BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//Talks.cam//talks.cam.ac.uk//
X-WR-CALNAME:Talks.cam
BEGIN:VEVENT
SUMMARY:Financial innovation and the crisis - Professor Michael Dempster\,
  Centre for Financial Research
DTSTART:20110530T160000Z
DTEND:20110530T180000Z
UID:TALK29914@talks.cam.ac.uk
CONTACT:D'Maris Coffman
DESCRIPTION:After summarizing the evolution of banking and financial marke
 ts over the past four decades\, this talk will analyze the role of derivat
 ives in the recent financial crisis. Today the notional principal of these
  instruments outstanding is roughly ten times global GDP. Particular atten
 tion will be focussed on the similar growth patterns of the fixed income/F
 X and credit derivative markets a decade apart. I shall argue that each ha
 d three phases: innovation\, exponential growth of appropriate risk transf
 ers and final misbehaviour of issuers leading to the crisis. The role of q
 uantitative methods in this story will be examined and the nature of many 
 egregious products sold in the boom\, and currently outstanding\, discusse
 d.
LOCATION:Lucia Windsor Room\, Newnham College
END:VEVENT
END:VCALENDAR