INFER Conferences

Annual Conference 2003: Determinants of Growth and Business Cycles: Theory, Empirical Evidence and Policy Implications

From: 2003-09-05 to: 2003-09-06
Place: Giessen, Germany

Attached files:

Conference objectives and topics

The principle objective of the conference was to encourage economic research and to strengthen contact between applied and academic economics. Young researchers and professionals with a background in economics or related disciplines were invited to share their results, views and experiences.

Economic growth is one of the most demanding challenges for policy makers and economists. In industrial countries, significant demographic changes in the decades ahead will have a major influence. At the same time, the degree of interdependency between economic regions is increasing, posing a challenge for industrial as well as developing countries.

Business cycles as a topic sometimes follow a cyclical pattern themselves, as could be watched in the 1990s. Especially after long and strong boom periods the business cycle is often said to be obsolete, replaced by a new form of pattern, a ‘new’ economy or the like. On the other hand, the case of Japan apparently showed standard policy tools to be useless.

The empirical problem for analysts of both growth and business cycles is that new developments are difficult to monitor in real time. Cyclical, structural and other patterns are overlapping, making it difficult to assess the nature of observations.

Against this background, the annual conference covered a broad range of aspects:


Conference programme

The Annual Conference was held at Justus Liebig University Giessen in the town of Giessen, Germany.

September 5, 2003: The conference started with three introductory lectures.

Prof. Dr. Michael Hüther
Chief economist, DekaBank, Frankfurt/M., Germany

On the anatomy of recessions:
Implications for economic policy

Dr. Michael Schröder
Director of the International Finance, Financial Management and Macroeconomics
Department, Centre for European Economic Research (ZEW), Mannheim, Germany

Stock Markets and Business Cycles

Dr. Jürgen Kröger
Director of the Economic Studies and Research Directorate, European Commission,
Directorate General Economic and Financial Affairs, Bruxelles, Belgium

Economic Integration and Growth

September 6, 2003: Accepted papers were presented in three parallel workshops.

Session I: Determinants of Growth
Chair: Laurent Maurin, INFER and European Central Bank, Frankfurt/Main, Germany

The New European Model of the Reformed Welfare State (NEM-RWS)
Karl Aiginger

The Resource Curse Hypothesis and its Transmission Channels
Elissaios Papyrakis, Reyer Gerlagh

The Non-Monotonic Link between Trade Policy and Growth: Evidence from a Sample of Developing Economies
Andrea Marino

The Analysis of the Relation of Growth, Entrepreneurship and Risk over Business Cycles
Panayiotis E. Petrakis, S. Kotsios

On the interaction between endogenuos fertility and equality
Andreas Schäfer

Session II: Business Cycles - Theory and Empirical Evidence
Chair: Christoph Hausen, INFER and Gothaer Asset Management AG, Frankfurt/Main, Germany

Growth Cycles and Credit
Muriel Dal-Pont Legrand

The Factors of Banking Cyclicality
Ming-Yee Hsu

The Impact of Imperfect Credibility in a Transition to Price Stability
Anamaria Nicolae, Charles Nolan

The German Business Cycle and the Global Double Dip
Bernd Süssmuth

Euro Area Business Cycles: The Role of Supply and Demand Disturbances
Kevin Ross

The South African Unemployment Insurance Fund and the Business Cycle
Niek J. Schoeman, Jan A. Swanepoel

Session III: Convergence and Economic Developement
Chair: Michael H. Stierle, INFER and European Commission, Brussels, Belgium

Regional Convergence in Central and Eastern Europe: Evidence from a Decade of Transition
Bernhard Herz, Lukas Vogel

GDP per Capita as an Indicator for Regional Policy
Michael H. Stierle

On Asymmetric Business Cycle Effects on Convergence Rates: Some European Evidence
Ramón María-Dolores, Israel Sancho

Convergence in an Enlarged EU? An Empirical Analysis of Regional Specialization and Sectoral Concentration
Ulrike von Schütz, Michael H. Stierle

Integration, Regional Specialiszation and Growth Differentials in EU Accession Countries: Evidence from Hungary
Anna Iara, Iulia Traistaru

Contribution of Foreign Direct Investment to Economic Growth: Evidence from Vietnam in the 1990s
Thi Phuong Hoa Nguyen

Publication of papers

The papers presented at the conference will be published in a conference volume in November 2003. The registration fee for speakers includes one free copy of the conference volume for each presented paper.

Conference Committee

Dr. Christoph Hausen, Marc Resinek, Nicolin Schürmann and Dr. Michael H. Stierle



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