The Fifth Conference of the

South-Eastern European Monetary History Network (SEEMHN)

on Monetary Policy during Economic Crises: a comparative and historical perspective

16 April 2010, The Feriye Facilities, Ortakoy, Istanbul

Program Outline


Authors Name


Name of the Paper

Welcoming Remarks


Şevket Pamuk

LSE and Boğaziçi University

Welcoming Remarks


M. İbrahim Turhan

Central Bank of Turkey

Opening Lecture

Invited Speaker


Eugene White

University of Rutgers, USA

The Forgotten Policy Instrument: Bank Supervision and Financial Crises


Coffee Break

Session 1: Regional and Comparative Studies I

Chair: M. İbrahim Turhan, Central Bank of Turkey


Kalina Dimitrova,

Luca Fantacci,

Ali C. Tuncer

Bulgarian National Bank; Bocconi University, Milan; LSE

Monetary Policy in Southeast Europe in the Transition from Bimetallism to the Gold Standard


Matthias Morys

Martin Ivanov

University of York and Bulgarian Academy of Sciences

Business Cycles in South-East Europe 1870-1945


Coffee Break

Session 2: Regional and Comparative Studies II

Chair: Sophia Lazaretou, Bank of Greece


Michael Artis,

George, Chouliarakis PKG Harishandra

University of Manchester

Business Cycle Synchronization since 1880


Eric Girardin

GREQAM:Professor of EconomicsUniversity Aix-Marseille 2, France

How long does it Take for a Coin to Sail Eastward? European Comovements, Bullion Inflows, and Inflation in the Ottoman Empire



Session 3: The Crisis Experience of the Peripheral Countries in the First Era of Globalization (I)

Chair: Eugene White, University of Rutgers


Seyfettin Gürsel

Şevket Pamuk

Bahçeşehir University

LSE and Boğaziçi University

Macroeconomic Policy in Turkey during the Great Depression, 1929-1939


Federico Barbiellini Amidei

Claire Giordano

Banca d’Italia;

Economic and Financial History Division

Regulatory Responses to the "Roots of all Evil": the re-Shaping of the Bank-Industry-Financial Market Interlock in the US Glass-Steagall and the Italian 1936 Banking Acts


Amélia Branco,

Nuno Valério,

Rita Martins de Sousa

Universidade Técnica de Lisboa Rua Miguel Lupi, Lisboa, Portugal

Monetary Policy during two Crises in a Semi-Peripheral Economy – Portugal, 1891 and 1929


Coffee Break

Session 4: The Crisis Experience of the Peripheral Countries in the First Era of Globalization (II)

Chair: Sevket Pamuk, London School of Economics


Sophia Lazaretou

Economic Research Department, Bank of Greece

Financial Crises and Financial Market Regulation: the Long Record of an ‘Emerger’


Branko Hinic

Milan Sojic

Ljiljana Djurdjevic

National Bank of Serbia

Monetary Policy in the Kingdom of Yugoslavia During the Great Depression (1929-1934)


Coffee Break

Session 5: The Crisis Experience of the Peripheral Countries in the First Era of Globalization (III)

Chair: Matthias Morys; University of York


Yuksel Gormez

Serkan Yigit

Central Bank of Turkey

Monetary Policy under Stress: Lessons from Turkey


Arta Pisha

Besa Vorpsi

Bank of Albania

Monetary Policy in Albania During 20th Century Economic Crises: A Comparative and Historical Perspective


Martin Pontzen

Franziska Schobert


Central Bank Losses - The Case of The Bundesbank after the Breakdown of the Bretton Woods System

Parallel Session

Parallel Session I: Economic Recession and Financial Instability

Chair: Martin Pontzen, Bundesbank


Zarko Lazarevic

Institute of Contemporary History, Ljubljana, Slovenia

Inflation in Communist Yugoslavia


Kiril Kossev

Nuffield College, Oxford

Domestic Productivity and Foreign Investment: The Experience of South East Europe 1919-1941


Coffee Break

Parallel Session II: Copying with Crises: What is the Role of Policy? (I)

Chair: Arta Pisha, Bank of Albania


Clemens Jobst

Central Bank of Austria

Quantitative Easing, Enhanced Credit Support and all that - What Can be Learned from Reading Central Bank Balance Sheets?


Besnik Fetai

Izet Zeqiri

Faculty of Business Administration, South East European University,

Republic of Macedonia

The Impact of Monetary Policy and Exchange Rate Regime on Real GDP and Prices in the Republic of Macedonia


Coffee Break

Parallel Session II: Copying with Crises: What is the Role of Policy? (II)

Chair: Peter Mooslechner, Oesterreichische Nationalbank


Dragana Gnjatović,

Vesna Aleksić.

Megatrend University, Belgrade

Rescuing Agricultural and Banking Sector from Collapse: Agricultural Debt Consolidation in Yugoslavia 1932-1936


Ivo Maes

Central Bank of Belgium

Alexandre Lamfalussy and the Origins of the BIS Macro-prudential Approach to Financial Stability