时间/Time： 9月27日 周五 北京时间下午15:30-17:00

(Friday September 27, 15:30-17:00pm Beijing time

（Friday September 27, 9:30-11:00am Barcelona time）

地点/Venue： Zoom会议（会议号: 897 2560 1400  密码: 938759）

主讲人/Speaker：Xavier Vives

主持人/Host：   胡佳胤 Jiayin Hu

摘要/Abstract:

We study fintech entry and how it affects competition, investment, and welfare in a spatial model. We find that fintechs with inferior monitoring efficiency can successfully enter because of their superior flexibility in pricing. It follows that fintech borrowers are more likely to default than bank borrowers with similar characteristics. Higher bank concentration leads to higher fintech loan volume and quality. Fintech entry may induce banks’ exit and reduce investment; however, it will increase investment if inter-fintech competition is intense enough. Fintech entry will improve welfare if fintechs have high monitoring efficiency and inter-fintech competition intensity is intermediate.

主讲人介绍/Biography:

Xavier Vives is professor of Economics and Finance, Abertis Chair of Regulation, Competition and Public Policy, and academic director of the Public-Private Sector Research Center at IESE Business School. He holds a Ph.D. in Economics from UC Berkeley.

He is Research Fellow of CESifo, and was member of its European Economic Advisory Group from 2001 to 2011. Research Fellow of the Center for Economic Policy Research, where he served as Director of the Industrial Organization Program in 1991-1997. Fellow of the Econometric Society since 1992 and elected member of its Council in 2006-2008; of the European Economic Association since 2004 and elected member of its Council 1991-1995; and Research Associate of the European Corporate Governance Institute. He was member of the Advisory Board for Economic Recovery of the Government of Catalonia (2011-2015), and from 2011 to 2014 he was Special Advisor to the Vicepresident of the European Commission and Commissioner for Competition, Mr Joaquín Almunia. President of the Spanish Economic Association in 2008, Duisenberg Fellow of the European Central Bank in 2015, President of EARIE for 2016-18 and 2nd Past-President of the European Finance Association in 2024. Currently, he is a member of the Group of Financial Expert Economists of the Comisión Nacional del Mercado de Valores (CNMV), of the Technical Scientific Committee of the Agencia Estatal de Investigación of the Spanish Government, and of the Advisory Scientific Committee of the European Systemic Risk Board (ESRB) of the European Central Bank.

From 2001 to 2005 he was Professor of Economics and Finance and The Portuguese Council Chaired Professor of European Studies at INSEAD, and from 1991 to 2001, Director of the Institut d’Anàlisi Econòmica, CSIC. He has taught at Harvard University, Universitat Autònoma de Barcelona, Universitat Pompeu Fabra, the University of California at Berkeley, the University of Pennsylvania, and New York University (King Juan Carlos I Chair). From 2003 until 2013, he was member of the Economic Advisory Group on Competition Policy at the European Commission.

His fields of interest are industrial organization and regulation, the economics of information, and banking and financial economics. He has published in the main international journals and is the author of Competition and Stability in Banking: the Role of Regulation and Competition Policy (Princeton University Press, 2016), Information and Learning in Markets: the Impact of Market Microstructure (Princeton University Press, 2008), Oligopoly Pricing: Old Ideas and New Tools (MIT Press, 1999), editor of Competition Policy in Europe: Fifty Years on from the Treaty of Rome (OUP, 2009), Corporate Governance: Theoretical and Empirical Perspectives (CUP, 2000), and co-editor of Capital Markets and Financial Intermediation (CUP, 1993). He has been editor of the International Journal of Industrial Organization in 1993-1997, of the Journal of the European Economic Association in 1998-2008 and of the Journal of Economic Theory in 2013-2020. Currently he is co-editor of the Journal of Economics and Management Strategy.

His current research interests include dynamic rivalry, innovation and competition, banking crisis and regulation, information and financial markets, and competition policy.

He has received several research awards: King Juan Carlos I Prize in 1987; the Catalan Society for Economics Prize in 1996; the Narcís Monturiol Medal in 2002; the Catalonia Economics Prize in 2005; an European Research Council Advanced Grant in 2008 and in 2017, and the Jaime I Prize in Economics in 2013, and the Premio Nacional de Investigación Pascual Madoz 2020. He is member of the Institut d’Estudis Catalans since 2011 and of the Academia Europaea since 2012.

Dr. Vives has been an advisor and consultant on competition, regulation, and corporate governance issues for the World Bank, the Inter-American Development Bank, the European Commission, the Federal Reserve Bank of New York, as well as for major international corporations. He has been a member of the board of CaixaBank from 2008 to May 2020. He is a columnist for La Vanguardia and Project Syndicate, and occasionally for Expansión, El País, VoxEU, Financial Times and The Wall Street Journal.