Call for Papers

Developing and Sustaining Financial Markets, 1820-2000

On December 5 and 6, 2003, the National Bureau of Economic Research will hold a Universities' Research Conference in Cambridge, Massachusetts on developing and sustaining financial markets.

CONFERENCE ORGANIZATION

The program is being organized by Professors Lance Davis (California Institute of Technology and NBER), Larry Neal (University of Illinois, Urbana-Champaign and NBER), and Eugene White (Rutgers University and NBER). It will consist of eight papers with formal discussants for each paper. There will be no published proceedings, but the conference will be summarized in the NBER Reporter.

CONFERENCE THEME

The conference will focus on the development of the world's financial markets over the nineteenth and twentieth centuries. How were innovations in secondary markets for financial assets – bonds, stocks, bills, and notes – initiated and, once developed, sustained? Specifically, how were deep, liquid financial markets created in the transition from a traditional or centrally-planned economy to a market-based system? Why did certain institutional features---secondary market microstructures, government oversight and regulation, financial reporting, and corporate governance---develop in different countries at different times and what were their consequences? Once in operation, how were financial markets sustained when they were hit by shocks? How did markets respond to structural changes in the economy, induced by technological shocks that altered the demand and supply of funds? What roles have lenders of last resort and financial architecture played in mitigating periodic crises? What roles have institutions such as government oversight, transparent accounting, and outside auditors and corporate directors served in sustaining the effective operation of financial markets?

SELECTION PROCESS

In keeping with the Bureau's traditions, priority will be given to empirical work or theoretical work with direct empirical applications. We encourage submissions from researchers early in their careers and from non-NBER affiliates. Papers will be selected on the basis of abstracts or papers, with a strong preference for papers that compare countries over time. Any research that will not be published at the time of the conference can be submitted.

The deadline for submissions is September 12, 2003. Authors chosen to present papers will be notified by early October. Final drafts of the papers will be due at the NBER on November 3, 2003. The NBER will pay the domestic travel and hotel expenses for one author per paper and for discussants at the conference.

Please send three copies of your abstracts or papers to:

Professors Lance Davis, Larry Neal, and Eugene White
Conference Department
National Bureau of Economic Research, Inc.
1050 Massachusetts Avenue
Cambridge, Massachusetts 02138-5398

You may also email your submissions to confer@nber.org in a pdf, Word, or Word Perfect file. US paper format only please.