Palestrante: Prof. Dr. Jean Dermine

Jean-DermineDoutor em Ciências Econômicas pela Catholic University of Louvain e MBA pela CORNELL UNIVERSITY, Jean Dermine é Professor da cadeira de BANKING AND FINANCE da INSEAD, Fontainebleau.

Autor de inúmeros artigos sobre gerenciamento de ativos e de passivos (ALM), sobre Mercados Financeiros Europeus e sobre a Teoria relativa a área de bancos, Jean Dermine publicou 4 (quatro) livros : Pricing Policies of Financial Intermediaries (Laureate of the BACOB prize for financial research), European Banking in the 1990s (Basil Blackwell, Oxford), European Capital Markets with a Single Currency (Oxford University Press), and Asset & Liability Management, a Guide to Value Creation and Risk Control (FT/Prentice Hall, 2002). Suas pesquisas foram publicadas no Journal of Financial Intermediation, Journal of Money, Credit and Banking, Journal of Banking and Finance, como também em outras publicações voltadas para o setor acadêmico e profissional. Laureado em 1997 com o prêmio EIB Prize em função de seus trabalhos sobre o Sistema Bancário – Eurobanking, a New World, é também co-autor do ALCO Challenge (O Desafio do Comitê de Gerenciamento de Ativos e de Passivos), um treinamento com simulações e que é utilizado na Europa, na África, nas Américas e na Ásia.

Jean Dermine foi Professor Visitante na The Wharton School of the University of Pennsylvania, na University of Louvain and Lausanne, na CESAG em Dacar, no Salomon Center como Visiting Fellow da New York University, e também como Danielsson Foundation Guest Professor of Bank Management na Göteborg and Stockholm Schools of Economics. Como Consultor ou diretor de programas de treinamento trabalhou com vários bancos internacionais, empresas de auditoria e de consultoria, Bancos Centrais, Banco Central Europeu, Bank for International Settlements (BIS), HM Treasury, OECD, World Bank, European Commission, e Mentor Forum para a US Supreme Court para a European Court of Justice.

Jean Dermine é o fundador do The INSEAD Centre for International Financial Services, membro do board do The BSI Gamma Foundation e do Conselho Consultivo do The European Capital Markets Institute (ECMI). Suas pesquisas presentemente tratam de assuntos tais como Asset & Liability Management, Basiléia II, risco de crédito e critérios de provisionamento, pitfalls in RAROC-type methodologies, e integração do Sistema Bancário Europeu.

Site do Prof. Jean Dermine

Publicações do Prof. Jean Dermine

livro-bank-evaluation

Books

  • Pricing Policies of Financial Intermediaries, Studies in Contemporary Economics nE 5, Berlin : Springer Verlag, 1984. Laureate of the 1984 BACOB Prize for Economic and Financial Research.
  • European Banking in the 1990’s, editor, Oxford : Basil Blackwell, 1990. Second edition, 1993.
  • European Capital Markets with a Single Currency, joint editor, Oxford : Oxford University Press, 1999 (with P. Hillion).
  • Asset & Liability Management, A Banker’s Guide to Value Creation and Risk Control, FTPrentice Hall, London, 2nd edition, 2007 (with J. Bissada).
    In Spanish: La Gestion de Activos y Pasivos Financieros, FT-Prentice Hall, Madrid, 2003
    In Chinese: Asset & Liability Management, China Financial Publishing House,
    Beijing, 2003 (www.chinafph.com) (2nd edition, 2010).
    In Portuguese-Brazil: Gerenciamento de Ativos e de Passivos, Atlas, Sao Paulo, 2005 (2nd
    edition, 2012).
  • Bank Valuation and Value-based Management. Deposit and Loan Pricing, Performance Evaluation and Risk Management”, 2nd edition, McGraw-Hill, New York, 2015.
    In Portuguese-Brazil: Avaliaçao de Bancos – Gestao Baseada No Valor, Atlas, Sao Paulo, 2010.
    In Chinese: Asset & Liability Management, MH Singapore.

