The Squam Lake Report: Fixing the Financial System

The Squam Lake Report: Fixing the Financial System

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by Kenneth R. French
     
 

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ISBN-10: 0691148848

ISBN-13: 9780691148847

Pub. Date: 06/22/2010

Publisher: Princeton University Press

In the fall of 2008, fifteen of the world's leading economists—representing the broadest spectrum of economic opinion—gathered at New Hampshire's Squam Lake. Their goal: the mapping of a long-term plan for financial regulation reform.

The Squam Lake Report distills the wealth of insights from the ongoing collaboration that began at these

Overview

In the fall of 2008, fifteen of the world's leading economists—representing the broadest spectrum of economic opinion—gathered at New Hampshire's Squam Lake. Their goal: the mapping of a long-term plan for financial regulation reform.

The Squam Lake Report distills the wealth of insights from the ongoing collaboration that began at these meetings and provides a revelatory, unified, and coherent voice for fixing our troubled and damaged financial markets. As an alternative to the patchwork solutions and ideologically charged proposals that have dominated other discussions, the Squam Lake group sets forth a clear nonpartisan plan of action to transform the regulation of financial markets—not just for the current climate—but for generations to come.

Arguing that there has been a conflict between financial institutions and society, these diverse experts present sound and transparent prescriptions to reduce this divide. They look at the critical holes in the existing regulatory framework for handling complex financial institutions, retirement savings, and credit default swaps. They offer ideas for new financial instruments designed to recapitalize banks without burdening taxpayers. To lower the risk that large banks will fail, the authors call for higher capital requirements as well as a systemic regulator who is part of the central bank. They collectively analyze where the financial system has failed, and how these weak points should be overhauled.

Combining an immense depth of academic, private sector, and public policy experience, The Squam Lake Report contains urgent recommendations that will positively influence everyone's financial well-being—all who care about the world's economic health need to pay attention.

Product Details

ISBN-13:
9780691148847
Publisher:
Princeton University Press
Publication date:
06/22/2010
Pages:
168
Product dimensions:
5.60(w) x 8.50(h) x 0.80(d)

Table of Contents

Preface vii
Acknowledgments xi
Chapter 1: Introduction 1
Chapter 2: A Systemic Regulator for Financial Markets 33
Chapter 3: A New Information Infrastructure for Financial Markets 44
Chapter 4: Regulation of Retirement Savings 53
Chapter 5: Reforming Capital Requirements 67
Chapter 6: Regulation of Executive Compensation in Financial Services 75
Chapter 7: An Expedited Mechanism to Recapitalize Distressed Financial Firms: Regulatory Hybrid Securities 86
Chapter 8: Improving Resolution Options for Systemically Important Financial Institutions 95
Chapter 9: Credit Default Swaps, Clearinghouses, and Exchanges 109
Chapter 10: Prime Brokers, Derivatives Dealers, and Runs 122
Chapter 11: Conclusions 135
List of Contributors 153
Index 157

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The Squam Lake Report: Fixing the Financial System 5 out of 5 based on 0 ratings. 2 reviews.
Anonymous More than 1 year ago
RolfDobelli More than 1 year ago
This slim volume is named after the isolated New England resort where 15 renowned economists, academics and policy makers met in the fall of 2008 to devise solutions to the "World Financial Crisis." That they convened amid fast-paced, seismic economic events adds to the star-chamber aspects of their collaboration. Still, these éminences grises - all nonpartisan, without commercial sponsorship or political axes to grind - developed their ideas by sharing their expertise. Their recommendations cover reforms in banking, financial products, regulation, compensation, pensions and hedge funds - all the named villains of the last crisis. Why did they issue these ideas? So they could educate political and fiscal leaders - if they would only listen - about possible laws that could help avert or lessen the likelihood and impact of future meltdowns. getAbstract recommends this sound advice to students of and participants in the global economy.