15th Trento Summer School

Intensive course on
Financial Crises

 16 June - 27 June 2014


Directors of the School:

Axel Leijonhufvud, UCLA and University of Trento

Daniel Heymann, University of Buenos Aires and University of San Andrés

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Guest Lecturers

Paul de Grauwe, London School of Economics

Martin Guzman, Columbia University Business School 

Lars Jonung, University of Lund

Katharina Pistor, Columbia Law School

Roberto Tamborini, University of Trento

Niels Thygesen, University of Copenhagen

Program Directors:

Axel Leijonhufvud, UCLA and University of Trento 

Enrico Zaninotto, University of Trento

Director of CEEL:

Luigi Mittone, University of Trento


 Nicolas Garrido: Universidad Diego Portales", Santiago, Chile

Description of the school

In 2014, the Summer School returns to the subject of financial crises and their long-lasting legacy of problems. The recent debt crisis has put macroeconomics in disarray.  The course will put the crisis into a broader context by reviewing the history of financial crises, by analyzing how existing theories need to be adapted or revised to provide a better understanding of crises of this nature and by discussing how macro-policies and financial regulation might be changed.

Beyond economics, crises of this magnitude raise legal and political issues of great difficulty. If prior legal commitments were to be consistently enforced this would threaten the total implosion of the financial system.  To prevent this eventuality, governments have to decide which debts will be allowed to go into default and which ones will be discharged with tax-payer money.  These decisions are unavoidably highly controversial.  

Having relinquished their monetary sovereignty, governments of the European Monetary Union find their policy options severely constrained.  Proposals to modify the EMU so as to promote a recovery will also be discussed.

Students will also have an opportunity to present their own work and receive comments from faculty.

The sessions will be held at Hotel Villa Madruzzo, Trento, Italy. All participants are required to stay for the entire duration of the event. Food and accommodation will be covered by the School (except for meals during the weekend) and participants will have to cover travel expenses.
Please direct logistical questions to the Summer School secretary (ccschool@economia.unitn.it).
This is the fifteenth of a series of intensive courses to be offered by the Cognitive Experimental Economics Laboratory (CEEL) with the financial support of John S. Latsis Public Benefit Foundation and of the Institute for New Economic Thinking (INET) http://ineteconomics.org


Cognitive and Experimental Economics Laboratory (CEEL) 
Department of Economics and Management
University of Trento 
Via Inama 5 
I-38122 Trento - Italy
Fax: 0039-0461-282222


Previous courses were offered in Computable Economics (2000, Director K. Vela Velupillai), Experimental Economics (2001, Director Daniel Friedman), Adaptive Economic Processes (2002, Director Peter Howitt), Behavioral Economics (2003, Directors Daniel Friedman and David Laibson), Institutional Economics (2004, Director Richard N. Langlois), Evolutionary Economic Dynamics (2005,Directors Ken Binmore and Larry Samuelson), Agent-Based Computational Economics (2006, Directors Leigh Tesfatsion and Robert Axtell), Agent-Based Finance (2007, Directors Cars Hommes and Thomas Lux), Financial Instability and Crises (2008, Directors Domenico Delli Gatti and Mauro Gallegati), Networks and Innovation (2009, Directors John Padgett, Lee Fleming and Massimo Riccaboni), Macroeconomics and Financial Crises (2010, Directors Peter Howitt, Daniel Heymann and Axel Leijonhufvud), Evolution of Social Preferences (2011, Directors Dan Friedman and Luigi Mittone) and Market Design: Theory and Pragmatics (2012, Directors Dan Friedman and David Parkes), Market Design: Theory and Pragmatics (2013, Directors Dan Friedman and David Parkes), Modularity and Design for Innovation (2014, Director Richard Langlois).