18 October 2018 from 12:30 to 18:00

Financial Crises and the Politics of Banking

"When She Talks, Banks Shudder" Prof. F. de Vries Lecture 2018 with Anat Admati

The Prof. F. de Vries Foundation, in collaboration with Utrecht University and its strategic research theme Institutions for Open Societies, is proud to announce the key note speaker of this year's Prof. F. de Vries Lecture: Anat Admati.

Professor Anat Admati. Photo: Nancy Rothstein

Anat Admati is Professor of Finance and Economics at Stanford University. She has written extensively on information dissemination in financial markets, trading mechanisms, and, more recently, on corporate governance and banking. She is actively involved in the policy debate on financial regulation, an involvement that earned her nominations as one of the 100 most influential people in the world by Time Magazine and as one of the 100 global thinkers in 2014 by Foreign Policy Magazine.

Governments continue to tolerate a fragile, inefficient and dangerous financial system that has changed little in the last decade.

Crisis not a natural disaster

Admati will speak on Financial crises and the politics of banking. Contrary to the favored narrative of many in the financial sector and policy, the global financial crisis, as well as the slow recovery and the subsequent sovereign debt turmoil in Europe and many other crises, was not similar to a natural disaster but rather the result of failed governance and policies.

Governments continue to tolerate, and even implicitly encourage, a fragile, inefficient and dangerous financial system that has changed little in the last decade. More generally, failed corporate governance and political economy forces in the interactions between governments and corporations produce distortions and harm. These observations can help explain the increasing loss of trust in institutions in developed democracies and the rise of populism.

Program

12:30

Lunch

14:00

Introduction by the chairman of the Prof. F. de Vries Foundation: Professor Hans Schenk

14:15

Lecture by Professor Anat Admati: Financial Crises and the Politics of Banking

15:30

Reflections by:

  • Professor Dirk Bezemer

    Economics of International Financial Development at University of Groningen

  • Joanne Kellermann

    Ex-founding Member and Director of the Single Resolution Board (SRB), Brussels; former member of the Executive Board of the Central Bank of The Netherlands (DNB); former Partner NautaDutilh, Member of the Board of Trustees, Utrecht University

16:00

Discussion

16:45

Drinks & bites

18:00

End of program

About Anat Admati

Admati’s current research, teaching and advocacy focus on the complex interactions between business, law, and policy with focus on governance and accountability. She is the co-author, with Martin Hellwig, of the award-winning and highly acclaimed book The Bankers’ New Clothes: What’s Wrong with Banking and What to Do about It, in which she asks: why do banks, even under new postcrisis rules, do business with 95% borrowed money when no other business would dream of it? Why are banks special? Her answer: They aren’t, and financial reform needs to go much further to reflect that. The Bankers’ New Clothes was hailed by the Financial Times as “The most important [book] to emerge from the crisis.”

Furthermore, Admati is a fellow of the Econometric Society, the recipient of multiple fellowships, research grants, and paper recognition, and is a past board member of the American Finance Association. She has served on a number of editorial boards and is a member of the FDIC’s Systemic Resolution Advisory Committee, a former member of the CFTC’s Market Risk Advisory Committee, and a former visiting scholar at the International Monetary Fund.

About Dirk Bezemer

Dirk Bezemer is Professor of Economics of International Financial Development at the University of Groningen. He leads a research team working on financial fragility, economic models and the causes and consequences of the financial crisis. In addition to academic publications, professor Bezemer co-wrote OECD, World Bank and UNCTAD policy reports. He is a frequent contributor to international and Dutch newspapers and television, writing a biweekly column for De Groene Amsterdammer among others.

About Joanne Kellermann

Until early 2018, Ms Arianne Joanne Kellermann was a Board Member of the Single Resolution Board (SRB) in Brussels, since its inception in 2015. Before that she was an executive member of the Governing Board of the Netherlands Central Bank (DNB), responsible for supervision. After a master’s degree in Civil Law at Leyden University, she started her career as a lawyer in one of the Netherlands’ largest law firms, NautaDutilh. Having become a partner in 1992, she specialised in banking regulation and cross-border financial transactions and then headed the firm's financial practice in London until 2005.

After that she moved to the public sector and joined the central bank of The Netherlands, De Nederlandsche Bank NV, initially as General Counsel. In 2007 she became an executive member of the Governing Board, responsible for supervision of the pension and insurance sector as well as for financial integrity, fit and proper testing and enforcement. She was actively involved in all major crisis interventions in the Netherlands’ financial sector and after the crisis lead the development of supervising culture and behaviour in firms. During her term at DNB, she inter alia chaired the Financial Expertise Centre, the body coordinating the fight against fraud and financial crime in the Netherlands, and was a member of the Board of Supervisors of EIOPA. In 2014 she was decorated as Commander in the order of Orange Nassau. She is currently also a non-executive member of the board of the University of Utrecht and of Aflatoun, which provides financial education to 5 million children annually worldwide. 

Prof. F. De Vries Stichting

Professor De Vries was one of the Netherlands' most influential economists and the first chairman of the Dutch Social and Economic Council (SER). The Foundation is founded in his honor by Jan Tinbergen and funded with his Nobel Prize. The De Vries Foundation aspires to organize a yearly lecture by a prominent scholar or policy maker on a topic with high societal relevance. Bob Shiller, Richard Nelson, Harold Demsetz, János Kornai, and Bob Solow, and about twenty more are among previous speakers since 1955 when James Meade opened the series. Last year, Branko Milanovic was featured as keynote speaker.

Start date and time
18 October 2018 12:30
End date and time
18 October 2018 18:00