The International Research Centre on Cooperative Finance (IRCCF) of HEC Montreal attributes the Best Paper Award at the annual International Workshop on Financial System Architecture & Stability (IWFSAS), launched in 2016.

The award recognizes the best research paper presented at the IWFSAS that advances the understanding of the structure and design of financial systems and their impact on growth and financial stability, both nationally and globally.

Selection process

In order to ensure a fair selection process, an independent Scientific Committee reviews the papers submitted and selects the Best Paper Award winner.

The papers are reviewed with respect to the following criteria:

  • Relevance to the IRCCF research program
  • Innovative and originality
  • Scientific quality
  • Policy relevance


The winner of the Best Paper Award receives a certificate and a $1,000 CAD prize. The winner is announced during the closing session of the IWFSAS.

Year Theme Authors Organization Paper
2016 The Role of Cooperative Banks Hector Perez-Saiz,
Hongyu Xiao
University of Pennsylvania Local vs National: Regulatory and Cultural Entry Barriers in the Retail Banking Industry


The next session will take place in 2017 at HEC Montréal. Find out the call for papers of the IWFSAS 2017.