Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance / Edition 1

Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance / Edition 1

by Viral V. Acharya
     
 

T he Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 is everywhere described as the most ambitious and far-reaching overhaul of financial regulation since the 1930s. The Act was born of the severe financial crisis of 2007–2009 and the Great Recession that followed. It attempts to fix parts of the financial architecture that failed in the

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Overview

T he Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 is everywhere described as the most ambitious and far-reaching overhaul of financial regulation since the 1930s. The Act was born of the severe financial crisis of 2007–2009 and the Great Recession that followed. It attempts to fix parts of the financial architecture that failed in the crisis. The Act is already being denounced by some for not going far enough to curb the risky behavior of financial institutions, and condemned by others for going too far and hampering innovation and efficiency in financial markets.

Following Restoring Financial Stability: How to Repair a Failed System, a forensic analysis of the financial crisis of 2007–2009, forty NYU Stern faculty have produced this in-depth analysis of the Dodd-Frank Act. It provides a comprehensive description of the important parts of the Act and a balanced assessment of its likely success as the new regulatory architecture for the financial system.

The Dodd-Frank Act, together with other regulatory reforms introduced by the Securities and Exchange Commission (SEC), the Federal Reserve, and other regulators as well as financial sector reforms being put in place in Europe, is going to alter the structure of financial markets in profound ways. The editors argue that the Dodd-Frank Act provides much-needed improvements in financial regulation but falls far short of what could have been achieved.

Today, it seems that everyone's taking credit for predicting the near collapse of America's financial system that started in 2007. But, rather than looking to the past at what went wrong and who was right, in Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance, leading academics from New York University's Stern School of Business—each a specialist in a relevant discipline—turn their attentions to the new legislation to regulate Wall Street in the future, and whether the resulting regulations will promote growth and prevent another near collapse of our financial system, or contribute to its catastrophic failure.

Edited by Viral Acharya, Thomas Cooley, Matthew Richardson, and Ingo Walter, this book is essential reading for policymakers, business executives, and anyone who can benefit from having a clear, coherent, and rigorous framework for thinking about the future of global finance.

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Product Details

ISBN-13:
9780470768778
Publisher:
Wiley
Publication date:
11/09/2010
Series:
Wiley Finance Series, #608
Pages:
592
Sales rank:
912,607
Product dimensions:
6.30(w) x 9.10(h) x 2.00(d)

Table of Contents

Foreword.

Preface.

PROLOGUE: A BIRD'S-EYE VIEW.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Viral V. Acharya, Thomas Cooley, Matthew Richardson, Richard Sylla, and Ingo Walter).

PART ONE: Financial Architecture.

CHAPTER 1: The Architecture of Financial Regulation (Thomas Cooley and Ingo Walter).

CHAPTER 2: The Power of Central Banks and the Future of the Federal Reserve System (Thomas Cooley, Kermit Schoenholtz, George David Smith, Richard Sylla, and Paul Wachtel).

CHAPTER 3: Consumer Finance Protection (Thomas Cooley, Xavier Gabaix, Samuel Lee, Thomas Mertens, Vicki Morwitz, Shelle Santana, Anjolein Schmeits, Stijn Van Nieuwerburgh, and Robert Whitelaw).

PART TWO: Systemic Risk.

CHAPTER 4: Measuring Systemic Risk (Viral V. Acharya, Christian Brownlees, Robert Engle, Farhang Farazmand, and Matthew Richardson).

CHAPTER 5: Taxing Systemic Risk (Viral V. Acharya, Lasse Pedersen, Thomas Philippon, and Matthew Richardson).

CHAPTER 6: Capital, Contingent Capital, and Liquidity Requirements (Viral V. Acharya, Nirupama Kulkarni, and Matthew Richardson).

CHAPTER 7: Large Banks and the Volcker Rule (Matthew Richardson, Roy C. Smith, and Ingo Walter).

CHAPTER 8: Resolution Authority (Viral V. Acharya, Barry Adler, Matthew Richardson, and Nouriel Roubini).

CHAPTER 9: Systemic Risk and the Regulation of Insurance Companies (Viral V. Acharya, John Biggs, Hanh Le, Matthew Richardson, and Stephen Ryan).

PART THREE: Shadow Banking.

CHAPTER 10: Money Market Funds: How to Avoid Breaking the Buck (Marcin Kacperczyk and Philipp Schnabl).

CHAPTER 11: The Repurchase Agreement (Repo) Market (Viral V. Acharya and T. Sabri Oncu).

CHAPTER 12: Hedge Funds, Mutual Funds, and ETFs (Stephen Brown, Anthony Lynch, and Antti Petajisto).

CHAPTER 13: Regulating OTC Derivatives (Viral V. Acharya, Or Shachar, and Marti Subrahmanyam0.

PART FOUR: Credit Markets.

CHAPTER 14: The Government-Sponsored Enterprises (Viral V. Acharya, T. Sabri Oncu, Matthew Richardson, Stijn Van Nieuwerburgh, and Lawrence J. White).

CHAPTER 15: Regulation of Rating Agencies (Edward I. Altman, T. Sabri Oncu, Matthew Richardson, Anjolein Schmeits, and Lawrence J. White).

CHAPTER 16: Securitization Reform (Matthew Richardson, Joshua Ronen, and Marti Subrahmanyam).

PART FIVE: Corporate Control.

CHAPTER 17: Reforming Compensation and Corporate Governance (Jennifer Carpenter, Thomas Cooley, and Ingo Walter).

CHAPTER 18: Accounting and Financial Reform (Joshua Ronen and Stephen Ryan).

Epilogue.

About the Authors.

About the Blog.

Index.

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