Rocky Times New Perspectives on Financial Stability

by Fuchita, Yasuyuki; Herring, Richard J.; Litan, Robert E.

• ISBN13: 9780815722502
• ISBN10: 0815722508
• Format: Paperback
• Copyright: 2012-11-15
• Publisher: Brookings Institution Press

Summary

It has been nearly four years since the financial crisis of 2008, and the globalfinancial system still is experiencing malaise caused by high rates of unemployment;a lingering, unresolved supply of foreclosed properties; the deepening European debt crisis; and fear of a recurrence of the bank turmoil that brought about the Great Recession. All of these factors have led to stagnant economic growth worldwide. In Rocky Times, editors Yasuyuki Fuchita, Richard Herring, and Robert E. Litan bring together experts from academia and the banking system to analyze the difficult issuesconcerning troubled large financial institutions in an environment of economic uncertainty and growing public anger. Continuing the format of the previous Brookings-Nomura collaborations, Rocky Timesfocuses largely on developments within the UnitedStates and Japan but looks at those in other nations as well. This volume focuses on two broad areas: the Japanese approach to regulating financial institutions and promoting financial stability and the U.S. approach in light of the Dodd-Frank legislation. Specific topics include "Managing Systemwide Financial Crises:A Macro Approach --Some Lessons from Japan since 1990," "The Case for Properly Designed Contingent Capital Instruments," and "The Bankruptcy of Bankruptcy."

Author Biography

Yasuyuki Fuchita is an executive fellow at the Nomura Institute of Capital Markets Research in Tokyo. He is coeditor with Herring and Litan of Growing Old: Paying for Retirement and Institutional Money Management after the Financial Crisis (2011) and After the Crash: The Future of Finance (2010), both published by Brookings. Richard J. Herring is the Jacob Safra Professor of International Banking at the Wharton School, University of Pennsylvania. Robert E. Litan is Director of Research at Bloomberg Government.

Table of Contents

Preface	p. vii
Introduction	p. 1
Managing Systemwide Financial Crises: Some Lessons from Japan since 1990	p. 11
The Bankruptcy of Bankruptcy	p. 59
The Case for Regulating the Shadow Banking System	p. 89
Why and How to Design a Contingent Convertible Debt Requirement	p. 117
Governance Issues for Macroprudential Policy in Advanced Economies	p. 163
Contributors	p. 213
Index	p. 215
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