The U.S. Great Recession has pointed to the importance of the banking sector in originating, amplifying, and propagating financial shocks to the real side of the economy. In response to the downturn, there has been a great deal of new regulation to mitigate the effects of future financial crises. Quantitative structural models of the banking sector that avoid the Lucas critique are critical to conduct counterfactual policy to evaluate the effects of new regulation. One important factor in the effects of policy is banking industry market structure and competition among banks of different sizes. Regulation itself may effect market structure and the distribution of bank size. Understanding regulatory arbitrage and how competitiveness of the banking sector varies with changes in regulation is critical to understand the health of the financial system.
Nobel Prizes in Economics Joseph Stiglitz, Angus Deaton and Michael Spence will lecture at the I.S.E.O International Summer School 2016 focused on "Looking forward: new challenges and opportunities for the World Economy”. The course takes place in a wonderful location in northern Italy and it's promoted by I.S.E.O Institute chaired by Robert Solow. Post graduate students, young economists and researchers are eligible. Partial scholarships available. Info www.istiseo.org or [email protected].
Is Credit Risk modeling dead after the recent financial crisis? Should banks follow pre-define rules for calculating credit-risk related capital requirements (also denominated “standardized approach”) instead of using tailor-made credit risk models (“Advanced Internal Rating-Based approach”)? In order to answer these questions, it is important to have a clear understanding of the benchmark techniques currently in use by the financial industry (in particular, the assumptions over which they are based and their limitations). This course aims to provide a first step on that direction.
The PSE Summer School offers research-oriented teaching by leading experts in their fields. It seeks to gather Master and PhD students, post-doctoral students, academics, and professionals. PSE proposes four intensive one-week programmes, each being a full-time mix of coherent courses on topical issues, taught by PSE professors.
More information: http://www.parisschoolofeconomics.eu/en/teaching-and-students/pse-summer...