Speakers

1. Claire Economidou (University of Piraeus) Title: Technological Knowledge, Finance and Sustainable Growth Abstract: Core questions of my research are how firms, regions and countries can grow in a sustainable economic path, what is the role of knowledge accumulation and dissemination through various mechanisms, and of institutions. A way to grow and stay viable is to exploit existing capabilities and diversify them into new opportunities. A key feature of smart specialization and growth is innovation. Therefore I particularly examine what kind of mindset is conducive to investing in innovation (style of leadership, gender of the CEO, composition of the board of directors), whether indeed firms benefit from innovation in their pursue of rising capital, or by becoming more environmental social and governance (ESG) sustainable in the future and the interplay of innovation and smart specialization. Bio: Dr. Claire Economidou is a Professor of Economics at the Department of Economics of the University of Piraeus. Claire joined the Department in 2010 as Assistant Professor of Macroeconomics at the Department of Economics. Four years later, she became Associate Professor (2014) and as of 2018 Claire is a (full) Professor of Macroeconomics. Before joining the University of Piraeus in 2010, Claire worked for six years (2004-2009) as Assistant Professor of Macroeconomics at the Utrecht School of Economics (USE), Utrecht University, The Netherlands. Prior to her appointment in the Netherlands, Claire was a trainee for six months at EUROSTAT (European Commission, Department of Trade), Luxembourg. She holds a Doctor of Philosophy (Ph.D.) degree in Economics from the University of Wisconsin-Milwaukee (UWM, 2004), a Master of Arts (MA) degree in Economics from the University of Macedonia of Thessaloniki, Greece (2000) and a Bachelor of Science (B.Sc.) degree in Mathematics from the Aristotle University of Thessaloniki, Greece (1997). Her research interests lie in the fields of Economic Growth and Economics of Innovation. More specifically, her current research agenda is mainly concentrated on the mechanisms of knowledge diffusion and their impact on local innovation and growth activity, the role of finance on firms' innovation performance, the role of institutions (and social capital) in shaping innovation and entrepreneurship, among others. She has published more than 30 papers in academic journals -some of which are leading in the field- such as the European Economic Review, the Journal of Development Economics, the Journal of Economic Behavior and Organization, among others, and part of her research has been financed by the European Research Grants (Horizon) and the National Strategic Reference Framework (NSRF) grants. She has supervised Ph.D. and Post-Doc students, whose research was mostly financed by National Fellowships (Bank of Greece), EU (NSRF, Horizon2020) grants. Currently, her research team consists of eight members: Fotis Delis, (Ph.D.), Konstantinos Dellis (Post-Doc), Evangelia Georgiou (Ph.D.), Dimitris Karamanis (Post-Doc), Alexandra Kechrinioti (Ph.D.), Dimitris Konstantios (Ph.D.), Eleni Kyrkopoulou (Post-Doc) and Sofia Xesfingi (Post-Doc).

1. Konstantinos N. Konstantakis (NTUA) Title: Artificial Intelligence in Economics, Econometrics and Finance Abstract: Artificial neural networks (ANNs) and artificial intelligence (AI) are relatively new research fields that are used to model economic and financial phenomena. There are several advantages to using these tools, including the ability to deal with non-linearities, providing flexibility, and providing excellent forecasting capabilities. In fact, ignoring these characteristics may lead to significant problems. In this presentation, three examples will be provided regarding the use of ANNs and AI in the fields of economics, econometrics, and finance. These examples are based on the authors' published work in EJOR (European Journal of Operational Research), ANOR (Annals of Operations Research), and JFS (Journal of Financial Stability). The first example is the use of AI to approximate a Cost Function, the second example is the use of AI to model the production process in an economy and the various spillover effects created by the production process, and the third example is the development of an Early Warning Mechanism (EWM) based upon Artificial Neural Networks to inform policy makers about potential future financial bubbles and crises. There is empirical evidence provided, respectively, from US banking, the US economy, and the S&P500 index. The contents of this brief presentation provide a basis for further research and collaboration in the future. Bio: Dr. Konstantinos N. Konstantakis is currently a Visiting Assistant Professor at the National Technical University of Athens (NTUA). He obtained a PhD in Economics from NTUA, an MSc in Economics from the National and Kapodistrian University of Athens (UoA), and a 5-year Diploma Degree in Applied Mathematics from NTUA. His research builds on Mathematics and Statistics using state-of the-art Quantitative and Econometric techniques, to deal with hot topics such as Crises, Business Cycles and Financial Bubbles. He has authored more than fifty (50) papers in peer reviewed Journals and Conferences, among which several 4* and 3* Journals (ABS list), including European Journal of Operational Research, Journal of Economic Dynamics and Control, Journal of International Financial Markets Institutions and Money, Journal of Financial Stability, Annals of Tourism Research, Transportation Research Part C, Economic Modelling, Physica A: Statistical Mechanics and its Applications, etc. Konstantinos has received a scholarship of excellence from NTUA, has been awarded two (2) 2-year IKY Post-Doctoral Scholarships at NTUA, one (1) 3-year ELIDEK research grant at NTUA, and has participated in two (2) Horizon 2020 research projects with an active role. He has taught for several years, at Panteion University and at NTUA, numerous undergraduate and postgraduate courses such as Economics, Econometrics and Political Economy, and has acted as Session Chair and Referee for several Journals.

