Nobel laureate in Economic Sciences to give talk at UM to analyse private money and new geopolitical landscape
MACAU, October 28 - The University of Macau (UM) will hold a Nobel Laureate Lecture titled ‘Private Money, Public Power: Finance and the New Geopolitics’ on 11 November (Wednesday), featuring Professor Jean Tirole, recipient of the 2014 Nobel Prize in Economic Sciences. All are welcome to join.
Prof Tirole currently serves as honorary chairman of the Toulouse School of Economics and honorary chairman of the Executive Committee of the Institute for Advanced Study in Toulouse. He is also a visiting professor in the Department of Economics at the Massachusetts Institute of Technology (MIT) and a member of the Académie des Sciences Morales et Politiques of the Institut de France. His research has had a profound and far-reaching impact on various fields, including industrial organisation, regulation, organisational theory, game theory, finance, and macroeconomics. This has established him as one of the world’s most influential economists. In 2014, Prof Tirole was awarded the Nobel Prize in Economic Sciences in recognition of his outstanding analysis of market power and regulation. He was also the sole recipient of the prize that year.
As multilateralism and international law become less influential, technology is increasingly being used as a strategic tool in geopolitics, and the financial sector is no exception. Blockchain technology has enabled the emergence of crypto-assets as new vehicles for store of value and speculation, while US dollar stablecoins are challenging traditional payment mechanisms such as bank deposits. These developments are reshaping global payment systems and leading to the fragmentation of the international financial regulatory framework.
During the talk, Prof Tirole will examine whether these financial innovations enhance efficiency and financial inclusion or merely fuel speculation, and will analyse the costs associated with them. He will also discuss the strategic options available to middle powers (such as the EU countries), and explore ways to prevent risks associated with private money from spilling over into traditional banking systems and sovereign debt markets.
The lecture will begin at 2:30pm in the Multi-function Hall of the UM Guest House (N1-G014) and will be conducted in English. Registration is available at https://isw.um.edu.mo/evmapp/register/fss_jeantirole. For enquiries, please call +853 8822 8976 or email fss.enquiry@um.edu.mo.
In addition, the Centre for Institution and Mechanism Design of the UM Faculty of Social Sciences will host the Workshop on Markets, Institutions, and Policies on 10 November (Tuesday). The workshop will bring together experts and scholars from the Chinese mainland, Hong Kong, and UM to present research findings and discuss topics related to economic and financial institutions as well as mechanism design. Prof Tirole will attend the workshop as a keynote speaker to share his research and insights with attendees.
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