Articles

i) Journals (in French)

  • “Politique Monétaire Restrictive et Rentabilité des Intermédiaires Financiers”, Recherches Economiques de Louvain, 46 (1), 1980.
  • “La Belgique dans la Crise et La Contrainte de Balance des Paiements”, Recherches Economiques de Louvain, 47 (1), 1981 (with Jacques H. Drèze).
  • “Intermédiaires Financiers et Contrôles Publics”, Recherches Economiques de Louvain, 48 (1), 1982.
  • “A Qui Profitent les Mesures d’Encouragement du Capital à Risque ?, Un Commentaire”, Cahiers Economiques de Bruxelles, 9 (3), 1983.
  • “C.G.E.R. Banque Publique, Une Analyse Financière”, Gestion 2000 (ex-Annales de
    Sciences Economiques Appliquées), 3, 1985.
  • “Assurance-Dépôts et Règlementation Bancaire”, Revue d’ Economie Financière, 1988 (5/6).
  • “La Réglementation Internationale du Risque d’ Intérêt, une Nécessité ?”, Revue d’ Economie Financière, 1991 (19).
  • ”Restructuration Internationale et Diversification, le Cas du Risque- Crédit”, Revue d’ Economie Financière, 78, 2005.
  • ”Gouvernement d’Entreprise de Banques, Evitement ou Prise de Risque” (Bank Corporate Governance, Risk-Avoidance or Risk-Taking), Revue d’Economie Financière, Special Issue, 112, 2013.

Journals (in English)

  • “Taxes, Inflation and Banks’ Market Value”, Journal of Business, Finance and Accounting, 12 (1), Spring 1985.
  • “The Measurement of Interest Rate Risk by Financial Intermediaries”, Journal of Bank
    Research, Summer 1985.
  • “Accounting Framework for Banks, a Market Value Approach”, SUERF Series 50A,1985.
  • “Deposit Rates, Credit Rates and Bank Capital, the Klein-Monti Model Revisited”, Journal of Banking and Finance, 10, 1986.
  • “Banking Deregulation in Europe”, Economic Policy, 4, 1987 (with Ernst Baltensperger).
  • “Measuring the Market Value of a Bank, a Primer”, Finance, 8, 1987.
  • “The Specialization of Financial Intermediaries, the EC Model”, Journal of Common Market Studies, March 1990.
  • “The Gains from European Banking Integration”, CEPS Financial Markets Unit,NE 6,
    Brussels, 1991.
  • “Towards an Equilibrium Theory of the Mutual Fund Industry”, Journal of Banking and Finance, 1991 (with Damien Neven and Jacques Thisse).
  • “The BIS Proposals for the Measurement of Interest Rate Risk, Some Pitfalls”, Journal of International Securities Markets, 1991.
  • “Deposit Rate Ceilings and the Market Value of Banks, the Case of France 1971-1981”, Journal of Money, Credit and Banking, May 1992, 24 (2) (with Pierre Hillion).
  • “Economies of Scale and Scope in French Mutual Funds”, Journal of Financial
    Intermediation, March 1992 (with Lars-Hendrick Röller).
  • “The Evaluation of Interest Rate Risk”, Finanzmarkt und Portfolio Management, 7, 1993 (2).
  • “Prudential Supervision, Necessity and Impact”, European Economy, 1994 (1).
  • “Banking Industry in the EC’s Internal Market” (in Financial Integration in Western Europe, ed. E. Ems), Sveriges Riksbank Occasional Paper 10, 1994.
  • “Book Review : Cross-Border Entry in European Retail Financial Services by T.C.
    Hoschka”, Journal of Economic Literature, March 1995.
  • “Loan Arbitrage-Free Pricing (LAFP)”, The Financier, 2 (2), May 1995.
  • “European Banking Integration, Ten Years After”, European Financial Management, 2 (3), November 1996.
  • “Capital Adequacy Regulation, a Comment”, Swiss Journal of Economics and Statistics, 132 (4/2), 1996.
  • “European Banking with a Single Currency”, (Journal of) Financial Markets, Institutions and Instruments, 5 (5), 1996. Revised paper published in Finanzmarkt und Portfolio Management, 1997 (2).
  • “Some Evidence on Customer ‘Lock-In’ in the French Mutual Funds Industry” (with Carole Bonanni and Lars-Hendrick Röller), Applied Economics Letters, 1998 (5).
  • “Pitfalls in the Application of RAROC, with Reference to Loan Management”, The Arbitrageur, 1 (1), 1998 .
  • ”Banking with the euro, the Strategic Issues”, Boletin de Estudios Economicos, 165,
    December 1998.
  • “Unexpected Inflation and Bank Stock Returns, the Case of France 1977-1991”, Journal of Banking and Finance, 23 (6), June 1999 (with F. Lajeri).
  • “European-wide Strategy”, in European Banking after EMU, EIB Papers, 4 (1), 1999.
  • ”Bank Mergers in Europe, the Public Policy Issues”, Journal of Common Market Studies, 38 (3), September 2000.
  • ”Credit Risk and the Deposit Insurance Premium, a Note”, Journal of Economics and Business, 53 (5), September/October 2001 (with F. Lajéri).
  • ”A Note on Banking Efficiency in Portugal, New vs. Old Banks”, Journal of Banking & Finance, 27 (11), November 2003 (with A. Canhoto).
  • ”Bank Loan Losses-Given-Default, a Case Study”, Journal of Banking & Finance, 30 (4), April 2006 (with C. Neto de Carvalho).
  • ”European Banking Integration, Don’t Put the Cart before the Horse”, (Journal of) Financial Markets, Institutions and Instruments, Vo. 15 (2), 2006.
  • ”Bank Loan-Loss Provisioning, Central Bank Rules vs. Estimation: The Case of Portugal”, Journal of Financial Stability, Vol. 4 (1), 2008 (with C. Neto de Carvalho).
  • ”Bank Valuation, with an Application to the Implicit Duration of non-Maturing Deposits”, International Journal of Banking, Accounting and Finance, Vol. 2 (1), 2010.
  • ”In Banking, is Small Beautiful?”, (Journal of) Financial Markets, Institutions and Instruments, Vol. 19 (1), 2010 (with D. Schoenmaker).
  • ”Fund Transfer Pricing for Deposits and Loans, Foundation and Advanced”, Journal of Financial Perspectives, Vol. 1 (1), March 2013.
  • ”Banking Regulations after the Global Financial Crisis, Good Intentions and Unintended Evil”, European Financial Management, Vol. 19 (4), September 2013.
  • ”Bank Corporate Governance, Beyond the Global Financial Crisis”, (Journal of) Financial Markets, Institutions and Instruments, Vol. 22 (5), November 2013.
  • “Basel III Leverage Ratio Requirement and the Probability of Bank Runs”, Journal of Banking and Finance, forthcoming.

