Financial innovations and systemic risks
Since the recent financial crisis, a typical reaction to any mention of financial innovation has been: “Did financial innovation not cause this crisis?” or “Does the world really need further financial innovation?”
What
Marc Chesney, Professor of Finance at the University of Zurich and external expert with the World Bank, will help you understand:
- How financial innovation can be improved to better serve society’s needs and reduce the risk of adverse consequences
- What kind of enabling framework could allow positive financial innovation to flourish
While financial innovation is generally perceived as a positive force for the development of financial systems, there is no doubt that some innovations in financial services mutated from their original purpose and contributed to the crisis.
The main reason is that many complex financial instruments associated with innovation such as collateralized debt obligations (CDOs) and credit default swaps (CDSs) were extensively used as vehicles in the credit expansion that led to the crisis.
Who
Prof. Dr. Marc Chesney , Vice Director of the Institute of Banking and Finance, University of Zurich
Prof. Marc Chesney is Professor of Finance at the University of Zurich. Previously in Paris, he was Professor and Associate Dean at HEC, President of the CEBC (Centre d'Etudes sur le Blanchiment et la Corruption) and an external expert with the World Bank. He has published articles and books in the areas of quantitative Finance and also of financial crime mechanisms.In addition, Marc focuses on the subject of Ethics and Finance. At the University of Zurich, he is member of the Board of the Graduate Programme for interdisciplinary Research in Ethics and co-organizer of the Ethical Finance Research Series. He is also member of the advisory Board of Finance & Common Good/Bien Commun. Marc Chesney holds a Ph.D. in Finance from the University of Geneva and obtained his Habilitation from the Sorbonne University.
When
11 December 2012, from 12.30 to 13.30 CET
Marc Chesney, Vice Director of the Institute of Banking and Finance, University of Zurich
Session Material
2012 - 2013 Series
- September: Leading by Example: Desso
- October: Valuing Nature in Business
- November: From Footprint to Mindprint
- December: Financial Innovations and Systemic Risks
- January: Leading by Example: Nestlé
- February: Leading by Example: Kingfisher
- March: Breakthrough Capitalism
- April: Leading by Example – InterfaceFlor
- May: Leading Together – H&M and WWF
- June: Leading in Changing Times– Hazel Henderson
