Reforming U.S. Financial Markets: Reflections Before and Beyond Dodd-Frank
MIT Press, Jan 28, 2011 - Business & Economics - 176 pages
Over the last few years, the financial sector has experienced its worst crisis since the 1930s. The collapse of major firms, the decline in asset values, the interruption of credit flows, the loss of confidence in firms and credit market instruments, the intervention by governments and central banks: all were extraordinary in scale and scope. In this book, leading economists Randall Kroszner and Robert Shiller discuss what the United States should do to prevent another such financial meltdown. Their discussion goes beyond the nuts and bolts of legislative and regulatory fixes to consider fundamental changes in our financial arrangements. Kroszner and Shiller offer two distinctive approaches to financial reform, with Kroszner providing a systematic analysis of regulatory gaps and Shiller addressing the broader concerns of democratizing and humanizing finance. After brief discussions by four commentators Benjamin M. Friedman, George G. Kaufman, Robert C. Pozen, and Hal S. Scott), Kroszner and Shiller each offer a response to the other's proposals, creating a fruitful dialogue between two major figures in the field.
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Alvin Hansen argued assets bailouts bankruptcy Basel Basel II behavior bubbles capital requirements CDOs CDSs central clearing central counterparty cial clearinghouse Consumer Financial Consumer Protection corporate created credit default swaps credit rating agencies default deregulation derivative contracts disclosure Dodd-Frank Act economic effectively efficient markets efficient markets hypothesis equity example failure FDIC Federal Reserve financial crisis financial institutions financial markets financial regulation Financial Services Oversight Financial Stability financial system firms Glass-Steagall Act GSEs hedge funds humanizing finance improve infrastructure insolvent interconnected investment banking investors issues Kroszner leverage liquidity loans ment moral hazard mutual fund nancial nonbank Obama paper potential Pozen private-label MBS problem proposals Raghuram Rajan Rajan Randall Randall Kroszner reduce reforms regulatory resolution regime risk management Robert Robert Pozen Robert Shiller role rules securities securitization Services Oversight Council Shiller structure subprime systemic risk systemically important tion tranches U.S. Treasury