BN.com Gift Guide

Restoring Financial Stability: How to Repair a Failed System

Overview

Praise for Restoring Financial Stability

"The Stern School faculty is making an important contribution to the needed debate about how to go about reforming our broken financial system. Plainly, the insights of financial theory need to be better adapted to the practical requirements of maintaining reasonable stability of markets and institutions. Restoring Financial Stability: How to Repair a Failed System helps point the way."
Paul Volcker, Chairman of Economic Recovery ...

See more details below
Other sellers (Hardcover)
  • All (15) from $12.49   
  • New (5) from $29.36   
  • Used (10) from $12.49   

Overview

Praise for Restoring Financial Stability

"The Stern School faculty is making an important contribution to the needed debate about how to go about reforming our broken financial system. Plainly, the insights of financial theory need to be better adapted to the practical requirements of maintaining reasonable stability of markets and institutions. Restoring Financial Stability: How to Repair a Failed System helps point the way."
Paul Volcker, Chairman of Economic Recovery Advisory Board and former Chairman of the Federal Reserve (1979–1987)

"Although we are yet in the midst of a gigantic global financial crisis, the academics who contributed to this timely and comprehensive compendium have provided us with not only an excellent analysis on each topic, but also timely recommendations as to how to move forward responsibly to develop the next generation of our financial-service industry architecture."
Myron Scholes, Chairman of Platinum Grove Asset Management and winner of the 1997 Nobel Prize in Economics

"The authors provide important perspectives on both the causes of the global financial crisis as well as proposed solutions to ensure it doesn't happen again. A must-read for anyone interested or involved in the financial markets."
John Paulson, President and founder of Paulson & Co, Inc.

"No sustainable economic recovery can take hold until our tattered financial system is not just repaired but, more importantly, until its institutional framework is restructured and new rules of financial behavior are put in place. This book, the work of prominent academicians from a leading school of business, makes an important contribution to the framing of the problems and provides specific recommendations for their solutions. What makes this book especially valuable is its detailed evaluations and analyses covering many spectrums of the marketplace."
Henry Kaufman, President of Henry Kaufman & Co., Inc.

"This book consists of a set of papers providing a comprehensive and incisive analysis of perhaps the greatest crisis to hit the capitalist system in recent times. The papers are by renowned experts in the area. Together, they constitute an indispensable read for anyone interested in understanding the roots of the crisis and trying to formulate policies to resolve it."
Raghuram G. Rajan, Eric J. Gleacher Distinguished Service Professor of Finance, Chicago Booth School of Business, and former Chief Economist at the International Monetary Fund (2003–2006)

Read More Show Less

Editorial Reviews

From the Publisher
"In conclusion, this book should be read by every serious observer of the crisis. It is an outstanding contribution." (Lombard Street)

"…ably tackles complex issues and covers a wide spectrum of the current debate, including the multiplicity of regulators, the need for international regulatory coordination, transparency, fair value accounting, compensation reform, and the extent to which monetary policy should address systemic asset bubbles." (The Investment Professional)

“…the book that best combines history, analysis and prescription is “Restoring Financial Stability”, a series of essays by academics at New York University’s Stern School of Business. The 60-page prologue is packed with telling facts and sophisticated analysis, and alone is worth the steep cover price. The individual chapters deal methodically with the myriad issues raised by the crunch, and the policy changes that will be needed, covering everything from the American mortgage market to the need for international cooperation in regulating finance." (The Economist)

"We are always better analysts with a 20/20 hindsight. Indeed, an ex post reading about events leading up to a crisis appears logical, and often leaves one with the question about why the evolution of the crisis could not be seen and corrected in time. Still, policy-makers know that such a review and understanding are important to learning from mistakes. Restoring Financial Stability (Wiley) acts as a catalyst to that understanding by offering a comprehensive sequencing of the causes and progression of the build-up of the financial strains that . . evolved into a full-blown global financial crisis. . . highly recommended even though bankers will remain bankers and will probably figure out ways to beat the new system." (Business Standard)

Read More Show Less

Product Details

  • ISBN-13: 9780470499344
  • Publisher: Wiley
  • Publication date: 3/23/2009
  • Series: Wiley Finance Series , #542
  • Edition number: 1
  • Pages: 416
  • Product dimensions: 6.20 (w) x 9.10 (h) x 4.40 (d)

Meet the Author

Viral V. Acharya is Professor of Finance at New York University Stern School of Business and London Business School. He is Academic Advisor to the Federal Reserve Banks of New York and Philadelphia and Academic Director of the Coller Institute of Private Equity. Professor Acharya earned a Bachelor of Technology in computer science and engineering from the Indian Institute of Technology, Mumbai, and a PhD in finance from NYU Stern. He lives in New York City with his wife and son.