ii) Professional

  • “Valeur d’Acquisition ou Valeur de Marché”, Revue de La Banque, 1983.
  • “La Réglementation Bancaire, une Perspective Americaine”, Banque-Stratégie, Juillet-Août 1984.
  • “L’Evaluation du Risque d’Intérêt par les Banques”, Revue Banque, Décembre 1985.
  • “Les Banques et le Risque d’Intérêt”, Analyse Financière, 2eme Trimestre 1987.
  • “L’Europe Bancaire de 1993, une Analyse Structurelle”, Revue Banque, Mars 1990 (with Damien Neven).
  • “European Banking, Some Regulatory Issues”, European Affairs, Special Issue on the European Finance Symposium, 1990.
  • “Danger in Simplicity”, Balance Sheet, 1993, vol. 1(4).
  • “Méthodologie RAROC, une Mise en Garde”, Revue Banque, July-August 1995.
  • “Monnaie Unique et Marché des Capitaux”, Revue Banque, April 1996.
  • ”How European Capital Markets Will Change with a Single Currency”, Global Banking, (SIBOS 1998 edition), September 1998.
  • ”Monnaie Unique et Concurrence Bancaire”, Banque & Finance, 33, September-October 1998.
  • ”A Actividade Bancaria E O Euro, Algumas Questoes Estrategicas”, InforBanca, 42, July-September 1999.
  • ”Blase am Neuen Markt ist eine Folge des Bewertungsansatzes. Realoptionsmodell bietet sich als zusätzliches Instrument an”, Frankfurter Allgemeine Zeitung, January 5, 2001 (with K. Wildberger).
  • ”Les Risques Systémiques dans le Système Bancaire”, Banque & Finance, 49, Mai-Juin 2001.
  • ”Startups as Options”, Vision + Money, The Financial Markets Magazine of Deutsche Börse AG, 21, January 2002 (with K. Wildberger).
  • ”Licence, Contrôle Bancaire, et Procédure de Faillite Uniques: Une Grande Illusion?”, Banque Magazine (formerly Revue Banque), Novembre 2003.
  • “Banca Europaea Uma Grande Ilusao?, InforBanca, 60, January-March 2004.
  • “European Banking Integration and the Societas Europaea”, CriticalEye Review, March-May 2005.
  • “Perdas em Caso de Incumprimento, Metodolgoia e Aplicaçao”, Inforbanca, 65, June-July 2005 (with. C. Neto de Carvalho).
  • “Gerenciamento de Ativos et Passivos” (Asset and Liability Management, Lessons from 18 years of Experience with the ALCO Challenge Banking Simulation”), KPMG Business Magazine 11, March 2008.
  • “Verkleinen van banken lost risico voor overheid niet op” (with D. Schoenmaker), Het
    Financieele Dagblad, 11 September 2009.
  • “In banking, size does matter, too”, The National, UAE, (with D. Schoenmaker), 14 September 2009.
  • “In Banking, is Small Beautiful? “, La Libre Belgique, (with D. Schoenmaker), 19-20 September 2009.
  • ”Take Regulation of Bank Capital One Step at a Time”, Financial Times Letters, 6 December 2010 http://www.ft.com/cms/s/0/6e445af4-00d0-11e0-aa29-00144feab49a.html#axzz17L7hlJmH
  • ” Sounds Like a Job for Banks’ Auditors”, Financial Times Letters, 18 May 2012
    http://www.ft.com/cms/s/0/938fd732-9f7d-11e1-8b84-00144feabdc0.html#axzz1vCY5MiOc
  • “Riskier Loans in Europe”, The Economist Letters, 25 May 2013
    http://www.economist.com/news/letters/21578354-malaysia-georgia-cme-giulio-andreotti-ecbukip-india-football-microsoft

