International Conference TSE Banque de France "Extreme Events" Paris, 3 September 2008


Extreme events, or "catastrophes", are difficult to analyse from an economic perspective.

Nevertheless, they do exist and play an important role in terms of public policy. The fight against global warming is mainly driven by the desire to prevent its far-reaching and catastrophic effects on the world's environment. Financial crises too can be analysed as "catastrophes", i.e. as sudden breaks or discontinuities in developments in financial systems.

Extreme events are seldom factored into the models used in macroeconomics, finance and environmental economics. From an operational point of view, they are hardly incorporated into the usual risk management tools used by financial institutions, market participants and regulators.

In order to contribute to the academic and policy research on these topical issues, the Toulouse School of Economics (TSE) and the Banque de France (Financial Stability Directorate) are jointly organising an international conference on extreme events.

The conference aims to discuss recent improvements achieved both in the understanding and the modelling of extreme risks. It is also expected to examine the issues related to various economic phenomena such as the repetition of financial crises and the emergence of new risks (e.g. the catastrophic effects of climate change, pandemics, and scientific, technological and terrorist risks).

This conference is also part of a wider and longer-term partnership between TSE and the Banque de France aimed at developing economic and financial research in fields relevant for central banks.

Leading economists and experts from academia, the banking sector and central banks will participate in the conference: Svein Andresen (FSF Secretariat), Jon Danielsson (LSE), Emmanuel Farhi (Harvard), Pierre Florens (TSE), Christian Gollier (TSE), Lars Peter Hansen (Chicago), Olivier Irisson (Société Générale), D. Kessler (SCOR), Klaas Knot (De Nederlandsche Bank),Jean-Pierre Landau (Banque de France), Tristan d'Orgeval (METNEXT), Gideon Ozik (SGAM), Mahmood Pradhan (IMF), Peter Praet (NBB), Jean-Charles Rochet (TSE), Philippe Trainar (SCOR), José Ursua (Harvard), Sushil Wadhwani (WAM) and Martin Weitzman (Harvard).

The conference will take place at Exane, 16 Avenue Matignon, Paris 75008.

To register for this conference, send an email to and fill in the following registration form


Emmanuel Farhi, Harvard (
Christian Gollier, TSE (
Laurent Clerc, Banque de France (

Updated on: 10/10/2017 15:03