1. Konstantinos Kourtis (Εurobank) Title: Re-imagining the value of data and process analytics in banking Abstract: Banking is currently at a historic pivotal moment as technology disruptions and changes in consumer behavior are leading the way towards creating a new S-curve in banking business models. The COVID-19 pandemic, being a watershed event, has accelerated these trends, rendering it mandatory the reinvention of banks’ value proposition. In order to do so, banks are trying to understand & subsequently leverage the capabilities & opportunities offered by exponential technologies (cloud, AI, RPA, APIs etc). By reaping the benefits provided by their efficient use, they will lay the ground towards enhancing customer engagement through personalized offers, achieving operational excellence and eventually providing a seamless & omnichannel experience. Data and Process analytics serve as the main operational vehicle apropos this effort and stands at the core of digital transformation journeys which is a “status quo” in banking industry. By establishing advanced data and process analytics capabilities, banks will manage to harness cutting-edge technologies and respond to customers’ fast-evolving needs with precision, speed, and efficiency. In the context of this effort, banks have focused their efforts on four (4) key pillars covering the major touchpoints of products’ lifecycle: a) customer acquisition, b) credit underwriting procedure, c) monitoring & collections, d) smart after-sales servicing. Taking into account all the above, the main purpose of this brief presentation is to extend on deployed case studies (e.g. risk-based pricing, integration of ML tools in credit underwriting, and business process optimization) that leverage advanced data and process analytics and span across the aforementioned pillars. Bio: Konstantinos Kourtis holds a 5-year MEng Degree in Rural & Surveying Engineering from NTUA, admitted within top 5% nationally, and an MSc in Services Management from AUEB where he graduated among the top 2% of his class. Konstantinos joined the Lean & Digital Division of Eurobank in 2021 and currently holds the position of Business Analyst, specializing in the end-to-end reengineering of journeys across channels & segments. He has participated in numerous initiatives of the digital transformation program taking place, gaining a solid expertise on operational restructuring. Prior to joining Eurobank, Konstantinos has worked in the consulting industry where he has been involved in the implementation of major reforms and public policies in Greece. His experience comes from projects covering the whole lifecycle, from strategy to implementation, including impact assessment and evaluation. Moreover, during his tenure he was involved in international projects, gaining exposure on EU structural funds & financial instruments, which enabled him to build a solid knowledge on the key needs and particularities of the business environment in Greece.

1. Franciscos Koutentakis (Parliamentary Budget Office, PBO) Title:Counting, accounting and judgement Abstract: Bio: Franciscos Koutentakis is the Coordinator of the Parliamentary Budget Office and an assistant professor at the Economics department of the University of Crete. He studied Economics at the Universities of Athens, Warwick, Sciences-Po and Panteion and his academic works are in the areas of Public and Labour Economics. In 2015 he participated in the negotiations and the finalization of the third economic adjustment programme for Greece and from October 2015 until March 2018 he was appointed General Secretary for Fiscal Policy at the General Accounting Office

