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SUMMARY:St Catharine's Political Economy Seminar Series - Speaker: Anastas
 ia Nesvetailova  - Anastasia Nesvetailova 
DTSTART:20160224T180000Z
DTEND:20160224T193000Z
UID:TALK63289@talks.cam.ac.uk
CONTACT:Philippa Millerchip
DESCRIPTION:Talk Title: ‘Shadow Banking and Financial Innovation: in Sea
 rch of a Theory’\n\nSpeaker\nAnastasia Nesvetailova is Professor of Inte
 rnational Political Economy at City University London and Director of City
  Political Economy Research Centre (CITYPERC).  Her main research interest
 s lie in the political economy of finance\, financial innovation and gover
 nance. Theoretically\, she works at a nexus of post-Keynesian economic tho
 ught and the institutional economics of J.R. Commons and Hyman Minsky. Her
  publications include two monographs\, Fragile Finance: Debt\, Speculation
  and Crisis in the Age of Global Credit (Palgrave\, 2007) and Financial Al
 chemy in Crisis: The Great Liquidity Illusion (Pluto\, 2010)\, as well as 
 a series of academic and media articles on political economy of finance\, 
 financial crises  and the shadow banking system. In September 2015\, Anast
 asia was appointed as member of the economic advisory panel to Jeremy Corb
 yn\, to work together with an anti-austerity team with the aim of drafting
  an alternative economic program to post crisis austerity.\n\nTalk Overvie
 w:\nAnastasia Nesvetailova will discuss the emergent views on the origins 
 and the nature of the shadow banking system. The 2007-09 crisis posed an i
 ntellectual challenge to finance and economics\, and to the practice of fi
 nancial regulation. The meltdown exposed the field of academic economics a
 s apparently not tuned into diagnosing and anticipating the nature or the 
 scale of the credit crunch. The diagnoses of this problem vary. On the one
  hand\, it is clear to many that financial regulation at national and inte
 rnational levels had been informed by a wrong set of theoretical assumptio
 ns. Post-2009\, there is a consensus in regulatory and academic circles th
 at the neoclassical micro-prudential approach to financial regulation at n
 ational and international levels had become inadequate in the age of deepe
 ning connections and systemic risks in the financial system. On the other 
 hand\, some scholars have argued that financial regulators\, rather than b
 eing guided by a firm theoretical framework\, simply acted as ‘market ma
 kers’ to the private financial institutions\, and thus became ‘capture
 d’ in the spiral of regulatory arbitrage\, or financial innovation. Perh
 aps no other element of the financial cycle encapsulates these dilemmas be
 tter than the phenomenon of shadow banking. Having first come to light in 
 2007\, the role of the shadow banking system in the financial crisis of 20
 07-09 underscored the so far under-examined role of endogenous financial p
 rocess\, 'inside liquidity’ mechanisms in generating financial cycles an
 d systemic risks in finance. Yet paradoxically\, while systemic risk has b
 ecome a central notion on post-crisis regulatory moves and attempts to reg
 ulate the shadow banking system\, it remains a rather ambiguous notion in 
 financial regulation. Anastasia will inquire into what\, if anything\, has
  shifted in the global regulatory maps\, in light of the lessons about the
  shadow banking system. Revisiting key policy reforms aimed at regulating 
 shadow banking\, she asks what are the areas of conceptual ambiguity in th
 e post-2009 financial reforms\; to what extent they are driven by the obje
 ctive to resolve the problem of regulatory capture\; and to what extent th
 e post-crisis architecture is informed by a new set of theoretical assumpt
 ions.\n\nAll are welcome. The seminar series is supported by the Cambridge
  Journal of Economics and the Economics and Policy Group at the Judge Busi
 ness School.\n\nPlease contact the seminar organisers Philip Arestis (pa26
 7@cam.ac.uk) and Michael Kitson (m.kitson@jbs.cam.ac.uk) in the event of a
  query.
LOCATION:The Ramsden Room\, St Catharine's College
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