New Directions in Financial Services Regulation

by Porter, Roger B.; Glauber, Robert R.; Healey, Thomas J.

• ISBN13: 9780262015615
• ISBN10: 0262015617
• Format: Hardcover
• Copyright: 2011-04-22
• Publisher: Mit Pr

Summary

The financial crisis of 2008 raised crucial questions regarding the effectiveness of the way the United States regulates financial markets. What caused the crisis? What regulatory changes are most needed and desirable? What regulatory structure will best implement the desired changes? This volume addresses those questions with contributions from an ideologically diverse group of scholars, policy makers, and practitioners, including Paul Volcker, John Taylor, Richard Posner, and Glenn Hubbard. New Directions in Financial Services Regulationgrows out of a conference hosted by the Mossavar-Rahmani Center for Business and Government at Harvard's Kennedy School of Government in October 2009, and the book reflects the dynamic give-and-take of the event. Each chapter includes not only major papers and presentations but also a summary of the subsequent discussion. The book achieves a balance of academic and practitioner perspectives, with leaders of financial firms and regulatory bodies offering insights based on their experiences in the financial crisis of the year before.

Table of Contents

Preface and Acknowledgments	p. vii
Introduction: The Crisis of 2008 and Financial Services Regulation	p. 1
Diagnosis: Origins of the Crisis
Origins and Policy Implications of the Crisis	p. 13
Underlying Causes of the Financial Crisis of 2008-2009	p. 23
Comments	p. 47
Comments	p. 59
Summary of Discussion	p. 63
Prescriptions: Appropriate Regulatory Modifications
The Morning After: A Road Map for Financial Regulatory Reform	p. 77
An Ounce of Prevention: Financial Regulation, Moral Hazard, and the End of ôToo Big To Failö	p. 99
Comments	p. 111
Comments	p. 115
Summary of Discussion	p. 125
Implementation: A Fitting Regulatory Structure
Regulatory Structure and Reform: The Purpose Should Guide the Outcome	p. 137
Reengineering the Financial Regulatory System	p. 155
Comments	p. 181
Comments	p. 185
Summary of Discussion	p. 189
Concluding Remarks	p. 197
Keynote Speech by Paul A. Volcker: The Financial Crisis in Perspective	p. 201
References	p. 217
About the Authors	p. 219
Index	p. 223
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