iii) Chapters in Books

  • “Floating Rate Contracts”, in Geld, Banken und Versicherungen, H.Goppl and R. Henn eds., Karlsruhe, 1983.
  • “The Crowding out of Financial Intermediaries”, in Government Policies and the Working of Financial Systems in Industrialized Countries , D. Fair ed., The Hague : Martinus Nijhoff, 1985.
  • “The Role of Public Policy in Insuring Financial Stability, a Cross-Country Comparative Perspective”, in Threats to International Financial Stability, R. Portes and A. Swoboda ads, London : Cambridge University Press, 1987 (with Ernst Baltensperger). A review essay was published in the Journal of Monetary Economics, 22, 1988.
  • “Money and Capital Markets,a Regulatory Perspective”, Proceedings of the OECD-CMB Conference, NE 10, 1988.
  • “Bank Stock Prices and Balance Sheet Stucture, the Case of France 1971-1981”, in Geld, Banken und Versicherungen, W. Heimann ed., Karlsruhe, 1988.
  • “Home Country Control and Mutual Recognition”, in Financial Institutions in Europe under New Competitive Conditions, de Boissieu and Fair eds., Amsterdam : Kluwer Academics Publishers, 1990.
  • “Ventajas del Tamano en el Sector Financiero”, in Concentracion Empresarial y
    Competitividad : Espana en la CEE, X. Vives and J. Gual eds., Barcelona : Ariel
    Economica, 1990.
  • “European Banking, Prudential and Regulatory Issues”, in European Banking in the 1990’s, J. Dermine ed., Oxford : Basil Blackwell, 1990 (with Ernst Baltensperger).
    .”The Specialization of Financial Institutions, the EC Model”, in The Separation of Industry and Finance, A. Porta ed., Milano : EGEA, 1990.
  • “Banking Competition and European Integration, a Comment”, in European Financial
    Integration, A.Giovanini and C. Mayer eds., London : Cambridge University Press, 1991.
  • “The Gains from European Banking Integration, a Call for a Pro-Active Competition
    Policy”, in World Banking and Securities Markets After 1992, H. Genberg and A. Swoboda eds., Kegan Paul Intl, 1993.
  • “The Regulation of Financial Services in the EC, Centralization or National Autonomy”, in Issues on Banking Structure and Competition in a Changing World, Aydogan and Ersel eds., Central Bank of the Republic of Turkey, 1991.
  • “Internationalization of Financial Markets, Efficiency and Stability”, in Europe and Global Economic Interdependence, Bekemans and Tsoukalis eds., The Bruges Conferences (NE 1), Brussels : European Interunivesity Press, 1993.
  • “International Banking, a European View”, in Restructuring Japan’s Financial Markets, I. Walter and T. Kiraki eds., Homewood Ill. : Business One/Irwin, 1993.
    .”The International Regulation of Interest Rate Risk, Some Pitfalls”, in Risk Based Capital Regulations : Asset Management and Funding Strategies, C. Stone ed., Homewood Ill. : Business One/Irwin, 1993.
  • “Portfolio Selection by Mutual Funds, an Equilibrium Model”, in Market Strategy and
    Structure, J.M.A. Gee and G. Norman eds, New York : Harvester Wheatsheaf, 1992 (with Damien Neven and Jacques Thisse).
  • “European Banking, Integration or Fragmentation”, in The Banking Industry, Towards the 21st Century, Korea Institute of Finance, 1993.
