10 years after Lehman Brothers fall

Special Session

10 years after Lehman Brothers fall

29/oct/2018 de 19:00 a 20:30

Barcelona, IESE Auditorium South Campus (Av. Pearson 21)

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Banking is in a process of transformation impinged by deep technological and regulatory changes. This process has coincided with the recovery from the Great Recession out of the financial crisis and with a subsequent long period of very low (or even negative) interest rates. The regulatory response to the crisis is still not completed, digital technology is starting to have a large impact, and the banking industry faces deep structural changes.

The session, 10 years after Lehman Brothers fall will try to answer the question:

Has banking regulatory reform run its course?

Professors Patrick Bolton (Columbia and Imperial College), Jean-Pierre Danthine (Lausanne), and Stephen G. Cecchetti (Brandeis), together with IESE’s Professor Xavier Vives will deal with such issues as whether the increase in capital and liquidity requirements will promote lending by banks, whether the new regulations will prevent the failure of systemic banks, would Lehman Brothers fall again in the new context?, have banks and its regulation changed enough, do we have the tools to deal with the failure of a large bank (e.g. Popular)? should the Central Bank be responsible for the stability of the financial system or it should try to control inflation only?

Speakers
Prof. Patrick Bolton, David Zalaznick Professor of Business Columbia Business School
Prof. Stephen G. Cecchetti, Rosen Family Chair in International Finance, Brandeis International Business School
Prof. Jean-Pierre Danthine, Economist and Leader in an International Environment

Speaker and Moderator
Prof. Xavier Vives, Professor of Economics and Finance, Abertis Chair of Regulation, Competition and Public Policy, and Academic Director of the Public-Private Research Center at IESE

 

In collaboration with Public-Private Research Center - IESE

 

Ponentes

  • Xavier-Vives-PA.jpg

    Professor de Economía y Dirección Financiera
    Cátedra Abertis de Regulación, Competencia y Políticas Públicas 

    Xavier Vives es profesor de Economía y Finanzas, titular de la Cátedra Abertis de Regulación, Competencia y Políticas Públicas, y director académico del Public-Private Sector Research Center del IESE Business School. Es Doctor en Economía por la Universidad de California, Berkeley. 

    Es Research Fellow del CESifo (Munich) y fue miembro de su European Economic Advisory Group de 2001 a 2011. Research Fellow del Center for Economic Policy Research de Londres, donde ocupó el puesto de director del Industrial Organization Program entre 1991 y 1997. Fellow de la Econometric Society desde 1992, miembro elegido de su consejo en 2006-2008, y de la European Economic Association desde 2004, miembro elegido de su consejo en 1991-1995; y Research Associate del European Corporate Governance Institute. Es también miembro del CAREC (Consell Assessor per a la Reactivació Econòmica i el Creixement) del Gobierno de Catalunya.

    En 2011 fue nombrado Consejero Especial del Vicepresidente de la UE y Comisario de Competencia D. Joaquín Almunia. 
    Ha sido profesor de Economía y Finanzas y Catedrático de Estudios Europeos en INSEAD (París) en 2001-2005; Director del Instituto de Análisis Económico del CSIC en la década 1991-2001; profesor en Harvard University, Universitat Autònoma de Barcelona, Universitat Pompeu Fabra, the University of California at Berkeley, University of Pennsylvania, and New York University (con la cátedra Rey Juan Carlos I en 1999-2000). De 2003 a 2013 fue miembro del Economic Advisory Group on Competition Policy de la Comisión Europea.

    Sus campos de interés son economía industrial y su regulación, economía de la información, banca y economía financiera. Ha publicado numerosos artículos en revistas internacionales y es autor de Information and Learning in Markets: the Impact of Market Microstructure (Princeton University Press, 2008); Oligopoly Pricing: Old Ideas and New Tools (MIT Press, 1999); director de Competition Policy in Europe: Fifty Years on from the Treaty of Rome (OUP, 2009), Corporate Governance: Theoretical and Empirical Perspectives (CUP, 2000), y co-director de Capital Markets and Financial Intermediation (CUP, 1993). Ha sido director del International Journal of Industrial Organization entre 1993-1997 y del Journal of the European Economic Association entre 1998-2008. Actualmente es director del Journal of Economic Theory y co-director del Journal of Economics and Management Strategy.

    Su investigación actual se centra en la relación entre competencia e innovación, regulación y crisis bancarias, formación de precios en los mercados financieros, y política de defensa de la competencia. 

    El profesor Vives ha recibido varios Premios de investigación: Premio Nacional Rey Don Juan Carlos I de Investigación en Ciencias Sociales, 1988; Premio de la Societat Catalana d'Economia, 1996; Medalla Narcís Monturiol de la Generalitat de Catalunya, 2002, Premi Catalunya d’Economia 2005; en 2008, la beca European Research Council Advanced Grant, y en 2013, el Premio Rey Jaime I de Economía. Es miembro numerario del Institut d'Estudis Catalans desde 2011 y de la Academia Europaea desde 2012. 

    A lo largo de su carrera, el profesor Vives ha asesorado sobre competencia, regulación y temas de gobierno corporativo al Banco Mundial, al Banco Interamericano de Desarrollo, a la Comisión Europea y al Federal Reserve Bank of New York, así como a importantes corporaciones internacionales. Es miembro del Consejo de Administración y Presidente del Comité de Auditoría y Control de CaixaBank, y columnista ocasional en La Vanguardia, El País, Project Syndicate, Vox, Financial Times y The Wall Street Journal.

  •  Patrick Bolton, Columbia and Imperial College

    Patrick Bolton is the David Zalaznick Professor of Business. He joined Columbia Business School in July 2005. He received his PhD from the London School of Economics in 1986 and holds a BA in economics from the University of Cambridge and a BA in political science from the Institut d'Etudes Politiques de Paris. His research and areas of interest are in contract theory and contracting issues in corporate finance and industrial organization. A central focus of his work is on the allocation of control and decision rights to contracting parties when long-term contracts are incomplete. This issue is relevant in many different contracting areas including: the firm’s choice of optimal debt structure, corporate governance and the firm’s optimal ownership structure, vertical integration, and constitution design. His work in industrial organization focuses on antitrust economics and the potential anticompetitive effects of various contracting practices.

  • Stephen G. Cecchetti, Brandeis

    Stephen G. Cecchetti is Rosen Family Chair in International Finance at the Brandeis International Business School. Before rejoining Brandeis in January 2014, he completed a five-year term as Economic Adviser and Head of the Monetary and Economic Department at the Bank for International Settlements in Basel, Switzerland. During his time at the Bank for International Settlements, Cecchetti participated in the numerous post-crisis global regulatory reform initiatives. This work included involvement with both the Basel Committee on Banking Supervision and the Financial Stability Board in establishing new international standards.

  • Jean-Pierre Danthine, Lausanne

    Jean-Pierre Danthine is a renowned economist and experienced leader in an international environment, Jean-Pierre Danthine was elected unanimously by the members of Paris School of Economics Board of Directors to become the new president of this young institution. Until 2009, he was a teacher and researcher in the Faculty of Business and Economics (HEC) at Lausanne University. He received his PhD at the Carnegie-Mellon University in 1976. In mid-2010, he joined the Executive Board of the Swiss National Bank, before becoming its vice-president from 2012 to the summer of 2015. In this same period, he managed the second department, in charge of financial stability, notes and coins, as well as finance and risks.

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