Financial Crises

    Credit-financed markets are inherently unstable. Inevitably, the pattern of payment promises doesn't align with actual ability to pay. What happens then depends on institutions, regulations and management. Today, the credit system is global, and so also is the prospect of financial instability.

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    Where are we now? Debts, Deficits and Global Financial Stability

    A Conversation with Paul Volcker and George Soros

    Apr 9, 2011 | 04:00—06:00

    Adair Turner: Keynote Address

    Apr 8, 2011 | 03:30—05:30

    Real vs. Imagined Financial Markets The Regulatory Challenge

    We have grown accustomed to regulating financial markets based on imagined, not real markets. Real markets are shaped by and co-evolve with institutional arrangements within two fundamental constraints: Imperfect knowledge and the threat of illiquidity. Read more