Rebuilding Trust in the Financial System

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Date(s) - 14/06/18
12:00pm - 2:00pm


385 Bourke Street

The Discussion:

Prof Vines will discuss how norms might be changed, at the Board, management and at other levels within a large financial institution in order to rebuild trust in the financial system.

The Australian Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has shown how fragile trustworthiness is in finance. Corporate governance is at fault – since shareholder pressure to maximise profits can lead to pressure to cut corners. But detailed regulation is not the answer because arbitrage will always be possible.

Norms of behaviour need to change. Such norms are self-reinforcing. In some firms, pursuit of short-term value at the expense of clients’ wealth will represent a serious violation of norms, in other firm it might be acceptable.

As the Royal Commission has shown, the same can be true of other actions which can harm clients. In this talk David Vines will discuss how norms might be changed, at the Board level, at management level, and at other levels within a large financial institution.


Professor David Vines, Emeritus Fellow of Economics and Director, Ethics & Economics, The Institute for Economic Thinking, Oxford Martin School, Oxford University

Rebuilding Trust in the Financial System

Prof David Vines

About the Speaker:

David Vines is Emeritus Professor of Economics and Emeritus Fellow of Balliol College at the University of Oxford. He is the Director of the Ethics and Economics Programme at the Oxford Martin School and a Research Fellow of the Centre for Economic Policy Research in London. He is also a Research Associate at CAMA and a Co-Director of CAMA Globalisation and Trade Program.

From 2008 to 2012 he was the Research Director of the European Union’s Framework Seven PEGGED Research Program, which analysed Global Economic Governance from a European perspective. David received a BA from Melbourne University in 1971, and subsequently an MA and PhD from Cambridge University. From 1985 to 1992 he was Adam Smith Professor of Political Economy at the University of Glasgow. 

His main research interests are in macroeconomics – including fiscal, monetary and financial policy – and in global economic governance; he is also leading a research programme in Oxford on the restoration of trust in the financial system.

His recent books include: Keynes: Useful Economics for the World Economy (MIT Press, 2014, with Peter Temin); Capital Failure: Rebuilding Trust in the Financial System (Oxford University Press, 2014, edited with Nicholas Morris); The Leaderless Economy: Why the World Economic System Fell Apart and How to Fix It (Princeton University Press, 2013, with Peter Temin).

Ideal Audience:
  • Chief Economists
  • Economists
  • Analysts
  • Finance Academics
  • Bankers
  • Chief Investment Officers
  • Investment Managers
  • Regulators

Presentation – Prof David Vines 14 June 2018

Event Partners:

Australian Centre for Financial Studies, The Economic Society of Australia (Victoria Branch) and UniSuper

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