The International Financial Crisis: Have the Rules of Finance Changed?

The International Financial Crisis: Have the Rules of Finance Changed?

by Asli Demirguc Kunt
     
 

The recent global financial crisis has caused massive upheavals worldwide. The papers in this volume analyze whether financial principles seem to have shifted in recent years, and what that may mean for international financial markets and regulation. What "broke" in the current crisis? Is there no "playbook" on how to respond to systemic crises? What is the optimal

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Overview

The recent global financial crisis has caused massive upheavals worldwide. The papers in this volume analyze whether financial principles seem to have shifted in recent years, and what that may mean for international financial markets and regulation. What "broke" in the current crisis? Is there no "playbook" on how to respond to systemic crises? What is the optimal role of the state in dealing with crises? How should asset bubbles be addressed in the future? Do we need a major overhaul of governance in the industry? What means exist to address systemic crises? What reforms are needed? These and related issues are discussed by an impressive list of well-known scholars, policymakers and practitioners, with an emphasis on the implications for public policy.

Product Details

ISBN-13:
9789814322089
Publisher:
World Scientific Publishing Company, Incorporated
Publication date:
12/29/2010
Pages:
433
Product dimensions:
6.20(w) x 9.00(h) x 1.20(d)

Table of Contents

Preface v

Acknowledgments vii

I Special Addresses 1

The International Financial Crisis: Asset Price Exuberance and Macroprudential Regulation Charles L. Evans 3

Back from the Brink Christina D. Romer 15

Getting the New Regulatory Framework Just Right: Six Questions for Policymakers José Viñals 31

Longer Days, Fewer Weekends Kevin M. Warsh 39

Banking Regulation: Changing the Rules of the Game Philipp M. Hildebrand 47

II What Broke? The Root Causes of the Crisis 57

The Causes of the Financial Crisis and the Impact of Raising Capital Requirements Martin Neil Baily Douglas J. Elliott 59

Origins of the Subprime Crisis Charles W. Calomiris 73

The Role of the Financial Sector in the Great Recession Michael Mussa 93

What Broke? The Root Causes of the Crisis Edwin M. Truman 117

III Containing a Systemic Crisis: Is There Really No Playbook? 125

Regulating Systemic Risk Masahiro Kawai Michael Pomerleano 127

Dealing with the Crises in a Globalized World: Challenges and Solutions Vincent R. Reinhart 155

Systemic Risk: Is There a Playbook? Robert K. Steel 161

IV Dealing with the Crisis: The Role of the State 167

Banking on the State Piergiorgio Alessandri Andrew G. Haldane 169

Liquidity Risk and Central Bank Actions During the 2007-2009 Crisis Francesco Papadia Tuomas Välimäki Suomen Pankki 197

The Role of the State in a Crisis Phillip L. Swagel 213

Comments: Panel on the Role of the State Peter J. Wallison 227

V What to Do About Bubbles: Monetary Policy and Macroprudential Regulation 235

Financial Instability and Macroeconomics: Bridging the Gulf Claudia Borio Mathias Drehmann 237

Is a Less Procyclical Financial System an Achievable Goal? Charles A. E. Goodhart 269

Bubbles? Allan H. Meltzer 289

What to Do About Bubbles: Monetary Policy and Macroprudential Regulation Marvin Goodfriend 295

VI Dealing with Crises in a Globalized World: Challenges and Solutions 303

Dealing with Crises in a Globalized World: Challenges and Solutions Athanasios Orphanides 305

Global Financial Reform: Diagnosis and Prognosis-A Network Approach Andrew L. T. Sheng 315

Dealing with Cross-Border Bank Distress: Some Specific Options for Reform Stijn Claessens 325

VII How to Make Regulators and Government More Accountable: Regulatory Governance and Agency Design 339

Making Safety-Net Managers Accountable for Safety-Net Subsidies Edward J. Kane 341

Regulatory Governance and Agency Design: An Old Topic, Made Extra Relevant by the Financial Crisis Michael Klein 359

The Sentinel: Improving the Governance of Financial Policies Ross Levine 371

Holding Regulators and Government More Accountable: Comments R. Christopher Whalen 387

VIII Policy Panel: Where Do We Go from Here? 395

Status Quo? I Hardly Think So Wayne A. Abernathy 397

Where Do We Go from Here? Anil K Kashyap 403

Suggested Financial Structure for Developing Countries Justin Yifu Lin 411

Comments on "Where Do We Go from Here?" Deborah J. Lucas 415

Where to from Here? Have the Rules of Finance Changed? John Silvia 421

Conference Agenda 425

Index 431

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