When: Tuesday, September 14, 2010
Where: University Club of Chicago, 76 East Monroe Street, Chicago, IL 60603, USA
ANNUAL CME GROUP LECTURE
Robert C. Merton, Nobel Prize-winning economist and MIT Sloan School of Management Distinguished Professor of Finance
In the aftermath of the financial crisis, governments, financial institutions, and central banks across the world have examined the root causes of the financial meltdown. Some observers have cited financial innovation as a factor in the housing market bubble and subsequent crash that contributed to the crisis. Others have argued that over the last four decades, financial innovation has driven the global financial system toward greater efficiency, and generated significant economic benefit in the process. Federal Reserve Chairman Ben Bernanke has emphasized risk mitigation and awareness, stating that it would be unwise to stop financial innovation. What is the role of financial innovation and how can it preserve the integrity of the marketplace?
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