New York University Stern School of Business

Restoring Financial Stability (eBook, PDF)

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

• Format: PDF

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: Wiley
• Erscheinungstermin: 19. April 2010
• Englisch
• ISBN-13: 9780470501061
• Artikelnr.: 37293044

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 xi
Acknowledgments xiii
Prologue: A Bird's-Eye View
The Financial Crisis of 2007-2009: Causes and Remedies 1
Viral V. Acharya, Thomas Philippon, Matthew Richardson, and Nouriel Roubini
Part One Causes of the Financial Crisis of 2007-2009 57
Matthew Richardson
Chapter 1 Mortgage Origination and Securitization in the Financial Crisis
61
Dwight Jaffee, Anthony W. Lynch, Matthew Richardson, and Stijn Van
Nieuwerburgh
Chapter 2 How Banks Played the Leverage Game 83
Viral V. Acharya and Philipp Schnabl
Chapter 3 The Rating Agencies: Is Regulation the Answer? 101
Matthew Richardson and Lawrence J. White
Part Two Financial Institutions 117
Matthew Richardson
Chapter 4 What to Do about the Government-Sponsored Enterprises? 121
Dwight Jaffee, Matthew Richardson, Stijn Van Nieuwerburgh, Lawrence J.
White, and Robert E. Wright
Chapter 5 Enhanced Regulation of Large, Complex Financial Institutions 139
Anthony Saunders, Roy C. Smith, and Ingo Walter
Chapter 6 Hedge Funds in the Aftermath of the Financial Crisis 157
Stephen J. Brown, Marcin Kacperczyk, Alexander Ljungqvist, Anthony W.
Lynch, Lasse H. Pedersen, and Matthew Richardson
Part Three Governance, Incentives, and Fair Value Accounting Overview 179
Viral V. Acharya and Rangarajan K. Sundaram
Chapter 7 Corporate Governance in the Modern Financial Sector 185
Viral V. Acharya, Jennifer N. Carpenter, Xavier Gabaix, Kose John, Matthew
Richardson, Marti G. Subrahmanyam, Rangarajan K. Sundaram, and Eitan Zemel
Chapter 8 Rethinking Compensation in Financial Firms 197
Gian Luca Clementi, Thomas F. Cooley, Matthew Richardson, and Ingo Walter
Chapter 9 Fair Value Accounting: Policy Issues Raised by the Credit Crunch
215
Stephen G. Ryan
Part Four Derivatives, Short Selling, and Transparency 229
Viral V. Acharya
Chapter 10 Derivatives: The Ultimate Financial Innovation 233
Viral V. Acharya, Menachem Brenner, Robert F. Engle, Anthony W. Lynch, and
Matthew Richardson
Chapter 11 Centralized Clearing for Credit Derivatives 251
Viral V. Acharya, Robert F. Engle, Stephen Figlewski, Anthony W. Lynch, and
Marti G. Subrahmanyam
Chapter 12 Short Selling 269
Menachem Brenner and Marti G. Subrahmanyam
Part Five The Role of the Federal Reserve 277
Thomas F. Cooley and Thomas Philippon
Chapter 13 Regulating Systemic Risk 283
Viral V. Acharya, Lasse H. Pedersen, Thomas Philippon, and Matthew
Richardson
Chapter 14 Private Lessons for Public Banking: The Case for Conditionality
in LOLR Facilities 305
Viral V. Acharya and David K. Backus
Part Six The Bailout 323
Thomas F. Cooley and Thomas Philippon
Chapter 15 The Financial Sector Bailout: Sowing the Seeds of the Next
Crisis? 327
Viral V. Acharya and Rangarajan K. Sundaram
Chapter 16 Mortgages and Households 341
Andrew Caplin and Thomas F. Cooley
Chapter 17 Where Should the Bailout Stop? 353
Edward I. Altman and Thomas Philippon
Part Seven International Coordination 363
Chapter 18 International Alignment of Financial Sector Regulation 365
Viral V. Acharya, Paul Wachtel, and Ingo Walter
About the Authors 377
Index 381

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)