J a v i e r   S u a r e z

Professor of Banking and Finance


CEMFI - Casado del Alisal 5 - 28014 Madrid - Spain
Phone: +34 914290551 - Fax: +34 914291056 - E-mail:
suarez@cemfi.es  CV in PDF


Doctoral studies
Ph.D. in Economics, Universidad Carlos III de Madrid, 1991-1994.

Current positions
Full Professor of Finance at CEMFI.
Research Fellow of the Center for Economic Policy Research (CEPR). 
Research Associate of the European Corporate Governance Institute (ECGI).

Associate editor of the Review of Finance and the Journal of the European Economic Association

Previous positions
Postdoctoral fellow, Harvard University, 1994.
Lecturer in Economics at the London School of Economics (LSE), 1994-1996.
Member of the Financial Markets Group of the LSE, 1994-1996.

Research Affiliate of the CEPR, 1996-2001.
Assistant Professor at CEMFI, 1996-2001.
Associate Professor at CEMFI, 2001-2004.

Teaching
Corporate Finance, Banking.

Current research
Corporate finance, financial contracts, credit cycles, venture capital, banking theory, banking regulation.

Selected research papers (highlighted papers can be downloaded in pdf format)

A. Published or accepted for publication in refereed journals (reverse chronological order)

·       "Deposit insurance and money market freezes" (with M. Bruche), Journal of Monetary Economics, 57 (2010), 45-61. (A previous version circulated under the title "The macroeconomics of money market freezes".)

·       "Social contacts and occupational choice" (with S. Bentolila and C. Michelacci), Economica, 77 (2010), 20-45.

·       "Firms' stakeholders and the costs of transparency" (with A. Almazan and S. Titman), Journal of Economics and Management Strategy, 18 (2009), 871-900.

·       "Financial distress, bankruptcy law, and the business cycle" (with O. Sussman), Annals of Finance, 3 (1) (2007), 5-35.

·       "Incomplete wage posting" (with C. Michelacci), Journal of Political Economy, 114 (6) (2006), 1098-1123.

·       "Loan pricing under Basel capital requirements" (with R. Repullo), Journal of Financial Intermediation, 13 (4) (2004), 496-521.

·       "Venture capital finance: A security design approach" (with R. Repullo), Review of Finance, 8 (2004), 75-108.

·       "Business creation and the stock market" (with C. Michelacci), Review of Economic Studies, 71 (2) (2004), 459-481.

·       "Entrenchment and severance pay in optimal governance structures" (with A. Almazan), Journal of Finance, 58 (2) (2003), 519-548.

·       "Managerial compensation and the market reaction to bank loans" (with A. Almazan), Review of Financial Studies, 16 (1) (2003), 237-261.

·       "Last bank standing: What do I gain if you fail?" (with E. Perotti), European Economic Review, 46 (09) (2002), 1599-1622.

·       "Entrepreneurial moral hazard and bank monitoring: A model of the credit channel" (with R. Repullo), European Economic Review, 44 (10) (2000), 1931-1950.

·       "Financial distress and the business cycle" (with O. Sussman), Oxford Review of Economic Policy, 15 (3) (1999), 39-51.

·       "Risk-taking and the prudential regulation of banks", Investigaciones Económicas, 22 (1998), 307-336.

·       "Monitoring, liquidation, and security design" (with R. Repullo), Review of Financial Studies, 11 (1998), 163-187. Reprinted in S. Bhattacharya, A. Boot, and A. Thakor (eds.), Credit, Intermediation, and the MacroeconomyOxford University Press, Oxford (2004). 

·       "Endogenous cycles in a Stiglitz-Weiss economy" (with O. Sussman), Journal of Economic Theory, 76 (1997), 47-71. Reprinted in B. Biais and M. Pagano (eds.), New Research in Corporate Finance and Banking, Oxford University Press, Oxford (2002). 

 

B. Unpublished (reverse chronological order)

·       "Entrepreneurial innovation, patent protection, and industry dynamics" (with G. Llobet), May 2009. (Revised version of "Financially constrained innovation, patent protection, and industry dynamics," RICAFE WP 052, January 2008.)

·       "The procyclical effects of bank capital regulation" (with R. Repullo), October 2009. (Revised version of "The Procyclical Effects of Basel II," CEPR DP 6862, June 2008.)

·       "Patent litigation and the role of enforcement insurance" (with G. Llobet), July 2008. (Revised version of "Financing and the protection of innovators," CEPR DP 4944, March 2005.)

·       "Hot and cold housing markets: International evidence" (with J. Ceron), CEPR DP 5411, January 2006.

·       "Closure rules, market power and risk-taking in a dynamic model of bank behavior", LSE Financial Markets Group DP 196, November 1994. (Retyped  version of the original manuscript, with new pagination.)

 

Policy papers and non-refereed publications

·       "The Spanish Crisis: Background and Policy Challenges", CEPR DP 7909, July 2010. (The Spanish version of its foreword "Carta abierta a los inversores internacionales" was posted in Nada es Gratis, 6 July 2010.)

