Professor Emilios Avgouleas Speaks at Yale Law School in Praise of Long-Term Finance for Sustainable Growth

Professor Emilios Avgouleas was invited to give a seminar for the world renown Wasserman workshop in Law and Finance and the Centre for Corporate Law at Yale Law School.

Emilios presented his paper on 19 October 2016. The main them of his talk was on the rationales that dictate a recalibration of public policy and in particular financial regulation to meet society's needs for long-term finance penalising at the same time short-termism and incontrollable financial speculation. He explained how a new class of specially designed long-term financial assets could stimulate sustainable growth, reheat employment, and boost productivity as well as battling inequality that is currently reinforced by short-termist investment strategies, which also exacerbate financial instability. To this effect, he gave concrete examples of how regulatory reform could boost long-term finance, defeat secular stagnation and weaken the impact of liquidity trap. He thus highlighted the welfare gains of a long-term finance policy in a Kaldor-Hicks efficiency framework.

Emilios's talk was well attended by students and academics from Yale Law School and Business School and stimulated lots of informed and animated debate and constructive feedback.

The Wasserman workshop is a prestigious event held by Yale Law School, which attracts leading experts in the field of law and finance, with previous speakers including Paul Romer (NYU and Chief Economist of the World Bank) who spoke on his famous paper on "Mathiness - The Trouble with Macro-economics".

Emilios's paper on this subject is currently in development and will appear shortly for public access on the website of the Wasserman workshop.

Visit the Wasserman workshop webpage
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Professor Emilios Avgouleas is the director of the LLM in International Banking Law and Finance at Edinburgh Law School.