IFABS Asia Ningbo China Conference - 2017 | International Finance and Banking Society | 31 August 2017 | Ningbo Marriott Hotel  , 188 He Yi Road, Hai Shu District, Ningbo, Zhejiang, China, 315000

Financial Innovation, Stability and Sustainable Growth. Innovation is often regarded as one of the most powerful forces shaping human society by bringing significant improvements in material standards of living. It may seem obvious that if innovation promotes economic growth, financial innovation must also promote economic growth but this does not necessarily follow. There has been a great deal of financial innovation in the past twenty years but its social value remains unclear.

Major economic benefits can flow from a healthy and innovative financial sector. Greater sophistication and depth of financial markets can promote economic growth by allocating capital where it can be most productive. A broader dispersion of risk across the financial system can increase the resilience of the system and the economy to shocks. Financial innovation, however, can also lead to excessive risk taking. Today, financial innovation stands accused of being complicit in the recent financial crisis of 2007-2008 that has created the first global recession in decades. Recent innovations that were once celebrated, such as negative-amortization mortgages, debt obligations (CDOs) and synthetic CDOs, credit default swaps, etc., are often accused of having either amplified or caused the crisis.

Keynote speakers:

Robert F. Engle, Nobel Laureate in Economic Sciences (Prof. Engle's keynote speech is video-recorded)

Guan Jianzhong, Chairman of Dagong Global Credit Rating Group and Universal Credit Rating Group

Alfred Schipke, IMF Senior Resident Representative for China

Jesper Berg, Director General of Danish Financial Supervisory Authority

University of Nottingham
NYU Shanghai