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SUMMARY:From Speculative to Sustainable Finance:  Can Markets do Good? - P
 rofessor Emilios Avgouleas\, University of Edinburgh
DTSTART:20170119T171500Z
DTEND:20170119T190000Z
UID:TALK69290@talks.cam.ac.uk
CONTACT:Louise Ovens
DESCRIPTION:Financial markets have largely stopped fulfilling their role i
 n providing funding to the economy.  The 2008 crisis not only intensified 
 the grip of that view but also gave rise to anti-capitalist movements like
  "occupy".\n\nGreed\, avarice\, and short-termism were all found to be rif
 e in modern markets.  Financial intermediary power and rent-seeking (so-ca
 lled financialisation) and excessive leverage due to uncontrollable supply
  of liquidity\, have made markets less rather than more efficient.  Moreov
 er\, incontrollable speculation and short-termism are also responsible for
  rising inequality\, failing infrastructure\, low growth and lower product
 ivity post-2008.  \n\nAll of these factors are also implicated in the rece
 nt rise of populism in the USA and Europe. Yet history has convincingly sh
 own that markets can also do good and become the steam-engine of economic 
 growth and social development.  While recent regulatory reforms have incre
 ased short-term financial stability and consumer protection\, policy-maker
 s have neglected another very important aspect of modern finance:  allocat
 ive efficiency.   Financialisation and short-termism have reduced the leve
 l of private long-term funding for investment.  The dearth of long-term pr
 ivate finance was also one of the most hotly debated issues in the recent 
 Presidential election in the USA.   \n\nProfessor Avgouleas suggests that 
 the public ordering of financial markets requires a radical rethinking.   
 In this context he proposes a series of policy reforms to incentivise fina
 ncial markets to move away from debilitating short-termism to supplying lo
 ng-term (committed) finance for sustainable growth.\n\nThis event is free 
 and open to all but booking in advance required via Eventbrite:\nhttp://ti
 nyurl.com/CoE-Emilios\n
LOCATION:Murray Edwards College
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