Overview

The overarching focus will be the contours of the future financial system. Global financial markets and the provision of financial services have already been deeply impacted by the crisis and are expected to further be affected by enhancements of micro- and macro-prudential policy frameworks and tools and by the anticipated evolution of monetary policies in the post-crisis new normal. Within this broad canvas, a number of specific themes will be explored: (i) will these forces result in a more fragmented global financial system; (ii) will banks permanently cede space to non-banks and shadow banks; (iii) how will technological enhancements impact financial inclusion, particularly access to provision of the fundamental financial services of payments, credit and insurance; and (iv) what can be done to enhance integrity and corporate governance in the financial industry.

Session 1: Especially in the wake of the crisis, we are witnessing a depletion of trust and a loss of faith in markets – with evident implications for financial stability, economic growth, and social cohesion. As a result, economists and policymakers are increasingly coming to the view that economic concerns cannot be divorced from ethical concerns. This seminar would facilitate a discussion of these issues, bringing together leading policymakers and other thinkers on the topic from a broad range of fields including the financial sector, academia and religion. The discussion would reflect upon the continued tendency of the financial sector to prize short-term personal gain over longer-term social purpose; it will also explore implications of the idea that financial markets (and capitalism in general) are only sustainable if there is trust in the system, which in turn requires minimal standards of ethics and integrity.

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Session 2: The Changing Role of Banks
Session 3: Expanding Role of Nonbanks
Session 4: Technology and Financial Inclusion

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