Abstract
The public at large, individual investors, retirement funds as well as communities everywhere are increasingly concerned about social, health and wealth as well as the environmental consequences of financialization. Namely, its contributing to increased inequalities, its economic dominance and its decisive power applied everywhere. While overall enriching financial professionals immensely, it has provided a set of financial principles to value, price and manage explicitly and implicitly industry, businesses, future retirement plans, health and environmental efforts expended to control our quality of life. In many situations, financialization, has also assumed a decisive role in political and national economic issues (for example by contributing to markets systemic risks and global contagions). The evolution and growth of financialization, contributing to the outreach of finance, the personal enrichment of financiers, the growth of liquidity contributing to economic and business development, has also raised systemic risks as well as risk externalities.
The purposes of this project presentations are to elaborate on the incongruence of finance when confronted with the social risk consequences it seeds. Several traditional and financial approaches are extended to point out that decisions based on fundamental financial models can have aggregate consequences with social risks and overtones. Thus, it is important to recognize that financial and social well-being are dependent. One needs and feeds the other. One opening opportunities for social well-being, the growth of liquidity, investments to support economic, industrial and social development, the other providing the foundations for a sustainable finance. The financial crisis of 2007-2008 has pointed to macroeconomic and systemic risks (blaming mostly debt and mispriced credit derivatives sold to mortgage buyers who would not be able to maintain their payments). Its outcome was both a financial and a social disaster.
Biography
Charles S. Tapiero, is the Topfer Chair Distinguished Professor of Financial Engineering and Technology Management at the Tandon School of Engineering of New York University. Professor Tapiero has founded and Chaired the Department of Finance and Risk Engineering from 2006 to 2016. He has an extensive educational, academic, public and personal history. He obtained his first degree in Electrical Engineering at the Ecole Polytechnique (Montreal) in 1966 and in 1969 and 1970 the MBA and PH.D in Operations Research and Management at the NYU Graduate School of Business.
Professor Tapiero has participated in numerous academic meetings and assumed positions in academic Journals as Editorial Board Member and Co-Chief Editor. He published over 17 Books spanning Optimal and Stochastic Control in Management and Finance, in Supply Chains and Games, Quality and Risk, Engineering Risk Finance, and others. More recently a book on Globalization, Gating and Risk Finance (Wiley December 2017) is forthcoming. His current research is focused on Financialization Risk and Society as well as Fractional and Financial Randomness. In all these domains he has published extensively over 350-400 academic papers.
Enquiry
Ms. Florence Chan
Email: cifchan@um.cityu.edu.hk
Tel: (+852) 3442-9359
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