| Financial Innovation, Stability and Future Development |
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30 March 2010
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| The crisis of 2008 is caused by financial innovation in credit markets which has radically transformed bank balance sheets and has created hyper interconnectedness between financial institutions- banks, insurance companies, hedge funds, etc. The academic community, regulators, bankers and policy makers had been almost unanimous before the crisis about social and economic welfare benefits of financial innovation. Bank managers and policy makers in Asia and elsewhere were encouraged to follow the financial innovation-led banking practices in the USA and Europe. However, the financial innovation in financialized Western economies created fragility and eventually led to the crisis.
Why financial innovation in re-invented Western banks before the crisis was a bricolage that caused financial instability? What intellectual framework we need to make financial innovation serve financial needs of the economy and the society? What changes in financial architecture and what new financial innovations are needed to radically reform banking in order to achieve financial stability?
In this event, Prof. Ismail Erturk and Mr. Steven Lin have been invited to share with us the current and future development of global and Asian finance market. A broad range of topics such as finance Innovation, financial crisis, banking industry, finance market etc will be discussed to help you understand the finance market both academically and practically. |
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