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讲座预告丨Laure QUENNOUELLE-CORRE：关于“黑色星期一”的集体记忆：历史视角下对1987年美国股市崩盘的重新解读
发布时间：2019-05-10
讲座题目：
关于“黑色星期一”的集体记忆：历史视角下对1987年美国股市崩盘的重新解读
“Uses of the past : the 1987 Financial Crash in Historical perspectives”
 
主讲人
Laure QUENNOUELLE-CORRE
Director of researches, CNRS, CRH, Paris
 
主持人
孟钟捷
2023最火捕鱼游戏主任、教授
 
讲座时间
2019年5月16日（周四）14：30
 
讲座地点
2023最火捕鱼游戏闵行校区人文楼1330
 
主办单位
2023最火捕鱼游戏人文与社会科学研究院
2023最火捕鱼游戏
 
讲座简介
　　The conference aims at exploring the different faces of the collective memory of the 1987 stock exchange crash, which represented an unprecedented collapse of the prices on the global stock markets.
　　The study will primarily explore the US academic literature and official reports. It will be divided into three parts. The first one describes quickly the timeline of the crash, a disruptive and global unprecedented collapse whereas the fall of the Dow Jones of 22,3% on the Black Monday (19th October 1987) represents the biggest single-day stock market collapse in history―more than on 24th October 1929 (12,3%).
The second is focused on the short-term memory (1987-1989) when lots of reports and academic analyses were launched and led to multiple and complex explanations of the collapse. A special attention will be paid to official reports focused on the market failures (like the Brady report) that were quickly forgotten.

　　The third part presents the selective and delayed collective memory of the crash which appears after the 2007-2008 crisis: the crash is no more considered as a « sickness of youth » of financial globalization but it is revisited as the earliest sign of the harmful effects of the markets' domination. A new series of testimonies and writings came up with a new story of the crash, blaming deregulation and uncontrolled markets. Financial innovations and interdependence between interest rates, stock markets and exchange markets were then seen as the major cause

of the crash. Thus, began a new use of the crisis.
　　Meanwhile, the perception of the investors’ behaviors shifted within the academic literature thanks to the studies that developed following the crash. I’ll focus on Robert Shiller’s works on behavioral finance which were launched just before and during the 1987 crisis, but with a limited success. After the subprime crisis, his reputation changed dramatically: he collected awards around the world, until the Nobel Prize in 2013. Shiller is now one of the most influential people in global finance.
　　The presentation concludes that the collective memory of the crash has been both changing and plural. Considering the Black Monday denial for decades leads to a broader interrogation on the mainstream academic thought in economics during the recent decades. And the long term and indirect effect of the crash is the renewal of the controversy between Keynesians and Neo-classics on finance and the development of studies on mimetic behaviors.
Thus, the 1987 crash can be considered as an interesting example of different uses of the past that can be made over time.
 
主讲人简介
Laure QUENNOUELLE-CORRE，法国国家科学院、社会科学高等研究院研究员，研究领域为二十世纪经济与财政史、国家与市场关系、法国货币政策。

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