12 Sep 2019
The Journal of Financial Management, Markets and Institutions (https://www.worldscientific.com/worldscinet/jfmmi) and ADEIMF, the Italian Association of Scholars of Economics and Management of Financial Institutions and Markets, (http://www.adeimf.it/) are pleased to announce the JFMMI 2019 Conference on “Research developments in banking and finance ten years after the financial crisis” which will be held on September 12, 2019 in downtown Turin, at the University of Turin, Department of Management.
Systemic banking crisis is a historical feature. The IMF has counted more than one hundred of them between 1970 and 2007. Ten years after Lehman Brothers failed, the system is safer but there is no question that crisis will occur again. The issue of whether the likelihood and size of a crisis can be reduced is crucial, considering the potential implications for financial stability and the transmission of monetary policy.
Lehman collapse showed how a country’s banks and its government are linked: the state borrows money to support the banks, which assets’ value falls as the value of government debt goes down. This “doom loop” remains mostly intact. Lehman bankruptcy also lead to a drop in credit supplied to the real economy. It has taken fully ten years for the countervailing economic stimulus to restore US economy to health, while many European countries still suffer from weak aggregate demand.
Just as the causes of the financial crisis were many and varied, so were its consequences. In Europe risk sharing among member states should increase – whether through financial markets, deposit guarantees or fiscal policy. Digitization of information has opened new opportunities also to financial services, which both incumbent institutions and new players are facing. Great benefits may be available, but new risks may also emerge. In the last decade, the banking system underwent deep changes but the question is whether it changed enough to face old problems and new challenges.
JFMMI 2019 conference brings together five top scholars in the field of banking and finance featuring a panel discussion for exchanging of research results and practical experiences ten years after the collapse of Lehman.
KEYNOTE SPEAKERS: Santiago Carbo-Valverde, CUNEF (Spain) and Bangor Business School (UK), Thomas Chemmanur, Boston College (USA), Steven Ongena, University of Zurich (Switzerland), Anthony Saunders, New York University (USA), Gregory Udell, Indiana University (USA).
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