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Restoring Financial Stability
How to Repair a Failed System
"This an excellent book. It is the first academic book to consider the crisis in depth and to propose policy responses and solutions. . . broad and deep overview of the crisis [that makes] suggestions for how to minimize the chances of a recurrence going forward. . . essential institutional detail and makes sensible and often original suggestions for reform. One of the remarkable aspects of the book is the speed with which it was produced. . . This book should be read by every serious observer of the crisis. It is an outstanding contribution." "The best available on this extraordinary and fascinating subject. . . brilliant idea, superbly executed, and has first-class content. Buy it."
—Franklin Allen., Nippon Life Professor of Finance, Wharton School of the University of Pennsylvania in FinReg21.com
—VoxEu.org
Viral V. Acharya (Edited by), Matthew P. Richardson (Edited by), (Author)
9780470499344, Wiley
Hardback, published 2 April 2009
416 pages
23.9 x 16 x 3.4 cm, 0.631 kg
"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)
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. 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.
Foreword xi Acknowledgments xiii Prologue: A Bird’s-Eye View Part One Causes of the Financial Crisis of 2007–2009 57 Chapter 1 Mortgage Origination and Securitization in the Financial Crisis 61 Chapter 2 How Banks Played the Leverage Game 83 Chapter 3 The Rating Agencies: Is Regulation the Answer? 101 Part Two Financial Institutions 117 Chapter 4 What to Do about the Government-Sponsored Enterprises? 121 Chapter 5 Enhanced Regulation of Large, Complex Financial Institutions 139 Chapter 6 Hedge Funds in the Aftermath of the Financial Crisis 157 Part Three Governance, Incentives, and Fair Value Accounting Overview 179 Chapter 7 Corporate Governance in the Modern Financial Sector 185 Chapter 8 Rethinking Compensation in Financial Firms 197 Chapter 9 Fair Value Accounting: Policy Issues Raised by the Credit Crunch 215 Part Four Derivatives, Short Selling, and Transparency 229 Chapter 10 Derivatives: The Ultimate Financial Innovation 233 Chapter 11 Centralized Clearing for Credit Derivatives 251 Chapter 12 Short Selling 269 Part Five The Role of the Federal Reserve 277 Chapter 13 Regulating Systemic Risk 283 Chapter 14 Private Lessons for Public Banking: The Case for Conditionality in LOLR Facilities 305 Part Six The Bailout 323 Chapter 15 The Financial Sector Bailout: Sowing the Seeds of the Next Crisis? 327 Chapter 16 Mortgages and Households 341 Chapter 17 Where Should the Bailout Stop? 353 Part Seven International Coordination 363 Chapter 18 International Alignment of Financial Sector Regulation 365 About the Authors 377 Index 381
The Financial Crisis of 2007–2009: Causes and Remedies 1
Viral V. Acharya, Thomas Philippon, Matthew Richardson, and Nouriel Roubini
Matthew Richardson
Dwight Jaffee, Anthony W. Lynch, Matthew Richardson, and Stijn Van Nieuwerburgh
Viral V. Acharya and Philipp Schnabl
Matthew Richardson and Lawrence J. White
Matthew Richardson
Dwight Jaffee, Matthew Richardson, Stijn Van Nieuwerburgh, Lawrence J. White, and Robert E. Wright
Anthony Saunders, Roy C. Smith, and Ingo Walter
Stephen J. Brown, Marcin Kacperczyk, Alexander Ljungqvist, Anthony W. Lynch, Lasse H. Pedersen, and Matthew Richardson
Viral V. Acharya and Rangarajan K. Sundaram
Viral V. Acharya, Jennifer N. Carpenter, Xavier Gabaix, Kose John, Matthew Richardson, Marti G. Subrahmanyam, Rangarajan K. Sundaram, and Eitan Zemel
Gian Luca Clementi, Thomas F. Cooley, Matthew Richardson, and Ingo Walter
Stephen G. Ryan
Viral V. Acharya
Viral V. Acharya, Menachem Brenner, Robert F. Engle, Anthony W. Lynch, and Matthew Richardson
Viral V. Acharya, Robert F. Engle, Stephen Figlewski, Anthony W. Lynch, and Marti G. Subrahmanyam
Menachem Brenner and Marti G. Subrahmanyam
Thomas F. Cooley and Thomas Philippon
Viral V. Acharya, Lasse H. Pedersen, Thomas Philippon, and Matthew Richardson
Viral V. Acharya and David K. Backus
Thomas F. Cooley and Thomas Philippon
Viral V. Acharya and Rangarajan K. Sundaram
Andrew Caplin and Thomas F. Cooley
Edward I. Altman and Thomas Philippon
Viral V. Acharya, Paul Wachtel, and Ingo Walter
Subject Areas: Finance & accounting [KF]
