Forum

CARF-Finatext 2018 Joint Seminars: “Creating the Financial System of the Future”

Purpose

Finance is about to enter a new turning point. Also sometimes referred to as the “bloodstream” of the capitalist economy, finance plays the role of circulating money around the economic system and has become increasingly globalized and of enormous size in recent years. From playing a minor role in supporting the real economy, it has become so large as to severely affect the real economy, giving rise to numerous bubbles and subsequent financial and economic crises. In fact, despite attempts to rein in the financial sector through regulation in the wake of such crises, the role of the sector has continued to strengthen. In the process, finance has always employed state-of-the-art technology. For example, following the end of the Cold War between the United States and the Soviet Union, rocket scientists moved into Wall Street and contributed to the expansion of the derivatives and securitized products markets. More recently, developments in fintech have seen the growing use of technological innovations such as artificial intelligence and big data, blockchain technology, electronic settlement, and virtual currencies.

The aim of the Program is to gain a full understanding of finance from the past to the present and to consider leading edge technologies that will shape financial markets and financial systems in the not-too-distant future, efforts to make such technologies useful in the everyday lives of people using these technologies, and the various associated issues lying ahead. Further, through these activities, the Program seeks to nurture the next generation of talent that will be responsible for shaping this financial system of the future and take leadership roles in various fields.

Program Outline

The program consists of an omnibus-style lecture series focusing on both theory and practice to understand and consider the relationship between the real economy and finance, the role of finance in capitalism, the links between technology and finance, etc. The latter half of the program further aims to concretely envisage the role that each type of participant will likely play in the financial system of the future and the actions required to establish it. The lectures will be given by researchers and practitioners that are leading figures in their respective fields in Japan and are driving actual deals. The lectures highlight the latest developments in each field. Moreover, the second half of the program consists not only of classroom lectures but also includes panel discussions encouraging discussions between lecturers and students and provides a framework that allows students to network with lecturers and amongst themselves. We therefore hope that students will actively participate actively not only by attending lectures.

The program consists of the following 14 parts:

  1. Introduction: Finance and the Real Economy
  2. Capitalism and Finance
  3. Finance and Technology (Overview)
  4. Big Data and Technology for Asset Securitization
  5. Regtech vs. Fintech
  6. Bubbles and Finance
  7. Where is Crowd Funding Going?
  8. New Paths from Savings to Asset Management
  9. What is the Role of Investment Funds?
  10. Finance and Technology (I): How Will Artificial Intelligence Change Society?
  11. Finance and Technology (II): Machine Learning
  12. Finance and Technology (III): The Potential of Wearable Sensors
  13. Finance and Technology (IV): Blockchain Technology and the Financial System Fintech
  14. Is Fintech Fake or Real?