1. Panayotis G. Michaelides (NTUA) Title: Artificial Intelligence in Economics, Econometrics and Finance Abstract: Artificial neural networks (ANNs) and artificial intelligence (AI) are relatively new research fields that are used to model economic and financial phenomena. There are several advantages to using these tools, including the ability to deal with non-linearities, providing flexibility, and providing excellent forecasting capabilities. In fact, ignoring these characteristics may lead to significant problems. In this presentation, three examples will be provided regarding the use of ANNs and AI in the fields of economics, econometrics, and finance. These examples are based on the authors' published work in EJOR (European Journal of Operational Research), ANOR (Annals of Operations Research), and JFS (Journal of Financial Stability). The first example is the use of AI to approximate a Cost Function, the second example is the use of AI to model the production process in an economy and the various spillover effects created by the production process, and the third example is the development of an Early Warning Mechanism (EWM) based upon Artificial Neural Networks to inform policy makers about potential future financial bubbles and crises. There is empirical evidence provided, respectively, from US banking, the US economy, and the S&P500 index. The contents of this brief presentation provide a basis for further research and collaboration in the future. Bio: Panayotis G. Michaelides is a Professor, and Director of the Laboratory of Theoretical and Applied Economics and Law (TAEL) in the School of Applied Mathematical and Physical Sciences at the National Technical University of Athens (NTUA). Prof. Dr. Michaelides belongs to the top 3% most productive economists in the world (IDEAS-RePec, 2023), among the top 4% researchers in Computational Economics, the top 5% in Econometrics and the top 5% in Financial Economics (Researchgate, 2023). He has authored or co-authored approximately 210 papers, including 100 articles published in refereed Journals, 45 conference papers, 55 working papers (WPs), 11 book chapters, and 2 international books. Recently, he even published a history of his discipline under the title: "History of Economic Ideas: From Adam Smith to Paul Krugman", by Palgrave Macmillan of Springer Nature. Panayotis is renowned internationally for his ground-breaking research in Economic and Econometric Modelling, for his applications of Artificial Intelligence (AI) in Finance and Economics, as well as for his pioneering work on Economic Fluctuations and Political Economy. He has been working with his collaborators from other countries, continents, disciplines, universities and industry, and his research projects have been funded by the European Union, as well as by national sources and the private sector. Prof. Dr. Michaelides has served as an Expert Consultant, Scientific Director, Principal Investigator, Supervisor and Senior Researcher for International Research & Technology Teams. Panayotis uses a combination of Mathematics, Statistics, Physics, as well as Data Analytics and Artificial Intelligence to study the complexity of economic and financial systems. He holds a 5-year MEng Degree in Mechanical Engineering (NTUA), three (3) MSc Degrees (MSc Mathematics, MSc Economics, MBA), one (1) PhD in Quantitative Economics and Econometrics, and two (2) Post-Doctorate Degrees.

1. Nikos Progoulis (NTUA) Title: Prospects and limitations of cryptocurrencies Abstract: Not only do cryptocurrencies represent a market that is valued between one and two trillion dollars, but they are also capable of disrupting the traditional financial system and transforming the manner in which international and domestic transactions are carried out, making them impossible to ignore. As a particularly intriguing potential for cryptocurrencies, which is unknown whether and to what extent it will be realized, the substitution of the national currency in some countries and their function as a parallel currency in other countries, even economically strong ones, has been a source of concern for governments and monetary authorities. While cryptocurrencies have some potential as alternative currencies, they are subject to some limitations due to their high level of volatility and the fact that they are perceived as a threat by the monetary authorities. However, even Central Banks understand they can gain a lot if they adopt cryptocurrency technology, but turn it into a very different tool from what those who started it meant. Bio: Dr. Nikos Progoulis obtained a PhD and an MSc from the National and Kapodistrian University of Athens (UoA), and a BSc in Economics from the University of Piraeus (UNIPI). His research focuses on Economics. Dr. Progoulis has published 2 books and several papers, and has participated in several conferences and workshops as organiser or invited speaker. He has over 22 years of working experience in Germany, Holland and Greece, with large multinational corporations using ERP systems and risk management.

1. Costas Smaragdakis (NTUA) Title: A splitting deep Ritz method for option pricing in Lévy models Abstract: Solving high-dimensional differential equations is still a challenging field for researchers. In recent years, many works have been presented that provide approximation by training neural networks using loss functions based on the differential operator of the equation at hand, as well as its initial/terminal and boundary conditions. In this work, we use a machine learning approach for pricing European (basket) options written with respect to a set of correlated underlyings whose dynamics undertake random jumps. We approximate the solution of the corresponding partial integro-differential equation using a variant of the deep Ritz method that splits the differential operator into symmetric and asymmetric parts. The method is driven by a modified version of the neural network introduced in the deep Galerkin method. The structure of the proposed neural network ensures the asymptotic behaviour of the solution for large values of the underlyings. Moreover, it leads the outputs of the network to be consistent with the prior known qualitative properties of the solution. We present results on the Merton jump-diffusion model. Bio: Costas Smaragdakis is a Post-Doctoral Researcher at the School of Applied Mathematical and Physical Sciences of the National Technical University of Athens. He is also an adjunct faculty member at the Department of Mathematics and Applied Mathematics of the University of Crete. Previously, he served as a Post-Doctoral Researcher at IACM-FORTH and GEIN-NOA. His PhD thesis was entitled "Acoustic Signal Characterization using Hidden Markov Models with applications in Acoustical Oceanography". He is a member of the American Statistical Society (ASA), the American Seismological Society (SSA), and more scientific organizations. He is also a reviewer in reputable scientific journals such as the Journal of Acoustical Society of America (JASA) and Sensors-MDPI. He has published six (6) papers in Scientific Journals and more than ten (10) in Conference Proceedings, some of which were invited. His research interests mainly concern mathematical modelling, scientific computing, inverse problems in seismology and ocean-acoustics, statistics and machine learning techniques.

