Join us for this public speaking and book launch where Tarun Ramadorai will talk about our broken personal finance system and how to make it work better for ordinary people.
We interact with the financial system every day, whether it’s taking out or paying off loans, making insurance claims, or simply depositing money into our bank accounts. It is stable it exposes how corrupt the system is to serve the interests of financial service providers and their prudent customers—at the expense of ordinary people.
John Campbell and Tarun Ramadorai examine the challenges of today’s global financial markets, looking at everything from short-term savings and lending to student and housing loans, financial products for retirement, and insurance. They show how the system is “fixed” to benefit the wealthier and more educated while encouraging financial mistakes by the uneducated, making it difficult for regular consumers to make the right financial decisions and hindering them from some of the most important economic transactions of their lives. Campbell and Ramadorai describe how some have even opted out of the financial system altogether, relying on unregulated and often shadowy methods to implement necessary financial services, with negative consequences for individuals, families and the wider economy.
With the rapid growth of the world’s middle class, longer life expectancy, and a large number of seniors managing their own money, the pitfalls of personal finance now affect billions of people around the world. Fixed proposes concrete solutions that use the expertise of economists, the power of government, and the speed of technology to restore justice and trust in our broken system and make it work better for ordinary people.
Meet our speaker and chair
Tarun Ramadorai is Professor of Economics at Imperial College London. He grew up in India with its economic liberalization and the turmoil of the Asian financial crisis in the late 1990s, which sparked his interest in the interaction between global and domestic economic forces. He earned a BA in mathematics and economics from Williams College and an MPhil in economics from the University of Cambridge before earning a PhD in business economics at Harvard. Before joining Imperial, he taught at Oxford for over ten years. He has brought the use of big data strongly to his analysis of personal financial decisions and institutions using granular data from different countries, including low- and middle-income countries with fast-growing middle classes that comprise the majority of the world’s households. He has worked in a number of policy and research roles in addition to his academic work, including the chairmanship of the Inter-Regulatory Committee on Household Finances created by the Reserve Bank of India, Visiting Expert to the Economic Advisory Council to the Prime Minister of India, Economic Adviser to the European Securities and Markets Authority, Member of the Allocation Board for the Norwegian Action Center for India-UK Financial Cooperation.
Ian Martin is Professor of Finance at the LSE. He also serves as the Program Director for the MSc in Finance and Economics. Prior to LSE, he was on the faculty of the Stanford Graduate School of Business from 2008 to 2014.
Martin’s research focuses on commodity prices, derivative markets, and the economics of risk. His work has appeared in leading journals including American Economic Review, Quarterly Journal of Economics, Journal of Financeand Econometrica.
Before attending school, Martin worked as a derivatives trader at Goldman Sachs in London. He holds a PhD in Economics from Harvard University, an MSc in Economics from LSE, and BA and MA in Mathematics from Cambridge University.
More about this event
The Financial Markets Group (@FMG_LSE) is a leading institution in financial markets research. Research at FMG examines how stable and efficient the financial system is, how it supports the real economy, and what policy measures can lead to improvements in these conditions.
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Video
A video of this event is available to watch at Fixed: Why Personal Finance is Broken, and How to Make It Work for Everyone.
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