Dr. Vines obtained his BA in Economics and Mathematics from Melbourne University, and an MA and PhD in Economics from the University of Cambridge. His initial work on international macroeconomics and global economic governance was carried out from 1978-1985 in Cambridge with the Nobel-Prize winner James Meade. From 1985 to 1992, he was the Adam Smith Professor of Political Economy at the University of Glasgow and from 1992 until 2011 he was Adjunct Professor of Economics at the Australian National University. Between 1994 and 2000 he was also Director of an ESRC Research Programme on Global Economic Institutions, and from 2008-2012 Research Director of a European Union Framework Seven Research Program, PEGGED, on the European Dimension of the Politics and Economics of Global Governance.
In 2003 Dr. Vines was appointed Houblon-Norman Fellow at the Bank of England. He has been a member of the Board of Channel Four Television and a Director of Analysys, a pre-eminent European telecoms consultancy firm. In 1999 Dr Vines published (with A. Montefiore) Integrity in the Public and the Private Domains (Routledge). In 2014, (with Nicholas Morris) he edited Capital Failure : Rebuilding Trust in Financial Services, published by Oxford University Press. He is currently a Professor of Economics and Fellow of Balliol College at Oxford University, where he is also the Director of the Ethics and Economics Programme in the Institute for New Economic Thinking at the James Martin School, and a Research Fellow of the Centre for Economic Policy Research.
Restoring Trust in the Financial Services Industry
Financial intermediation is an essential part of a well-functioning society. Individuals, and families, need to save money to pay for the education of children, for housing, for health expenditures, and for pensions in retirement. Productive firms need to obtain these savings, and to use them to finance their investment, enabling these firms to grow. Financial intermediaries, and fund managers, once helped their clients to do these things, and they earned their fees from doing this. But now they simply look for people from who they can make money. So they now act at the expense of their clients, rather than acting to help them. As a result, people who work in finance are no longer trusted. In this they are very different, say, from, doctors.
How did this happen? How can it be reversed ? What can we do to make financial corporations once more useful to society ? Professor Vines will provide some answers to these questions in his talk. He will discuss the need for individuals in the financial services industry to show greater professionalism, and the need for corporate governance to support such increased professionalism. He will also provide concrete examples of what needs to be done.
(Original English Voice)