Is the Financial System Fit for Purpose?

Second workshop: “Digital currencies, digital credit and their consequences for regulation and central banking

Date: January 24, 2019

Location: National Institute of Economic and Social Research, 2 Dean Trench Street, London

Brief description: The latest wave of innovation in financial technology has raised concerns that financial stability might be jeopardized by induced pro-cyclical dynamics, synchronized flows on Fintech lending platforms and systemic importance of some Fintech entities. At the same time, it is argued that decentralization and diversification of financial activities could rather promote macroeconomic and financial stability. How to evaluate these positions? The workshop will particularly take account of Fintech and credit, P2P lending, the potential for intermediation shifting out of the banking system and its interest in market making for credit as well as digital currency. The consequences for regulation, central banking and financial architecture will be discussed.


Preliminary program

9 – 9.30         Introduction: Putting FinTech and digital currencies in historical perspective (Are there any parallels with past episodes of financial innovation?)

9.30 – 11       Session 1: Financial innovations, financial stability and regulation (Are new FinTech business models stable and sustainable? Could FinTech undermine supposedly safe incumbents, e.g. ring-fenced banks? This concern has been aired by the Financial Stability Board and other regulators.)

Speaker: Dan Awrey, University of Oxford

Discussant (Law): Rosa Lastra, Queen Mary University of London

Discussant: tbc

11.00 – 11.30   Coffee break

11.30 – 13.00  Session 2: Using Fintech to develop a safer and more transparent financial architecture

Speaker: Alistair Milne, University of Loughborough

Discussant (computer science): Fabio Caccioli, UCL

Discussant: tbc

13.00 – 14.00   Lunch break

14.00 – 15.30  Session 3: Digital currencies and their consequences for central banking (How this new form of money should co-exist and interact with existing forms of money? How have central banks reacted so far? How does our understanding of what money is changes?)

Speaker: Michael Kumhof, Bank of England

Speaker: Ole Bjerg, Copenhagen Business School

Discussant (anthropologist/CoinDesk): Annaliese Milano, London School of Economics

15.30 – 16.30   Coffee break

16.30 – 17.30   Summary / Brainstorming on the promising research perspective

 

If you would like to attend, please email g.hassall@niesr.ac.uk to register a place.


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09 August 2018

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