Financial Regulation Seminar w. David Vines (Oxford)
Restoring Trust in the Financial System
David Vines is Professor at Department of Economics at University of Oxford and holds a Ph.D. from University of Cambridge. His research interests are macroeconomic theory and policy, international macroeconomics, new theories of international trade, imperfect competition and technology transfer. Among other things he focuses on fiscal and monetary policy and international financial crises.
In the wake of the Global Financial Crisis, many leading financial institutions are seeking to change their culture, in order to repair their relationship with customers, with stakeholders, and with the wider community. In this talk, Professor Vines will describe the changes which appear to be necessary for such a change in culture to actually happen. The necessary reforms include: a much clearer specification of the obligations of those who work within the industry; an identification of their corresponding responsibilities; the creation of mechanisms by which these responsibilities can be carried out; and the holding to account of those involved in an appropriate manner.Professor Vines will describe the necessary changes at the individual level, at the corporate level, and at the broader levels of society at large, including in legal and regulatory systems. The talk will present, and expand upon, ideas which were originally presented in Capital Failure: Rebuilding Trust in the Financial System, edited by Nick Morris and David Vines, and published by Oxford University Press in 2014.