New Directions in Financial Services Regulation

Overview

The financial crisis of 2008 raised crucial questions regarding the effectiveness of the way the United States regulates financial markets. What caused the crisis? What regulatory changes are most needed and desirable? What regulatory structure will best implement the desired changes? This volume addresses those questions with contributions from an ideologically diverse group of scholars, policy makers, and practitioners, including Paul Volcker, John Taylor, Richard Posner, and R. Glenn Hubbard. New Directions in...

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Overview

The financial crisis of 2008 raised crucial questions regarding the effectiveness of the way the United States regulates financial markets. What caused the crisis? What regulatory changes are most needed and desirable? What regulatory structure will best implement the desired changes? This volume addresses those questions with contributions from an ideologically diverse group of scholars, policy makers, and practitioners, including Paul Volcker, John Taylor, Richard Posner, and R. Glenn Hubbard. New Directions in Financial Services Regulation grows out of a conference hosted by the Mossavar-Rahmani Center for Business and Government at Harvard's Kennedy School of Government in October 2009, and the book reflects the dynamic give-and-take of the event. Each part of the book includes not only major papers and presentations but also a summary of the subsequent discussion. The book achieves a balance of academic and practitioner perspectives, with leaders of financial firms and regulatory bodies offering insights based on their experiences in the financial crisis of the year before.

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Product Details

  • ISBN-13: 9780262015615
  • Publisher: MIT Press
  • Publication date: 4/22/2011
  • Pages: 240
  • Product dimensions: 6.10 (w) x 9.10 (h) x 1.20 (d)

Meet the Author

Robert R. Glauber is Adjunct Lecturer at Harvard's Kennedy School of Government and a Visiting Professor at Harvard Law School.

Thomas J. Healey is Partner at Healey Development LLC and Senior Fellow at the Center for Business and Government at Harvard's Kennedy School of Government.

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Table of Contents

Preface and Acknowledgments vii

Introduction: The Crisis of 2008 and Financial Services Regulation Roger B. Porter 1

Diagnosis: Origins of the Crisis

Origins and Policy Implications of the Crisis John B, Taylor 13

Underlying Causes of the Financial Crisis of 2008-2009 Richard A. Posner 23

Comments Richard J. Zeckhauser 47

Comments Harvey J. Goldschmid 59

Summary of Discussion 63

Prescriptions: Appropriate Regulatory Modifications

The Morning After: A Road Map for Financial Regulatory Reform R. Glenn Hubbard 77

An Ounce of Prevention: Financial Regulation, Moral Hazard, and the End of "Too Big To Fail" David A. Moss 99

Comments William Poole 111

Comments Howell E. Jackson 115

Summary of Discussion 125

Implementation: A Fitting Regulatory Structure

Regulatory Structure and Reform: The Purpose Should Guide the Outcome David G. Nason 137

Reengineering the Financial Regulatory System James D. Cox p. 155

Comments Joel Seligman 181

Comments Robert K. Steel 185

Summary of Discussion 189

Concluding Remarks Thomas J. Healey 197

Keynote Speech by Paul A. Volcker: The Financial Crisis in Perspective 201

References 217

About the Authors 219

Index 223

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