New York University Stern School of Business

Restoring Financial Stability (eBook, ePUB)

How to Repair a Failed System
Redaktion: Acharya, Viral; Richardson, Matthew P.

• Format: ePub

Produktbeschreibung

An insightful look at how to reform our broken financial system The financial crisis that unfolded in September 2008 transformed the United States and world economies. As each day's headlines brought stories of bank failures and rescues, government policies drawn and redrawn against the backdrop of an historic Presidential election, and solutions that seemed to be discarded almost as soon as they were proposed, a group of thirty-three academics at New York University Stern School of Business began tackling the hard questions behind the headlines. Representing fields of finance, economics, and accounting, these professors-led by Dean Thomas Cooley and Vice Dean Ingo Walter-shaped eighteen independent policy papers that proposed market-focused solutions to the problems within a common framework. In December, with great urgency, they sent hand-bound copies to Washington. Restoring Financial Stability is the culmination of their work. * Proposes bold, yet principled approaches-including financial policy alternatives and specific courses of action-to deal with this unprecedented, systemic financial crisis * Created by the contributions of various academics from New York University's Stern School of Business * Provides important perspectives on both the causes of the global financial crisis as well as proposed solutions to ensure it doesn't happen again * Contains detailed evaluations and analyses covering many spectrums of the marketplace Edited by Matthew Richardson and Viral Acharya, this reliable resource brings together the best thinking of finance and economics from the faculty of one of the top universities in world.

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 416
• Erscheinungstermin: 27. April 2009
• Englisch
• ISBN-13: 9780470501085
• Artikelnr.: 37292902

Autorenporträt

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.

Inhaltsangabe

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.

Rezensionen

"The best available on this extraordinary and fascinating subject. . . brilliant idea, superbly executed, and has first-class content. Buy it." -- VoxEu.org

"packed with telling facts and sophisticated analysis, and alone is worth the . . . cover price. . . careful to avoid academic gobbledygook and complex equations." -- The Economist

"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)