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How Well-Meaning Principles Caused the Financial Crisis

Gresham College





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Partner:: Gresham College
Location:: Gresham College
London, UK
Event Date:: 11.24.08
Speaker:: Avinash Persaud
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Summary: One of the puzzles of the 2007/8 credit crunch is how a relatively small loss of capital in a tiny market segment was transformed into a global financial crisis costing close to $1 trillion and sending the world economy into slowdown.

Key players in this tragedy are a set of legal and accounting principles that are well-meaning, but turn financial hiccups into liquidity black holes.

Avinash Persaud, founder and Chairman of Intelligence Capital, discusses regulatory solutions that would avoid this happening next time - Gresham College

Bio

Avinash Persaud

Avinash Persaud is the founder and Chairman of Intelligence Capital. Prior to founding Intelligence Capital and the GAM Persaud Investment Funds, he was Head of Global Research at State Street Corporation. Previously, he was Global Head of Currency and Commodity Research at JP Morgan. He holds the Mercer Memorial Chair in Commerce at Gresham College, is a Governor of the London School of Economics and a Trustee, a member of the Board of the Global Association of Risk Professionals and the Chair of the CBC Working Group on investment flows. He is the winner of the Institute of International Finance's Jacques de Larosiere Award in Global Finance and an Amex Bank Award as well as a prolific author.

Chapters

: Watch Full Program

59 min 55 sec

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01.: Learning from the Financial Crisis

02 min 52 sec

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02.: Regulators' Unwillingness to Regulate

04 min 08 sec

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03.: Masking the Presence of Financial Instability

02 min 43 sec

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04.: The Need for Diversity in Financial Markets

04 min 27 sec

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05.: The Problem with External Credit Ratings

02 min 42 sec

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06.: The Importance of Traditional Banking

04 min 05 sec

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07.: Rethinking Risk Management

04 min 17 sec

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08.: Fixing Mark-to-Market Accounting

04 min 13 sec

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09.: Other Ways to Repair the Financial Market

05 min 15 sec

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10.: Q & A

00 min 34 sec

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11.: Q1: Matching Short-Term Funding with Short-Term Lending

04 min 01 sec

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12.: Q2: Potential Problems with New Accounting Practices

01 min 23 sec

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13.: Q3: Avoiding Mistakes in Restructuring the Economy

05 min 26 sec

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14.: Q4: Involving Taxpayers in the Bailout

02 min 34 sec

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15.: Q5: Timing Major Economic Changes

01 min 54 sec

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16.: Q6: The Best Response to the Recession

03 min 25 sec

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17.: Q7: Convincing Lawyers to Adopt Change

01 min 17 sec

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18.: Q8: The Future of Banking

02 min 55 sec

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19.: Q9: The Practicality of Change

01 min 21 sec

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: Watch Full Program

59 min 55 sec

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Avinash Persaud Argues Against Standard Market Regulation

03 min 00 sec

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Economic Health Requires Investment Diversity

03 min 50 sec

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Did the Credit Ratings System Lead to Economic Crisis?

02 min 12 sec

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Watch Full Program

59 min 55 sec

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Encyclopædia Britannica Article

monetary policy: Measures employed by governments to influence economic activity, specifically by manipulating the money supply and interest rates. Monetary and fiscal policy are two ways in which governments attempt to achieve or maintain high levels of employment, price stability, and economic growth. Monetary policy is directed by a nation's central bank. In the U.S., monetary policy is the responsibility of the Federal Reserve System, which uses three main instruments: open-market operations, the discount rate, and reserve requirements. In the post-World War II era, economists reached a consensus that, in the long run, inflation results when the money supply grows at too rapid a rate. See also monetarism.; monetary policy on britannica.com

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Rick NL

Posts: 2

Posted: 09.20.09, 04:18 AM

Very clear and logic analysis of the crisis, sound recommendations. This deserves to be seen and implemented by our governments, regulators and standard setters.

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