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Preventing the Next Financial Crisis

Research Symposium:
Preventing the Next Financial Crisis: Lessons for a New Framework of Financial Market Stabilization

This research symposium brought together leading faculty, industry experts and financial journalists to explore lessons from the current financial crisis. Speakers discussed creating a new framework for regulation and incentive structures for tomorrow’s financial markets, with an eye not only on stability but also on distributive fairness in society.

 

See conference videos on Columbia Business School YouTube

Full video links to conference presentations:
Part 1 | Part 2 | Part 3 | Part 4 | Part 5 | Part 6

 

Thursday December 11, 2008
8:30 a.m. – 7:00 p.m.
Venue: The Italian Academy

AGENDA  
8:15 – 8:30 AM

Breakfast and Conference Registration

8:30 – 8:40 AM

Introductions and Purpose of the Conference
Bruce Kogut

Sanford C. Bernstein & Co. Professor of Leadership and Ethics;
Director, Sanford C. Bernstein & Co. Center, Columbia Business School (Download presentation PDF | Video on YouTube Part 1, and Part 2)

8:40 – 8:55 AM

Welcome and Overview
R. Glenn Hubbard

Dean and Russell L. Carson Professor of Finance and Economics, Columbia Business School (Video on YouTube Part 3)

8:55 – 10:40 AM

The Credit Crisis: What Happened?
This panel provides an analytical overview of what led to the collapse of several major financial institutions at three levels: Consumer markets for credit, mortgage intermediaries, and secondary markets. This panel will focus on strong factual analysis, while allowing for comments on potential regulatory weaknesses.

Moderator: Patrick Bolton
Barbara and David Zalaznick Professor of Business, Columbia Business School

(20 minutes each, 25 minutes discussion and questions at the end)

Markus Brunnermeier
Edwards S. Sanford Professor of Economics, Princeton University:
"The Credit Crisis: A Bird’s Eye View"

Michelle White
Professor of Economics, University of California, San Diego:
"Personal Bankruptcy" (Download presentation PDF)

Christopher Mayer
Senior Vice Dean; Paul Milstein Professor of Real Estate, Columbia Business School:
"Real Estate, Interest Rates, and the Mortgage Market Meltdown" (Download presentation PDF)

Pierre Collin-Dufresne
Carson Family Professor of Business, Columbia Business School:
"The Quant Liquidity Crunch: Anatomy of a Run"

10:40 – 10:50 AM

Coffee Break

10:50 – 12:20 PM

The Role of the Federal Reserve, Treasury, and SEC
This panel focuses on the regulators and areas that potentially deserve more regulation.

Moderator: Til Schuermann
Vice President, Financial Intermediation Function, Federal Reserve Bank of New York

(15 minutes each, 30 minutes discussion and questions at the end)

Bengt Holmström
Paul A. Samuelson Professor of Economics, MIT:
"Transparency and Public vs. Private Liquidity" (Download presentation PDF)

Suresh Sundaresan
Chase Manhattan Bank Foundation Professor of Financial Institutions, Columbia Business School:
"Actions of the Fed, Treasury and Government Sponsored Enterprises (GSEs): The Consequences" (Download presentation PDF)

Tano Santos
Professor of Finance, Columbia Business School:
"Knowledge and Liquidity" (Download presentation PDF)

12:20 – 1:45 PM

Lunch and Keynote
Introduction by Paul Glasserman
Jack R. Anderson Professor of Business, Columbia Business School


Frederic Mishkin
Alfred Lerner Professor of Banking and Financial Institutions, Columbia Business School:
"The Federal Reserve Liquidity Policy during the Subprime Meltdown" (Download presentation PDF | Video on YouTube)

1:45 – 1:55 AM

Short Break

Afternoon sessions:

Looking forward

1:55 – 3:25 PM

National Regulation
What should be the degree of regulatory intervention? Speakers will look at conventional methods, e.g. regulation, as well as regulatory devices that rely upon incentives.

Moderator: Wei Jiang
Sidney Taurel Associate Professor of Business, Columbia Business School

(15 minutes each, 45 minutes discussion and questions at the end)

David Skeel
S. Samuel Arsht Professor of Corporate Law, University of Pennsylvania Law School:
"The Policy Response: Should we Regulate Investment Banks, and Hedge Funds?" (Download presentation PDF)

Stephan Meier
Assistant Professor, Columbia Business School:
"Mortgages and Credit Cards: Do Consumers Need Help?"

Charles Calomiris
Henry Kaufman Professor of Financial Institutions, Columbia Business School:
"Bank Regulation, SEC, and the Federal Reserve"

3:25 – 3:40 AM

Coffee Break

3:40 – 5:00 PM

Global and Comparative Regulation
What are the lessons regarding regulation and regulatory institutions that can be learned from other countries? These lessons might range from: “don’t do this”, to, “this worked pretty well and might also work in the US”.

Moderator: Katharina Pistor
Michael I. Sovern Professor of Law, Columbia Law School

(15 minutes each, 45 minutes discussion and questions at the end)

Jean Charles Rochet
Professor of Mathematics and Economics, Toulouse School of Economics:
"The State of Basel II after the Credit Crisis" (Download presentation PDF)

Erik Berglof
Chief Economist and Special Adviser to the President, EBRD:
"Lessons for Global and Not-So-Global Financial Architecture" (Download presentation PDF)

Howard Rosenthal
Professor of Politics, New York University and and Roger Williams Straus Professor of Social Sciences, Emeritus, at Princeton University:
"The Political Economy of Choosing Winners and Losers in Regulatory Intervention" (Download presentation PDF)

5:00 – 6:00 PM

Concluding Comments: The View from the Press

Moderator: Bruce Kogut
Sanford C. Bernstein & Co. Professor of Leadership and Ethics, Columbia Business School

Matthew Bishop
Chief Business Writer/US Business Editor, The Economist

Chrystia Freeland
US Managing Editor, The Financial Times

Floyd Norris MBA '83
Chief Financial Correspondent, The New York Times
(Video on YouTube)

6:00 – 6:10 PM

Conference Conclusion

Patrick Bolton
Barbara and David Zalaznick Professor of Business, Columbia Business School

6:10 – 7:00 PM

Drinks and discussion

 

Related Academic Papers

A Proposal for a Crisis Resolution Board (post-conference publication featured in Ideas at Work)

U.S. Treasury: Blueprint for a Modernized Financial Regulatory Structure

Professors Bolton, Kogut and Santos on Regulation and Crisis Prevention

Professor Mishkin's, Board of Governors of the Federal Reserve speeches:
"Monetary Policy Flexibility, Risk Management, and Financial Disruptions"; and
"How Should We Respond to Asset Price Bubbles?"

Professor Meier's "A Simple Equation"

Brookings Institution: The Origins of the Financial Crisis

 

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