1. Dimitris Tsakonas (Public Debt Management Agency, PDMA) Title: How do rising interest rates affect the Greek debt? Abstract: The presentation will focus on portfolio managemtn from the point of view of a sovereign fund manager. More specifically, we will analyze and explain how the rising interest rates of the last few years affecet the repayment of the Greek debt, and how can be done to mitigate this effect. Bio: Dimitris Tsakonas is the Director General of the Public Debt Management Agency (PDMA) since July 2019. He has worked at the PDMA as Alternate Director General (Jan 2018-July 2019), Director of Funding & Portfolio Management (Feb 2015-Jan 2018) and Expert in the Portfolio Management Department (Oct 1999-March 2009). He has also served as Expert and Head of Department A’ in the Public Debt Directorate of the Ministry of Finance (May 1995-Oct 1999, Mar 2009-Feb 2015). He has also worked for the National School of Public Administration and for Mobil Oil Hellas S.A. Dimitris Tsakonas holds a Ptychion in Mathematics from the University of Ioannina, an MSc in Banking and Finance from the Athens University of Economics and Business, and has also graduated from the Greek National School of Public Administration. Dimitris Tsakonas was the recipient of the Sovereign Risk Manager of the Year Award in 2019 from Risk Magazine.

1. Angelos Vouldis (European Central Bank) Title: Network analysis: applications to financial stability Abstract: Financial stability refers to a state where banks and other financial institutions can perform smoothly their intermediation function, i.e., extending credit for consumption and investment. One lesson from the global financial crisis that erupted in 2007 was that the interconnectedness of the financial system could both strengthen financial stability, due to the ensuing diversification of banks’ exposures, and simultaneously render the financial system more prone to severe disruption, especially if the initial shock exceeds a threshold. The presentation will review the literature on the financial stability implications of interconnectedness that utilizes networks analysis, an interdisciplinary field that is increasingly finding applications in the social sciences. The focus will be on agent-based models of financial contagion and on the use of temporal networks to identify the systemic importance of financial institutions, drawing upon two respective papers by the presenter. Bio: Dr. Angelos T. Vouldis acts as an Economist at European Central Bank (ECB). Also, he has acted as an Economist at the Bank of Greece and as a Research Associate at the National Technical University of Athens (NTUA), Greece. Angelos holds a PhD in Computational Mathematics from the National Technical University of Athens (NTUA), and an MPhil in Economics from the University of Athens (UoA). Dr. Vouldis holda a 5-year MEng in Electrical and Computer Engineering from NTUA. He has participated in several international conferences and has published several articles in scholarly Journals, among which several 4* and 3* Journals (ABS list), including European Journal of Operational Research, Cambridge Journal of Economics, Journal of Banking and Finance etc.

1. Anastasios Zafeiropoulos (ATHEX) Title: Procyclicality and Margin Requirements by Central Counterparties (CCPs) Abstract: Procyclicality refers to the mutually reinforcing interactions between the financial and real sectors of the economy that tend to amplify business cycle fluctuations and cause or exacerbate financial instability. Such feedback mechanisms tend to be particularly disruptive when stress in the financial system exacerbates economic downturns. Periods of financial distress are often preceded by unusually strong credit and asset price growth and by prolonged periods of unusually low risk premia, which tends to result in excessive leverage and risk-taking. As a consequence, efforts to reduce the procyclicality of the financial system should aim equally at limiting the build-up of risk during the expansion phase and supporting orderly risk reduction in the downturn (BIS, CGFS Papers No 36, The role of margin requirements and haircuts in procyclicality, March 2010). During economic contractions, a decline in the value of assets erodes investors’ net worth. Very steep and sudden rise in margin and haircut parameters applied by CCPs for the clearing of financial instruments, as estimated e.g., by value-at-risk models, could create funding constraints to market participants, increasing consequently the cost of trading and force investors to deleverage in falling asset markets, exerting further downward pressure on prices in already falling markets. The incorporation of anti-procyclicality (APC) features in risk models tends to soften the pro-cyclical effect, however there is a trade-off between the required forecasting performance of risk models, the economic reasonability of margin levels and the degree of the APC calibration of risk models desired by policy makers. Bio: Mr. Zafiropoulos obtained a bachelor's degree in economics (regional economic research) from the Panteion University of Athens and a master's degree in economics (economics of integration & international monetary theory and Econometrics) from the Saarland University in Germany. He has been working for about 23 years in the commercial banking sector in Greece and Germany, specifically in risk management, as a risk analyst, also holding managerial positions. He currently heads ATHEXClear's Risk Management Unit and is also the Company's CRO. ATHEXClear is the clearinghouse and the central counterparty of ATHEX Exchange and the derivatives market of the Hellenic Energy Exchange. His fields of interest are management of market-, credit-, liquidity- and operational-risk, stress-testing, asset-liability management and risk governance.

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