  • “Tassi Sui Depositi e Sui Prestiti e Capitale della Banca. Un Approfondimento del Modello Klein-Monti”, in La Teoria degli Intermediari Bancari, eds. G. Marotta and G.B. Pittaluga, Il Mulino, Bologna, 1993.
  • “Deregolamentazione Bancaria in Europa”, in La Teoria degli Intermediari Bancari,
    eds. G. Marotta and G.B. Pittaluga, Il Mulino, Bologna, 1993 (with E. Baltensperger).
  • “EC Banking Regulation”,in International Financial Market Regulation, ed. B. Steil, John Wiley & Sons, 1994.
  • “International Trade in Banking”, in International Financial Markets, ed. C. Barfield, The AEI Press, Washington DC, 1996.
  • “Intermédiation Financière”, in Encyclopédie des Marchés Financiers, ed. Y. Simon,
    Economica, 1997.
  • ”Developments in the Financial Sector, a Comment on Professor M.J. Brennan”, in Forces for and Implications of Structural Changes in the Financial Sector, Sveriges Riksbank, 1997.
  • ”Necesidades de Capital de los Bancos e Incentivos a la Concesion de Prestamos (Bank Capital Requirements and the Incentives for Bank Lending)”, in La Gestion del Riesgo de Mercado y de Credito, Fundacion BBV, 1998.
  • “European Capital Markets : Does the euro Matter ?”, in European Capital Markets with a Single Currency, eds J. Dermine and P. Hillion, Oxford University Press, 1999.
  • ‘Eurobanking, the Strategic Issues”, in The Euro : A Challenge and Opportunity for Financial Markets, eds M. Artis, A. Weber and E. Hennessy, Routledge, 2000.
  • “The New World of Eurobanking”, in Handbook of International Banking, eds A. Mullineux and V. Murinde, Edward Elgar Publishing Ltd, 2003.
  • “European Banking, Past, Present, and Future”, in The Transformation of the European Financial System (Second ECB Central Banking Conference), eds V. Gaspar, P. Hartmann, and O Sleijpen, ECB, Frankfurt, 2003.
  • “How to Measure Recoveries and Provisions on Bank Lending: Methodology and Empirical Evidence”, in Recovery Risk, The Next Challenge in Credit Risk Management, eds E. Altman, A. Resti and A. Sironi, Risk Books, 2005 (with C. Neto de Carvalho).
  • ”euro”, in Encyclopedia of American Business History, Vol. I, ed. C. Geisst, New York: Facts on Line, 2006.
  • ”Strategic Management in Banking, in Medio Virtus”, in Competition and Profitability in European Financial Services: Strategic, Systemic, and Policy Issues”, eds M. Balling, F. Liedman and A. Mullineux, Routledge, 2006.
  • ”European Banking Integration and the Societas Europaea, from Host-Country to Home-Country Control”, in Cross-Border Banking, Regulatory Challenges, eds G. Caprio, D. Evanoff and G. Kaufman, World Scientific Publishing Cy, 2006.
  • ”ALM in Banking”, in Handbook of Asset and Liability Management, Volume 2, North Holland series Handbooks in Finance, editors S.A. Zenios and W.T. Ziemba, Elsevier Science B.V., 2007.
  • ”Avoiding International Financial Crises, an Incomplete Reform Agenda”, in Understanding the Financial Crisis: Investment, Risk and Governance, eds S. Thomsen, C. Rose, and O. Risager, SimCorp, 2009. An updated version published in Global Asset Management , eds I. Walter and M. Pinedo, Palgrave Macmillan, 2013.
  • ”Fund Transfer Pricing (FTP), Beyond the Global Banking Crisis” in B. Swarup ed. Asset-Liability Management for Financial Institutions: Balancing Financial Stability with Strategic Objectives, Bloomsbury, London, 2012.

