Reforming U.S. Financial Markets: Reflections Before and Beyond Dodd-Frank

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Over the last few years, the financial sector has experienced its worst crisis since the 1930s. The collapse of major firms, the decline in asset values, the interruption of credit flows, the loss of confidence in firms and credit market instruments, the intervention by governments and central banks: all were extraordinary in scale and scope. In this book, leading economists Randall Kroszner and Robert Shiller discuss what the United States should do to prevent another such financial meltdown. Their discussion goes beyond the nuts and bolts of legislative and regulatory fixes to consider fundamental changes in our financial arrangements.

Kroszner and Shiller offer two distinctive approaches to financial reform, with Kroszner providing a systematic analysis of regulatory gaps and Shiller addressing the broader concerns of democratizing and humanizing finance. Kroszner focuses on key areas for reform, including credit rating agencies and the mortgage securitization market. Shiller argues that reform must serve to make the full power of financial theory work for everyone—bringing the technology of finance to bear on managing risk, for example—and should acknowledge the reality of human nature. After brief discussions by four commentators, Kroszner and Shiller each offer a response to the other’s proposals, creating a fruitful dialogue between two major figures in the field.

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What People Are Saying

From the Publisher
"In this extremely readable and thought-provoking volume, two of America's leading financial experts provide an excellent roadmap to financial reform after Dodd-Frank. Their recommendations make this a timeless must-read for everyone concerned with the efficiency and stability of our financial markets and institutions." Robert E. Litan , Vice President, Research and Policy, The Kauffman Foundation, and Senior Fellow, Economic Studies, The Brookings Institution

"Much of the literature on the financial crisis finds economists talking past one another. It is refreshing, therefore, to find some of our leading economists engaging one another, thoughtfully and fully, in this volume. Their fundamental concern is how to ensure that finance serves society rather than the other way around. Their contributions to answering this question should help to point discussions of post-crisis reform in a more productive direction." Barry Eichengreen , George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California,Berkeley

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Product Details

Meet the Author

Randall S. Kroszner is Norman R. Bobins Professor of Economics in the University of Chicago's Booth School of Business. He served as a Governor of the Federal Reserve System from March 2006 until January 2009.

Robert J. Shiller is Arthur M. Okun Professor of Economics at Yale University. He is the author of Irrational Exuberance, Animal Spirits: How Human Psychology Drives the Economy and Why It Matters for Global Capitalism (with George B. Akerlof), and other books.

Benjamin M. Friedman is William Joseph Maier Professor of Political Economy at Harvard University and the author of The Moral Consequences of Economic Growth.

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Table of Contents

Introduction Benjamin M. Friedman ix

1 Democratizing and Humanizing Finance Robert J. Shiller 1

2 Making Markets More Robust Randall S. Kroszner 51

3 Comments Benjamin M. Friedman George G. Kaufman Robert C. Pozen Hal S. Scott 85

4 Responses Robert J. Shiller Randall S. Kroszner 119

5 Rejoinder Robert J. Shiller 131

Contributors 133

Index 135

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  • Posted June 1, 2012

    more from this reviewer

    When the US’s top economists meet at a symposium on remaki

    When the US’s top economists meet at a symposium on remaking America’s financial system, they’re bound to disagree. But in Randall S. Kroszner and Robert J. Shiller’s new book – a brief collection of the papers they presented at Harvard University, along with comments by their equally esteemed colleagues – their divergence lies more in their methods than in their main conclusion: The US financial sector desperately needs a makeover. getAbstract recommends their cogent, well-thought-out reasoning on the causes of the recent financial crisis.

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