How are financial crises remembered?

31 May 2021 @ 1:45 pm – 1 June 2021 @ 5:30 pm
Sala Europa - Villa Schifanoia | Zoom
Via Boccaccio
50133 Firenze FI
How are financial crises remembered? @ Sala Europa - Villa Schifanoia | Zoom
It is usually assumed that financial markets have a short memory: crises are quickly forgotten and excessive risk-taking replaces caution with the conviction that ‘this time is different’. But is this true? Are financial crises remembered – and if so how and by whom? These are hugely important questions in order to understand not only the causes and consequences of financial crises, but more generally how the financial system in which we live has been shaped. Four roundtables will discuss the main theoretical and methodological issues raised by the study of the collective memory of financial crises. These issues relate to financial actors’, including regulators’ awareness of the inherent instability of the financial system, their knowledge, memory and understanding of previous financial crises, the way their outlook has been shaped over the course of their career, how their convictions and doubts about financial risks have been formed, why some financial crises have been remembered and others forgotten, and which aspects of these crises have been remembered or forgotten. In the last analysis, can the memory, or absence of memory, of previous financial crises explain practices threatening the stability of the financial system?

31 May

13.45 – 14.00
Introduction Youssef Cassis | EUI (chair)
14.00 – 15.30
The Changing Narrative of Financial Crises How the collective memory of financial crises, forged through the media, academia, think tanks, and other means, has changed since the Great Depression. Youssef Cassis | EUI (chair) Per Hansen | Copenhagen Business School Giuseppe Telesca | EUI John Turner | Belfast Joanna Wawrzyniak | Warsaw
16.00 – 17.30
Financial Bubbles and the Teaching of Economics How the teaching of economics and its emphasis, or lack of emphasis on financial crises has shaped financial actors’ assessment of global risks. Youssef Cassis | EUI (chair) Harold James | Princeton Horacio Ortiz | Paris Dauphine Alice Pearson | EUI Glenda Sluga | EUI

1 June

14.00 – 15.30
Bankers’ Collective Memory and Collective Biography Can the collective biography of the financial elites help us better understand their memory of financial crises and more generally their views on financial stability? Youssef Cassis | EUI (chair) Alexis Drach | EUI Susanna Fellman | Gothenburg Oliver Kühschelm | Vienna Frédéric Lebaron | ENS Cachan
16.00 – 17.30
Regulation, Deregulation and the Legacy of Financial Crises Does financial regulation tell us how financial crises are remembered and financial deregulation how they are forgotten? Youssef Cassis | EUI (chair) Howard Davies | Sciences-Po Paris and NatWest Jens van’t Klooster | Leuven Tobias Pforr | EUI Laure Quennouëlle-Corre | CNRS Paris