·       "Liquidity Insurance for Systemic Crises" (with E. Perotti), CEPR Policy Insight 31, February 2009.  Summarized in FT.com/economistsforum (24/02/2009). Republished in Italian as "Un’assicurazione contro le crisi sistemiche", Equilibri, 13(3) (Dicembre 2009), 391-396.

·       "La gestión de los problemas de confianza en tiempos de crisis sistémica" (in Spanish), Perspectivas del Sistema Financiero, 95 (2009), 1-17.

·       "Bringing money markets back to life", VOX column 2411, 13 October 2008. Republished in French as "Ramener rapidement les marchés monétaires à la vie", Commentaire, 124 (Hiver 2008-2009), 1001-1004.

·       "The need for an emergency bank debt insurance mechanism", CEPR Policy Insight 19, March 2008. (A summary of this piece appeared as VOX column 1013, 27 March 2008.)

 

Recent participation in policy-oriented forums

·       Roundtable on the Macroeconomic Impact of Strengthened Capital and Liquidity Requirements, Macroeconomic Assessment Group, Bank for International Settlements, Basel, 17 May 2010.

·       World Bank training hub on "Macro-Financial Policies", Joint Vienna Institute, Vienna, 5-9 April 2010. Two lectures. [Slide set 1][Slide set 2]

·       Roundtable to discuss contingent capital and systemic resolution levies, HM Treasury, London, 25 January 2010. Invited academic. [Media coverage]

·       Seminar on "The procyclical effects of bank capital regulation", DG Internal Market and Services, European Commission, Brussels, 15 January 2010. Invited speaker. [Slides]

·       DNB/UvA/IMF Workshop on Concrete Macro-Prudential Tools, De Nederlandsche Bank, Amsterdam, 13 January 2010. Invited academic. [Slides]

·       Desayuno de Redacción: "El sistema financiero mundial tras la crisis", Cinco Días, Madrid, 12 November 2009. [Media coverage, in Spanish]

·       Seminario de Discusión Económica y Financiera: "Supervisión Macroprudencial" , Banco de España, Madrid, 11 November 2009. Comments to presentation by Claudio Borio.

·       10th Bank of Finland/CEPR Conference on "Credit Crunch and the Macroeconomy", Helsinki, 15-16 October 2009. Panellist. [Website]

·       BCBS/CGFS roundtable on Systemic Liquidity Risk, Bank of France, Paris, 13 October 2009. Invited speaker.

·       ECB / DG ECFIN (European Commission) Workshop "The Crisis: Impact so Far and Possible Lessons", European Central Bank, Frankfurt, 1-2 October 2009. Discussant.

·       Bernácer Conference "The future of central banking: Lessons from the genesis and management of the crisis", Banco de España, 10 June 2009. Panellist. [Transcript]

·       CFS Research Conference on "A New Supervisory Architecture for Europe’s Banking System", Frankfurt, 5 June 2009. Invited speaker. [Slides]

·       CEPR-NCAER Conference on "India in the G20: Macroeconomic Policy Coordination, Regulation and Global Governance", New Delhi, 1 June 2009. Invited speaker. [Paper]

·       2009 International Conference "Financial System and Monetary Policy Implementation", Bank of Japan, 27-28 May 2009. Invited speaker. [Website]

·       37th Economics Conference "Beyond the Crisis: Economic Policy in a New Macroeconomic Environment", Oesterreichische Nationalbank, Vienna, 14-15 May 2009. Panellist. [Website]

 

Recent participation in externally funded research teams and networks

·        Regional Comparative Advantage and Knowledge-Based Entrepreneurship (RICAFE2), funded by the European Commission (RCIT5-CT-2006-028942), 2006-2008.

·       The Economics of Intermediation: Real, Financial and Regulatory Aspects, funded by Spanish Ministry of Education and Science (SEJ2005-08875), 2005-2008.

·       European Corporate Governance Training Network (ECGTN), funded by the European Commission (MRTM-CT-2003-504799), 2005-2007.

·       Risk Capital and the Financing of European Innovative Firms (RICAFE), funded by the European Commission (HPSE-CT-2002-00140), 2003-2005.

·       Capital and Risk in Banking, funded by the Spanish Ministry of Education and Science (BEC2002-03034), 2002-2005.

·       Understanding Financial Architecture, funded by the European Commission (HPRN-CT-2000-00064), 2000-2004.

 

Awards and scholarships

CEMFI MSc Scholarship (1989-1991), CEMFI Prize to the Best Student of the Class (1991), Pre-doctoral grant from the Spanish Ministry of Education (1992), Research grant from Fundación BBVA (1993).

V Premio Fundación Banco Herrero (2006) (5th Fundacion Banco Herrero Prize for researchers younger than 40 years old in the fields of economics, business, and social research)
.


Useful links

Finance Site List
Social Science Research Network

VoxEU.org



Updated: July 2010