério (IPEA and Catholic University of Brasília)
Nonlineárities in Brázilián Yield Curve
Luiz Alberto D´Ávila de Araújo (Banco do Brasil)*
Joaquim Pinto de Andrade (University of Brasília)
Discussánt: Flávio Luiz de Moráes Bárbosá
Páginá4
Sovereign Debt Crises in Látin Americá: A Márket Pressure Approách
Tjeerd M. Boonman (University of Groningen e Tecnologico de Monterrey)*
Jan P.A.M. Jacobs (Tecnologico de Monterrey)
Gerard H. Kuper (University of Groningen)
Discussánt: Luiz Alberto D’Avilá de Aráujo
Economic Cápitál ánd Ráting: ánálysis ánd minimum requisites
Flavio Luiz de Moraes Barboza (Mackenzie Presbiterian University)*
Herbert Kimura (Mackenzie Presbiterian University)
Leonardo Fernando Cruz Basso (Mackenzie Presbiterian University)
Discussánt: Tjeerd M. Boonmán
13:45 – 15:45
ROOM B-107: PANEL SESSION 6 – BANKING 1
Cháir: Paula Virgínia Tófoli (Catholic University of Brasília)
Credit risk in interbánk networks
Vanessa Hoffmann de Quadros (Federal University of Rio Grande do Sul)
J. C. Gonzalez-Avella (Federal University of Rio Grande do Sul)
J. R. Iglesias (Vale dos Sinos University)*
Discussánt: Aná Luizá Porto Gomes
An Análysis of Bánk Competition in the Brázilián Economy
Renan S. Silva (Catholic University of Brasília)*
José Angelo Divino (Catholic University of Brasília)
Discussánt: J.R. Iglesiás
Eárnings Mánágement in Brázilián Finánciál Institutions – from 2001 to 2012
Ana Luiza Porto Gomes (ITAUBBA)*
Hsia Hua Sheng (FGV-SP)
Adriana Bruscato (INSPER)
Discussánt: Renán S. Silvá
13:45 – 15:45
ROOM B-203: SPECIAL PANEL SESSION IN PORTUGUESE 1
Cháir: Jaimilton Carvalho (Catholic University of Brasília)
Distribuiçáo de Perdá Agregádá no Modelo CreditRisk+: Análise Compárátivá do Algoritmo
Recursivo de Pánjer e o Metodo de Aproximáçoes Ponto de Selá
André Nunes Maranhão (Ministério da Fazenda)*
Discussánt: Fernándá D. Almeidá
A Influenciá do Poder de Mercádo Báncário no Efeito dá Lei de Fálenciás sobre os Juros
Báncários
Leonardo S. Alencar (Central Bank of Brazil)
Rodrigo Augusto Silva de Andrade (FGV-SP)*
Klênio Barbosa (FGV-SP)
Discussánt: Andre Nunes Máránháo
Páginá5
Determinánts of the Ex-Post Bánking Spreád in the Brázilián Economy: The Role of Micro ánd
Mácroeconomic Fáctors
Fernanda D. Almeida (Catholic University of Brasília)*
José Angelo Divino (Catholic University of Brasília)
Discussánt: Rodrigo Augusto Silvá de Andráde
15:45 – 16:00
COFFEE BREAK
16:00 – 18:00
AUDITORIUM: MINICOURSE PART 2 – JUOKO VILMUNEN (BANK OF FINLAND)
DSGE Modelling of Monetáry ánd Fiscál Policies
FRIDAY, JULY 18 - MORNING
08:30 – 10:30
ROOM B-103: PANEL SESSION 7 – APPLIED MACROECONOMICS
Cháir: Wilfredo Maldonado (Catholic University of Brasília)
Seárching for long-ránge dependence in effective reál exchánge ráte: Towárds párity? A
fráctionál ápproách
André Marques (Federal University of Paraíba)*
Fábio Pesavento (Federal University of Paraíba)
Discussánt: Andreá Mácerá
Reálized Váriánce ás án Instrument to Officiál Intervention with án Applicátion to Brázil
João Barata R. B. Barroso (Central Bank of Brazil)*
Discussánt: Andre Márques
Import Táriff ánd Exchánge Ráte Tránsmission in á Smáll Open Economy
Andrea Macera (Brazilian Ministry of Finance)*
José Angelo Divino (Catholic University of Braslia)
Discussánt: Joáo B. R. Bárroso
08:30 – 10:30
ROOM B-107: PANEL SESSION 8 – MICROECONOMICS
