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Tuesday, April 16, 2019
Noon - 1:00 PM
In order to better understand the systemic risks of the financial system and how to tackle them, I suggest to combine several building blocks in an innovative way. These building blocks are the systemic risks approach of IASS, the money view, i.e. a genuine credit theory of money, the international money hierarchy, and the concept of extended evolution.
In my talk, I will argue that i) there are remarkable similarities between how the financial system controls the real economy and how regulatory networks control cell metabolism; ii) the credit mechanism gives rise to a two-stage evolutionary process that effectively exerts tremendous evolutionary pressure on economic actors; iii) the evolution of the international financial system itself after World War II has been dominated by the expansion of private credit and has only recently been completed by central bank action.
Armin Haas is a senior researcher in the Systemic Risk project of the Institute for Advanced Sustainability Studies (IASS). His main research foci concern the economic, ecological, and social sustainability of the financial system, and innovative contributions to the management and governance of systemic risks. He also leads the Integrated Risk Governance research line at the Global Climate Forum (GCF). His research there focuses on innovative approaches for the management of large-scale complex uncertainties. He holds a Ph.D. in economics from the University of Karlsruhe, Germany. Before joining IASS, he worked as a senior scientist at the Potsdam Institute for Climate Impact Research (PIK) and headed the research group Bayesian Risk Management. Armin Haas is the co-founder and treasurer of MCII, the Munich Climate Insurance Initiative, and a co-founder of TheCompensators*. Together with colleagues from PIK and IIASA, he conceived the SuperSmart Grid.