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.

Read More Show Less

Table of Contents

Foreword.

Acknowledgments.

Prologue: A Bird's Eye View.

The Financial Crisis of 2007-2009: Causes and Remedies By (Viral Acharya, Thomas Philippon, Matthew Richardson, and Nouriel Roubini).

Section I: Causes of the Financial Crisis of 2007-2009 By (Matthew Richardson).

Chapter 1: Mortgage Origination and Securitization in the Financial Crisis By (Dwight Jaffee, Anthony Lynch, Matthew Richardson and Stijn Van Nieuwerburgh).

Chapter 2: How Banks Played the Leverage “Game” By (Viral Acharya and Philipp Schnabl).

Chapter 3: The Rating Agencies Is Regulation the Answer By (Matthew Richardson and Lawrence White)?

Section II: Financial Institutions By (Matthew Richardson).

Chapter 4: What to Do About the Government Sponsored Enterprises By (Dwight Jaffee, Matthew Richardson, Stijn Van Nieuwerburgh, Lawrence White and Robert Wright)?

Chapter 5: Enhanced Regulation of Large Complex Financial Institutions By (Anthony Saunders, Roy Smith & Ingo Walter).

Chapter 6: Hedge Funds in the Aftermath of the Financial Crisis By (Stephen Brown, Marcin Kacperczyk, Alexander Ljungqvist, Anthony Lynch, Lasse Pedersen, and Matthew Richardson).

Section III: Governance, Incentives and Fair Value Accounting Overview By (Viral Acharya and Rangarajan Sundaram).

Chapter 7: Corporate Governance in the Modern Financial Sector By (Viral V. Acharya, Jennifer Carpenter, Xavier Gabaix, Kose John, Matthew Richardson, Marti Subrahmanyam, Rangarajan Sundaram, Eitan Zemel).

Chapter 8: Rethinking Compensation in Financial Firms By (Gian Luca Clementi, Thomas F. Cooley, Matthew Richardson, and Ingo Walter).

Chapter 9: Fair Value Accounting Policy Issues Raised by the Credit Crunch By (Stephen G. Ryan).

Section IV: Derivatives, Short-Selling and Transparency By (Viral Acharya).

Chapter 10: Derivatives The Ultimate Financial Innovation By (Viral Acharya, Menachem Brenner, Robert Engle, Anthony Lynch and Matthew Richardson).

Chapter 11: Centralized Clearing for Credit Derivatives By (Viral Acharya, Robert Engle, Stephen Figlewski, Anthony Lynch, and Marti Subrahmanyam).

Chapter 12: Short Selling By (Menachem Brenner and Marti G. Subrahmanyam).

Section V: The Role of the Fed By (Thomas Cooley and Thomas Philippon).

Chapter 13: Regulating Systemic Risk By (Viral Acharya, Lasse Pedersen, Thomas Philippon and Matthew Richardson).

Chapter 14: Private Lessons for Public Banking: The Case for Conditionality in LOLR Facilities By (Viral Acharya and David Backus).

Section VI: The Bailout By (Thomas Cooley and Thomas Philippon).

Chapter 15: The Financial Sector “Bailout” Sowing the Seeds of the Next Crisis By (Viral Acharya and Rangarajan Sundaram)?

Chapter 16: Mortgages and Households By (Andrew Caplin and Thomas Cooley).

Chapter 17: Where Should the Bailout Stop By (Edward I. Altman and Thomas Philippon)?

Section VII: International Coordination..

Chapter 18: International Alignment of Financial Sector Regulation By (Viral Acharya, Paul Wachtel and Ingo Walter).

NYU Stern Author Biographies.

Index.

Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star

(0)

4 Star

(0)

3 Star

(0)

2 Star

(0)

1 Star

(0)

Your Rating:

Your Name: Create a Pen Name or

Barnes & Noble.com Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & Noble.com that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & Noble.com does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at BN.com or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation

Reminder:

  • - By submitting a review, you grant to Barnes & Noble.com and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Noble.com Terms of Use.
  • - Barnes & Noble.com reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & Noble.com also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on BN.com. It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

 
Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously

    If you find inappropriate content, please report it to Barnes & Noble
    Why is this product inappropriate?
    Comments (optional)