Restoring Financial Stability: How to Repair a Failed System
416
Restoring Financial Stability: How to Repair a Failed System
416Hardcover
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Overview
The financial crisis that unfolded in September 2008 transformed the United States and world economies. As each day's headlines brought stories of bank failures and rescues, government policies drawn and redrawn against the backdrop of an historic Presidential election, and solutions that seemed to be discarded almost as soon as they were proposed, a group of thirty-three academics at New York University Stern School of Business began tackling the hard questions behind the headlines. Representing fields of finance, economics, and accounting, these professors-led by Dean Thomas Cooley and Vice Dean Ingo Walter-shaped eighteen independent policy papers that proposed market-focused solutions to the problems within a common framework. In December, with great urgency, they sent hand-bound copies to Washington. Restoring Financial Stability is the culmination of their work.
- Proposes bold, yet principled approaches-including financial policy alternatives and specific courses of action-to deal with this unprecedented, systemic financial crisis
- Created by the contributions of various academics from New York University's Stern School of Business
- Provides important perspectives on both the causes of the global financial crisis as well as proposed solutions to ensure it doesn't happen again
- Contains detailed evaluations and analyses covering many spectrums of the marketplace
Edited by Matthew Richardson and Viral Acharya, this reliable resource brings together the best thinking of finance and economics from the faculty of one of the top universities in world.
Product Details
| ISBN-13: | 9780470499344 |
|---|---|
| Publisher: | Wiley |
| Publication date: | 03/23/2009 |
| Series: | Wiley Finance , #542 |
| Pages: | 416 |
| Product dimensions: | 6.20(w) x 9.10(h) x 4.40(d) |
About the Author
MATTHEW RICHARDSON is the Charles E. Simon Professor of Financial Economics and the Sidney Homer Director of the Salomon Center for the Study of Financial Institutions at New York University Stern School of Business. Professor Richardson received his PhD in finance from Stanford University and his MA and BA in economics concurrently from the University of California at Los Angeles. He lives in New York City with his wife and three children.
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Table of Contents
Foreword xiAcknowledgments xiii
Prologue: A Bird’s-Eye ViewThe Financial Crisis of 2007–2009: Causes and Remedies 1Viral V. Acharya, Thomas Philippon, Matthew Richardson, and Nouriel Roubini
Part One Causes of the Financial Crisis of 2007–2009 57 Matthew Richardson
Chapter 1 Mortgage Origination and Securitization in the Financial Crisis 61 Dwight Jaffee, Anthony W. Lynch, Matthew Richardson, and Stijn Van Nieuwerburgh
Chapter 2 How Banks Played the Leverage Game 83 Viral V. Acharya and Philipp Schnabl
Chapter 3 The Rating Agencies: Is Regulation the Answer? 101 Matthew Richardson and Lawrence J. White
Part Two Financial Institutions 117 Matthew Richardson
Chapter 4 What to Do about the Government-Sponsored Enterprises? 121 Dwight Jaffee, Matthew Richardson, Stijn Van Nieuwerburgh, Lawrence J. White, and Robert E. Wright
Chapter 5 Enhanced Regulation of Large, Complex Financial Institutions 139 Anthony Saunders, Roy C. Smith, and Ingo Walter
Chapter 6 Hedge Funds in the Aftermath of the Financial Crisis 157 Stephen J. Brown, Marcin Kacperczyk, Alexander Ljungqvist, Anthony W. Lynch, Lasse H. Pedersen, and Matthew Richardson
Part Three Governance, Incentives, and Fair Value Accounting Overview 179 Viral V. Acharya and Rangarajan K. Sundaram
Chapter 7 Corporate Governance in the Modern Financial Sector 185 Viral V. Acharya, Jennifer N. Carpenter, Xavier Gabaix, Kose John, Matthew Richardson, Marti G. Subrahmanyam, Rangarajan K. Sundaram, and Eitan Zemel
Chapter 8 Rethinking Compensation in Financial Firms 197 Gian Luca Clementi, Thomas F. Cooley, Matthew Richardson, and Ingo Walter
Chapter 9 Fair Value Accounting: Policy Issues Raised by the Credit Crunch 215 Stephen G. Ryan
Part Four Derivatives, Short Selling, and Transparency 229 Viral V. Acharya
Chapter 10 Derivatives: The Ultimate Financial Innovation 233 Viral V. Acharya, Menachem Brenner, Robert F. Engle, Anthony W. Lynch, and Matthew Richardson
Chapter 11 Centralized Clearing for Credit Derivatives 251 Viral V. Acharya, Robert F. Engle, Stephen Figlewski, Anthony W. Lynch, and Marti G. Subrahmanyam
Chapter 12 Short Selling 269 Menachem Brenner and Marti G. Subrahmanyam
Part Five The Role of the Federal Reserve 277 Thomas F. Cooley and Thomas Philippon
Chapter 13 Regulating Systemic Risk 283 Viral V. Acharya, Lasse H. Pedersen, Thomas Philippon, and Matthew Richardson
Chapter 14 Private Lessons for Public Banking: The Case for Conditionality in LOLR Facilities 305 Viral V. Acharya and David K. Backus
Part Six The Bailout 323 Thomas F. Cooley and Thomas Philippon
Chapter 15 The Financial Sector Bailout: Sowing the Seeds of the Next Crisis? 327 Viral V. Acharya and Rangarajan K. Sundaram
Chapter 16 Mortgages and Households 341 Andrew Caplin and Thomas F. Cooley
Chapter 17 Where Should the Bailout Stop? 353 Edward I. Altman and Thomas Philippon
Part Seven International Coordination 363
Chapter 18 International Alignment of Financial Sector Regulation 365 Viral V. Acharya, Paul Wachtel, and Ingo Walter
About the Authors 377
Index 381
What People are Saying About This
"This an excellent book. It is the first academic book to consider the crisis in depth and to propose policy responses and solutions. . . broad and deep overview of the crisis [that makes] suggestions for how to minimize the chances of a recurrence going forward. . . essential institutional detail and makes sensible and often original suggestions for reform. One of the remarkable aspects of the book is the speed with which it was produced. . . This book should be read by every serious observer of the crisis. It is an outstanding contribution."
—Franklin Allen., Nippon Life Professor of Finance, Wharton School of the University of Pennsylvania in FinReg21.com
"The best available on this extraordinary and fascinating subject. . . brilliant idea, superbly executed, and has first-class content. Buy it."
—VoxEu.org