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Replumbing Our Financial System: Uneven Progress
Derrell Duffie , Professor, Graduate School of Business,Stanford University
The financial crisis of 2007-2009 has spurred significant ongoing changes in the "pipes and valves" through which cash and risk flow through the center of our financial system. These include adjustments to the forms of lender-of-last-resort financing from the central bank and changes the infrastructure for the wholesale overnight financing of major dealer banks. Significant changes in the regulation of money market funds are under consideration. The Dodd-Frank Act mandates the central clearing of standardized over-the-counter derivatives, although a pending exemption of foreign-exchange derivatives remains to be decided. The vulnerability of major dealers to runs by prime brokerage clients is also an issue to be addressed. Professor Darrell Duffie will focus on U.S. financial plumbing and on areas where financial stability remains a concern.
Professor Darrell Duffie is Dean Witter Distinguished Professor of Finace at the Graduate School of Business, Stanford University, where he has been a member of the finance faculty since receiving his PhD at Stanford in 1984. Among other books, Professor Duffie is the author of Dynamic Asset Pricing Theory (Princeton University Press, third edition 2001) and a co-author of The Squam Lake Report: Fixing the Financial System (Princeton University Press, 2010). His recent research focuses on asset pricing, credit risk, fixed-income securities, and over-the-counter markets. Professor Duffie is a Fellow and member of the Council of the Econometric Society, a Research Associate of the National Bureau of Economic Research, a member of the Financial Advisory Roundtable of the New York Federal Reserve Bank, and a Fellow of The American Academy of Arts and Sciences. He was the President of The American Finance Association for 2009.
Note: Professor Darrell Duffie is the keynote speaker for a conference on "Globalization of the Korean Capital Markets" to be held on April 20th at Stanford University. For details of the conference, please click here.
Friday, April 20, 2012 | 12:30 pm — 1:45 pm