Events

Past Event

Nicholas Beale: Efficient Capital, Dynamism and Diversity Seminar

October 19, 2012
4:10 PM - 6:00 PM
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Columbia University
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Efficient use of capital matters in the regulatory system. Capital is a scarce resource, and using Efficient Systemic Capital encourages banks to reduce dangerous interconnecting and herding. But it is important to see this in the round using Multiple Models and Multiple Objective Functions, because excessive optimization is dangerous. Appropriate levels of diversity are important in the financial and regulatory systems: Monocultures have common failure modes, can't evolve, and lack resilience. These points matter for the dynamism of the real economy.

Nicholas Beale will present key findings from his research conducted with colleagues such as Robert M. Kay, Martin A. Nowak, and Robert S. MacKay. After a short presentation and comments from the discussant(s) and Chairman, the seminar will be a highly interactive discussion gathering perspectives from leading researchers, regulators, and industry participants. It will operate under "Chatham House Rules" and attendance is by invitation only.