The G20 financial regulatory reform and the next financial crisis

The G20 financial regulatory reform and the next financial crisis

Monday, 6 June 2016 - 5:00pm to 6:45pm
Venue: 
Seminar Room, European Studies Centre, 70 Woodstock Road, Oxford OX2 6HR
Speaker(s): 
Malcolm Knight (London School of Economics)
Chair: 
Adam Bennett (St Antony's College)
Convenor: 
Adam Bennett (St Antony’s College, Oxford); David Vines (Balliol College, Oxford)
Series: 
Political Economy of Financial Markets (PEFM)

Abstract
Although the G20’s reform of the architecture of financial regulation is comprehensive in design, the main focus of its implementation has been on strengthening the regulation of global systemically important banks (G-SIBs). More intensive bank regulation will doubtless make individual G-SIBs less vulnerable to idiosyncratic shocks. But will it make the financial system as a whole less prone to endogenous risk and crisis?

The ongoing reform of bank regulation is unleashing major structural changes throughout the global financial system. This has implications for the types of system-wide stresses that could cause the next financial crisis, the emerging vulnerabilities that regulators need to watch closely, and the contagion dynamics of the system when a crisis occurs. This seminar will discuss these issues and examine how financial sector risk managers, regulators, and policy makers might address the resulting risks to financial system stability.

Malcolm D. Knight served as General Manager and chief executive officer of the Bank for International Settlements from 2003 to 2008. He is currently a Distinguished Fellow of the Centre for International Governance Innovation, working on governance-related aspects of international financial regulatory reform, standard setting, and official international financial institutions.  He is also Deputy Chair of the Board of Directors of Payments Canada, which oversees Canada’s national large value and retail clearing and payment systems; a Visiting Professor of Finance at the London School of Economics; a Director of the Global Risk Institute in Financial Services; and a member of the Board of Trustees of the International Valuation Standards Council. From 2008 to 2012 he was Vice Chairman of Deutsche Bank Group, where his responsibilities included developing a globally coherent strategy for DB Group-wide work on regulatory reform and international financial stability.

During 1999-2003 Dr. Knight was Senior Deputy Governor of the Bank of Canada, where he was the Bank’s chief operating officer and a member of the Board of Directors. From 1975 to 1999 he was with the IMF, where he held senior positions in both research and operations. From 1971 to 1975 he taught at the University of Toronto and the London School of Economics.

Dr. Knight holds an Honor BA in Political Science and Economics from the University of Toronto, and MSc (Econ) and PhD degrees in economics from the London School of Economics. He has published widely in the fields of macroeconomics, international finance and banking, and financial regulation.

Dr. Knight served as a Director of Swiss Re Ltd. (2010-14), a trustee of the International Accounting Standards Committee Foundation (2003-08), and a member of the Financial Stability Forum (now the Financial Stability Board) during 2003-08. He is a trustee of the Per Jacobsson Foundation, a member of the North American Advisory Board of the London School of Economics, and an Honorary Senator of the Lindau Nobel Prizewinners Foundation. In 2006 he was awarded an Honorary Doctorate by Trinity College, University of Toronto.