iv) Essays

  • “The Regulation of Financial Services in the EC, Centralization or National Autonomy?”, Mentor Forum for the US Supreme Court and the European Court of Justice, 1991. (Translated in Bancaria, Mensile dell’Associazione Bancaria Italiana, 1992 : “La Regolamentazione dei Servizi Finanziari nella CEE : Centralizzazione o Autonomia Nazionale ?”).
  • “European Banking with a Single Currency”, colloquium organized for the 125th
    Anniversary of Bank Brussels Lambert, Brussels, 1995.
  • ”Eurobanking, a New World”, Laureate (Second Prize) of the 1997 EIB Prize, published in EIB Papers, 2, 1997.
  • ”European Capital Markets with a Single Currency, What Do we Learn ?”, in Submissions on EMU from Leading Academics (EMU study compiled by HM Treasury to inform the technical work for the assessment of the five economic tests), HM Treasury, Stationery Office, London, 2003.
  • ”Performance in Risk Management”, with Roland Berger Strategy Consultants, Zurich, May 2014.

v) Vidéo

  • .”The Euro World, a Strategic Analysis”, produced by Video Management S.A., Brussels, 1998 (with translation in Dutch, French, and Portuguese).
  •  “Blueprint for a New International Financial Order”, INSEAD Knowledge, 2008.
  • ”Dans le Tsunami de la Finance Mondiale: Quelle Responsabilité pour les Banques?”, Les Conférences de l’ INSEAD # 100, 2009.
  • ”In the World of Banking, Does Size Matter?”, 2009
    (http://www.youtube.com/watch?v=IoAzsT7rjS4)
  •  “Jean Dermine on Banking”, INSEAD Knowledge, 2009
    (http://www.youtube.com/watch?v=6L63I_v8heQ)
  • ”A More Accurate Pricing of Risk to Dampen Reckless Speculation in the Financial World”, 2010 (http://youtu.be/8o1IyDVS5BI)
  • ”Setting the Rules of the Game: Corporate Governance and the Banking Sector”, 2010 (http://youtu.be/c6WpVC9tCL8)
  • ” Saving the Rescue Package”, 2011 (http://youtu.be/RJDzhRpLqu4)
  • ”Banking Regulations after the Crisis, Good Intentions and Unintended Evil”, 2012
    (http://youtu.be/_X5R4Llgn48)

vi) Pedagogical Materials

  • Pedagogical Simulations
  • ALCO Challenge, a bank ALM simulation (with Joe Bissada).
  • TRM Challenge, a bank Trading Risk Management simulation (with Joe Bissada).
  • CD-ROM
  • Asset & Liability Management, A Guide to Value Creation and Risk Control,
    Self-learning CD-ROM (with J. Bissada). Available online at :
    http://insead.edu/virtual-learning/courses/course5/index.cfm
  • Cases
  • First European Bank.
  • Marlyn Bank.
  • Greenwhich Bank A and B (with D. Morris).
  • Societe Lambert (with L. Remmers).
  • DCF vs Real Options : How Best to Value Online Financial Companies ? (with an
    application to Egg).
  • Le Taux Modèle- ING Direct, a Success Story
    (with translation in French: “le Taux Modèle: ING Direct, une success story grandissante”).
  • Banco de Mexico, a Bank Valuation case
  • Metro Bank, Performance Metrics for Banks’ Branches
  • Lloyds-TSB, a Champion of Shareholder Value 1983 – 2007 (in French: Lloyds TSB,
    Champion de la Valeur Actionnariale 1983-2007).

vii) Work in Progress

  • “Duration and Taxes, an Application of Paul Samuelson’s Tax Rate Invariance Theorem”.
  • “Floating Rate Securities and Duration”.
  • “The Valuation of Loans, a Modern Finance Perspective”.
  • ”Banking in a Low Inflation Environment”.
  • ”Research in Banking, a Selective Survey”
  • ”Bank Consolidation in Europe, a Call for Centralized Supervision”
  • “Fund Transfer Pricing for Deposits and Loans, the Case of Products with Undefined
    Maturities“