Restoring Financial Stability : How to Repair a Failed System

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  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2009-03-23
  • Publisher: Wiley
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Praise for Restoring Financial Stability"The Stern School faculty is making an important contribution to the needed debate about how to go about reforming our broken financial system. Plainly, the insights of financial theory need to be better adapted to the practical requirements of maintaining reasonable stability of markets and institutions. Restoring Financial Stability: How to Repair a Failed System helps point the way." -Paul Volcker, Chairman of Economic Recovery Advisory Board and formerChairman of the Federal Reserve (1979-1987)"Although we are yet in the midst of a gigantic global financial crisis, the academics who contributed to this timely and comprehensive compendium have provided us with not only an excellent analysis on each topic, but also timely recommendations as to how to move forward responsibly to develop the next generation of our financial-service industry architecture." -Myron Scholes, Chairman of Platinum Grove Asset Management and winner of the 1997 Nobel Prize in Economics"The authors provide important perspectives on both the causes of the global financial crisis as well as proposed solutions to ensure it doesn't happen again. A must-read for anyone interested or involved in the financial markets." -John Paulson, President and founder of Paulson & Co, Inc."No sustainable economic recovery can take hold until our tattered financial system is not just repaired but, more importantly, until its institutional framework is restructured and new rules of financial behavior are put in place. This book, the work of prominent academicians from a leading school of business, makes an important contribution to the framing of the problems and provides specific recommendations for their solutions. What makes this book especially valuable is its detailed evaluations and analyses covering many spectrums of the marketplace." -Henry Kaufman, President of Henry Kaufman & Co., Inc."This book consists of a set of papers providing a comprehensive and incisive analysis of perhaps the greatest crisis to hit the capitalist system in recent times. The papers are by renowned experts in the area. Together, they constitute an indispensable read for anyone interested in understanding the roots of the crisis and trying to formulate policies to resolve it." -Raghuram G. Rajan, Eric J. Gleacher Distinguished Service Professor of Finance, Chicago Booth School of Business, and former Chief Economist at the International Monetary Fund (2003-2006)

Author Biography

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.

Table of Contents

Forewordp. xi
Acknowledgmentsp. xiii
Prologue: A Bird's-Eye View The Financial Crisis of 2007-2009: Causes and Remediesp. 1
Causes of the Financial Crisis of 2007-2009p. 57
Mortgage Origination and Securitization in the Financial Crisisp. 61
How Banks Played the Leverage Gamep. 83
The Rating Agencies: Is Regulation the Answer?p. 101
Financial Institutionsp. 117
What to Do about the Government-Sponsored Enterprises?p. 121
Enhanced Regulation of Large, Complex Financial Institutionsp. 139
Hedge Funds in the Aftermath of the Financial Crisisp. 157
Governance, Incentives, and Fair Value Accounting Overviewp. 179
Corporate Governance in the Modern Financial Sectorp. 185
Rethinking Compensation in Financial Firmsp. 197
Fair Value Accounting: Policy Issues Raised by the Credit Crunchp. 215
Derivatives, Short Selling, and Transparencyp. 229
Derivatives: The Ultimate Financial Innovationp. 233
Centralized Clearing for Credit Derivativesp. 251
Short Sellingp. 269
The Role of the Federal Reservep. 277
Regulating Systemic Riskp. 283
Private Lessons for Public Banking: The Case for Conditionality in LOLR Facilitiesp. 305
The Bailoutp. 323
The Financial Sector Bailout: Sowing the Seeds of the Next Crisis?p. 327
Mortgages and Householdsp. 341
Where Should the Bailout Stop?p. 353
International Coordinationp. 363
International Alignment of Financial Sector Regulationp. 365
About the Authorsp. 377
Indexp. 381
Table of Contents provided by Ingram. All Rights Reserved.

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