2014 European Association for Banking and Financial History (EABH) Annual Meeting

  • Conference Call
  • The Euro­pean Asso­ci­a­tion for Bank­ing and Finan­cial His­tory (EABH) e.V. is kindly invit­ing you to par­tic­i­pate in the 2014 Annual Meet­ing, held June 12 – 13, 2014 in Rüsch­likon, Switzer­land.

    Con­fer­ence Theme

    The term RISK has expe­ri­enced infla­tion­ary use over the last years, result­ing in a mul­ti­tude of lin­guis­tic com­bi­na­tions. While every­day notions of risk are closely asso­ci­ated with dan­ger and uncer­tainty, finan­cial ser­vices, bank­ing and insur­ance asso­ciate the term mainly with devi­a­tions from the expected.

    Such attempts aim at sep­a­rat­ing eco­nomic risk from uncer­tainty and at mak­ing risks insur­able. They imply that risk can be quan­ti­fied or mea­sured and thus man­aged. Bank­ing and insur­ance have both devel­oped indi­vid­ual ways of deal­ing with risk, which, to some degree, show signs of a par­al­lel evo­lu­tion. Besides actu­ar­ial meth­ods, both insur­ance and mod­ern finance have applied port­fo­lio selec­tion or diver­si­fi­ca­tion as a guid­ing prin­ci­ple. Both indus­tries were exposed to major chal­lenges after the demise of the Bret­ton Woods Sys­tem and had to develop instru­ments to hedge against infla­tion and fluc­tu­at­ing inter­est rates. Cap­i­tal mar­kets devel­oped options and futures and, later, swaps. Rein­sur­ance futures were sug­gested for the insur­ance indus­try. These prod­ucts were slow to develop.

    In the wake of the 1987 equity mar­ket crash they became more pop­u­lar and the cap­i­tal mar­kets (and later insur­ance) started apply­ing Sharpe‘s CAPM and the Black-​Scholes model more widely to tackle increas­ingly math­e­mat­i­cal prob­lems. JP Mor­gan finally devel­oped the ‘Value-​at-​Risk’ (VaR) con­cept to take into account what later was called ‘Black Swans’, a con­cept which had been known and applied in insur­ance for much longer. The Basle Com­mit­tee then adopted the VaR approach to set min­i­mum cap­i­tal require­ments for banks. Enterprise-​wide risk man­age­ment grad­u­ally devel­oped in con­junc­tion with reg­u­la­tory require­ments to include oper­a­tional and other risks.

    How­ever, risk man­age­ment in finan­cial ser­vices is a rel­a­tively new con­cept. The 2014 eabh con­fer­ence aims to inves­ti­gate the ways in which today’s cor­po­rate risk man­age­ment approaches came about.

    Speak­ers and Presentations

    2014 EABH Archival Work­shop: Banks at War I

    Finan­cial Insti­tu­tions con­fronted by the Great War

    This project aims to recon­sti­tute the reac­tion and adap­tion of banks, insur­ance com­pa­nies and related finan­cial insti­tu­tions in the first days, weeks and months of what became the Great War. The objec­tive is to deliver a com­pre­hen­sive study, rich with case stud­ies and illus­tra­tions from dif­fer­ent inter­na­tional archival centres.

    Banks and insur­ance com­pa­nies were alto­gether com­pet­ing against each other and com­ple­ment­ing their activ­i­ties on a global level in Ger­many and France. All of a sud­den, war imposed dras­tic bor­ders between two fight­ing camps and cre­ated two eco­nomic and finance areas. Gov­ern­ments had to finance the imme­di­ate needs of mil­i­tary enti­ties. More­over, the cre­ation of an ‘eco­nom­ics of war’ fos­tered a new struc­ture of pro­duc­tive processes, where banks and insur­ance com­pa­nies assumed their func­tions and tasks.

    How did banks and insur­ance com­pa­nies fare through­out the con­flict? Records of loans to com­pa­nies offer a good way of under­stand­ing the eco­nomic war effort and the pol­icy of invest­ment. Archival sources could fos­ter analy­sis of the desta­bi­liz­ing aspects of war and of the new role of the state imposed on busi­ness and daily life. Archival mate­ri­als offer excel­lent oppor­tu­ni­ties for (com­par­a­tive) analy­sis of the chang­ing strate­gies and busi­ness mod­els as a reac­tion to crises, which also cre­ated bar­ri­ers to free mar­kets and exchanges.

    Timetable

    Thurs­day, 12 June 2014

    • 09:00 – Aca­d­e­mic Coun­cil (AC) meeting
    • 13:00 – Banks at War. Fin­cial Insti­tu­tions con­fronted by the Great War. archival workshop
    • 17:00 – Gen­eral Mem­bers’ Meet­ing (GMM)
    • 19:00 – Recep­tion (Apero)
    • 19:30 – Dinner

    Fri­day, 13 June 2014

    • 08:00 – Risk Man­age­ment. annual con­fer­ence. Part 1: Oral history
    • 13:00 – Lunch
    • 14:00 – Risk Man­age­ment. annual con­fer­ence. Part 2: Research papers
    • 16:30 – End of conference
    starting: ending: 13.06.2014 Location: , Category:

    Timeline

    Conference START 13.06.2014 END

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