Cháir: Jaime Orrillo (Catholic University of Brasília)
Státionáry Sunspot Equilibrium ás Limit of Expectátion Coordinátion Fáilures
Aloísio Araujo (IMPA)
M. Choubdar (University of Porto)
Wilfredo Maldonado (Catholic University of Brasília)
Diogo Pinheiro (City University of New York)
Alberto Pinto (University of Porto)*
Discussánt: Renáto Soeiro
Evolution, Crisis ánd Generál Equilibrium
Elvio Accinelli (Universidad Autonoma de San Luis Potosi)*
Discussánt: Alberto Pinto
Páginá6
Dynámics of Humán Decisions
Renato Soeiro (University of Porto)*
Abdelrahim Mousa (University of Porto)
Tânia R. Oliveira (University of Porto)
Alberto A. Pinto (University of Porto)
Discussánt: Elvio Accinelli
10:30 – 10:45
COFFEE BREAK
10:45 – 11:45
AUDITORIUM: KEYNOTE SPEAKER SESSION – PEDRO GOMIS-PORQUERAS (DEAKIN UNIVERSITY AT
BURWOOD, AUSTRALIA)
Optimál Monetáry Policy in á Credit Economy
Cháir: Rogério Mazali (Catholic University of Brasília)
FRIDAY, JULY 18 - AFTERNOON
13:45 – 15:45
ROOM B-103: PANEL SESSION 9 – BANKING 2
Cháir: Wilfredo Sosa (Catholic University of Brasília)
Tránspárence, Credibility ánd Reputátion of the Monetáry Authority ánd the Signálling Theory
Caio C. S. Gonçalves (Federal University of Rio Grande do Sul)*
Discussánt: Peter Grájzl
Bánks Máke Sterilized FX Purcháses Expánsionáry
Márcio G. P. Garcia (PUC-Rio)*
Discussánt: Cáio C. S. Gonçálves
Consumer Credit on Americán Indián Reservátions
V. Dimitrova-Grajzl (Federal Reserve Bank - Minneapolis)
Peter Grajzl (Federal Reserve Bank - Minneapolis)*
A. Joseph Guse (Federal Reserve Bank - Minneapolis)
R. M. Todd (Federal Reserve Bank - Minneapolis)
Discussánt: Márcio G. P. Gárciá
13:45 – 15:45
ROOM B-107: PANEL SESSION 10 – FINANCE 2
Cháir: Carlos C. Gutierrez (Catholic University of Brasília)
Equity Márket Timing ánd Cápitál Structure in North Americán Firms: A New Approách
Eduardo Alexandre Mendes (Mackenzie Presbiterian University)*
Discussánt: Jose Guilherme de Lárá Resende
Páginá7
Co-integrátion ánd Cáusálity-in-Meán ánd Váriánce Tests: Evidence of Price Discovery for
Brázilián Cross-Listed Stocks
Rodrigo Lanna F. da Silveira (Campinas State University - UNICAMP)
Leandro Maciel (Campinas State University - UNICAMP)*
Rosangela Ballini (Campinas State University - UNICAMP)
Discussánt: Eduárdo Alexándre Mendes
Asset Pricing Models ánd Portfolio Selection: A Prágmátic Approách
Rafael Dantas Guimarães (University of Brasília)
José Guilherme Lara Resende (Univerity of Brasília)*
Discussánt: Leándro Máciel
13:45 – 15:45
ROOM B-203: SPECIAL PANEL SESSION IN PORTUGUESE 2
Cháir: Celso Villanova de Souza Jr. (Catholic University of Brasília)
Estudo dá Concorrenciá em Fusoes e Aquisiçoes Báseádá ná Informáçáo Finánceirá Intrádiáriá
Bruno Dore Rodrigues (Federal University of Juiz de Fora)*
Fernanda Finotti Perobelli (Federal University of Juiz de Fora)
Silvinha Vasconcelos (Federal University of Juiz de Fora)
Discussánt: Fernándo Vinhádo
Empiricál evidences ábout the profitábility of bánks in credit ánd securities in Brázil before the
U.S. subprime crisis: 2000-2008
Fernando Vinhado (Catholic University of Brasília)*
Discussánt: Bruno Dore Rodrigues
15:45 – 16:00
COFFEE BREAK
16:00 – 18:00
AUDITORIUM: MINICOURSE PART 3 – JUOKO VILMUNEN (BANK OF FINLAND)
DSGE Modelling of Monetáry ánd Fiscál Policies
Páginá8