The Future of Finance
imf seminars event
DATE: October 12, 2014
3:20 PM - 4:50 PM
LOCATION: George Washington University, Jack Morton Auditorium
As recovery takes hold and we put the crisis behind us challenges and opportunities are being posed for the financial sector and finance as a whole. We have witnessed a depletion of trust and a loss of faith in markets, a deficit that still needs to be addressed. Meanwhile banks are adapting to new market and regulatory realities and are being challenged by the expansion of nonbanks while technology raises the prospect for enhancing financial inclusion but also the potential for disruption. There are evident implications for financial stability, economic growth, and social cohesion from these changes. As a result, economists and policymakers are increasingly coming to the view that economic concerns cannot be divorced from financial changes and ethical concerns. The central question is: how do we make the financial sector not only safer but of better service to all members of society? This seminar will 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 will reflect upon the continued tendency of the financial sector to prize short-term personal gain over longer-term social purpose; strengthening and de-risking of bank balance sheets with implications for future bank business models; the opportunity for nonbanks and shadow banking to add to economic growth while raising the need to expand the regulatory perimeter; 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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The Future of Finance
Session 4: Technology and Financial Inclusion
Moderator: Stanley Fischer
Stanley Fischer is Vice Chairman of the Federal Reserve Board. From 2005 to 2013 he was Governor of the Bank of Israel. Fischer was Vice Chairman of Citigroup from 2002 through 2005. From 1994 to 2001, he was the First Deputy Managing Director of the IMF. He served as Chief Economist of the World Bank from 1988 to 1990. From 1973 to 1994, Fischer was a member of the MIT Economics Department. Fischer was born in Zambia in 1943.
Mauricio Cárdenas has been the Minister of Finance and Public Credit of Colombia since September 2012. He has been Minister of Mines and Energy, Minister of Economic Development, Minister of Transport and Director of the National Planning Department. He has also been the Manager of Bogota’s Energy Company and Director of the Latin American Initiative at the Brookings Institution. Minister Cardenas studied economics at the Universidad del los Andes and has a Ph.D. in Economics from UC Berkeley.
Mr. Bill Gajda is the Global Head of Strategic Partnerships, responsible for VISA’s relationships with Mobile Network Operators, Device Manufacturers, and Global Platform Providers and Systems Integrators. He also leads the ‘VISA Ready’ and Venture Capital programs. He began at VISA as the Global Head for VISA Mobile, responsible for VISA’s mobile product and commercial strategies and activities. Prior to Visa, Mr. Gajda held senior executive roles in the telecommunications industry.
Dean Karlan is a Professor of Economics at Yale University, President of Innovations for Poverty Action, a non-profit discovering and promoting solutions to global poverty, and Finance Program Chair of the MIT Jameel Poverty Action Lab. He received a Presidential Early Career Award for Scientists and Engineers and was named an Alfred P. Sloan Fellow. Karlan earned a PhD in Economics from MIT, an MBA and MPP from University of Chicago and a BA in International Affairs at University of Virginia.
Ms. Nason has been with J.P. Morgan for 28 years and focuses on strategic M&A, debt and equity financing for the firm’s key relationships in the TMT sector. Ms. Nason is responsible for the firm’s relationships with traditional and emerging companies including IBM, Oracle, Facebook, Verizon, Apple and SAP.
Peter Sands has been Group Chief Executive at Standard Chartered Bank since November 2006. A graduate of the University of Oxford (PPE) he has a Master's in Public Administration from the Kennedy School of Government, Harvard University (Harkness Fellow). Formerly he was Group Finance Director at Standard Chartered, Director and Senior Partner at worldwide consultants McKinsey & Co. Prior to that, Peter worked for the United Kingdom’s Foreign and Commonwealth Office.