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Restoring Financial Stability. How to Repair a Failed System. Wiley Finance

  • ID: 2241752
  • Book
  • April 2009
  • 416 Pages
  • John Wiley and Sons Ltd
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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 former Chairman 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)

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Prologue: A Bird′s Eye View.

The Financial Crisis of 2007–2009: Causes and Remedies By (Viral Acharya, Thomas Philippon, Matthew Richardson, and Nouriel Roubini).

Section I: Causes of the Financial Crisis of 2007–2009 By (Matthew Richardson).

Chapter 1: Mortgage Origination and Securitization in the Financial Crisis By (Dwight Jaffee, Anthony Lynch, Matthew Richardson and Stijn Van Nieuwerburgh).

Chapter 2: How Banks Played the Leverage Game By (Viral Acharya and Philipp Schnabl).

Chapter 3: The Rating Agencies Is Regulation the Answer By (Matthew Richardson and Lawrence White)?

Section II: Financial Institutions By (Matthew Richardson).

Chapter 4: What to Do About the Government Sponsored Enterprises By (Dwight Jaffee, Matthew Richardson, Stijn Van Nieuwerburgh, Lawrence White and Robert Wright)?

Chapter 5: Enhanced Regulation of Large Complex Financial Institutions By (Anthony Saunders, Roy Smith & Ingo Walter).

Chapter 6: Hedge Funds in the Aftermath of the Financial Crisis By (Stephen Brown, Marcin Kacperczyk, Alexander Ljungqvist, Anthony Lynch, Lasse Pedersen, and Matthew Richardson).

Section III: Governance, Incentives and Fair Value Accounting Overview By (Viral Acharya and Rangarajan Sundaram).

Chapter 7: Corporate Governance in the Modern Financial Sector By (Viral V. Acharya, Jennifer Carpenter, Xavier Gabaix, Kose John, Matthew Richardson, Marti Subrahmanyam, Rangarajan Sundaram, Eitan Zemel).

Chapter 8: Rethinking Compensation in Financial Firms By (Gian Luca Clementi, Thomas F. Cooley, Matthew Richardson, and Ingo Walter).

Chapter 9: Fair Value Accounting Policy Issues Raised by the Credit Crunch By (Stephen G. Ryan).

Section IV: Derivatives, Short–Selling and Transparency By (Viral Acharya).

Chapter 10: Derivatives The Ultimate Financial Innovation By (Viral Acharya, Menachem Brenner, Robert Engle, Anthony Lynch and Matthew Richardson).

Chapter 11: Centralized Clearing for Credit Derivatives By (Viral Acharya, Robert Engle, Stephen Figlewski, Anthony Lynch, and Marti Subrahmanyam).

Chapter 12: Short Selling By (Menachem Brenner and Marti G. Subrahmanyam).

Section V: The Role of the Fed By (Thomas Cooley and Thomas Philippon).

Chapter 13: Regulating Systemic Risk By (Viral Acharya, Lasse Pedersen, Thomas Philippon and Matthew Richardson).

Chapter 14: Private Lessons for Public Banking: The Case for Conditionality in LOLR Facilities By (Viral Acharya and David Backus).

Section VI: The Bailout By (Thomas Cooley and Thomas Philippon).

Chapter 15: The Financial Sector Bailout Sowing the Seeds of the Next Crisis By (Viral Acharya and Rangarajan Sundaram)?

Chapter 16: Mortgages and Households By (Andrew Caplin and Thomas Cooley).

Chapter 17: Where Should the Bailout Stop By (Edward I. Altman and Thomas Philippon)?

Section VII: International Coordination..

Chapter 18: International Alignment of Financial Sector Regulation By (Viral Acharya, Paul Wachtel and Ingo Walter).

NYU Stern Author Biographies.


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New York University Stern School of Business
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