Although financial bubbles are in some sense banal and a feature of financial capitalism, the seeds of the next bubble are often sown by regulatory responses to previous ones. This has been the case since the South Sea Bubble and Mississippi Scheme, and has recurred at regular intervals in the intervening 300 years.
This lecture explores how regulators try to prevent what will hopefully be the ‘last’ bubble and suggests that the most effective regulatory frameworks were developed during the normal operation of markets, not in response to crises.
D'Maris Coffman is the Professor of Economics and Finance of the Built Environment at UCL and Director of the Bartlett School of Construction and Project Management. Born in Virginia, she grew up in Moab, Utah at the tail end of the Uranium boom and in Denver, Colorado amidst the 1980s Oil Glut and the Savings & Loan crisis. Before coming to UCL, she spent six years as a fellow of Newnham College where she variously held a junior research fellowship (Mary Bateson Research Fellowship), a post as a college lecturer and teaching fellow, and a Leverhulme Early Career Fellowship.
In July 2009, she started the Centre for Financial History in Cambridge, which she directed through December 2014. It is still going strong, but has moved from Newnham College to Darwin College in line with the affiliation of its new director. She did her undergraduate training in managerial and financial economics at The Wharton School and her MA and Ph.D. in History at the University of Pennsylvania. Her current research interests span financial history, infrastructure economics, construction economics, historical property development and climate change economics and finance.