Acharya / Richardson Restoring Financial Stability

How to Repair a Failed System
1. Auflage 2010
ISBN: 978-0-470-50106-1
Verlag: John Wiley & Sons
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 416 Seiten, E-Book

Reihe: Wiley Finance Editions

An insightful look at how to reform our broken financialsystem
The financial crisis that unfolded in September 2008 transformedthe United States and world economies. As each day's headlinesbrought stories of bank failures and rescues, government policiesdrawn and redrawn against the backdrop of an historic Presidentialelection, and solutions that seemed to be discarded almost as soonas they were proposed, a group of thirty-three academics at NewYork University Stern School of Business began tackling the hardquestions behind the headlines. Representing fields of finance,economics, and accounting, these professors-led by Dean ThomasCooley and Vice Dean Ingo Walter-shaped eighteen independent policypapers that proposed market-focused solutions to the problemswithin a common framework. In December, with great urgency, theysent hand-bound copies to Washington. Restoring FinancialStability is the culmination of their work.
* Proposes bold, yet principled approaches-including financialpolicy alternatives and specific courses of action-to deal withthis unprecedented, systemic financial crisis
* Created by the contributions of various academics from New YorkUniversity's Stern School of Business
* Provides important perspectives on both the causes of theglobal financial crisis as well as proposed solutions to ensure itdoesn't happen again
* Contains detailed evaluations and analyses covering manyspectrums of the marketplace
Edited by Matthew Richardson and Viral Acharya, this reliableresource brings together the best thinking of finance and economicsfrom the faculty of one of the top universities in world.

Autoren/Hrsg.

Acharya, Viral

Richardson, Matthew P.

Inhaltsverzeichnis

Foreword.
Acknowledgments.
Prologue: A Bird's Eye View.
The Financial Crisis of 2007-2009: Causes and Remedies By (ViralAcharya, Thomas Philippon, Matthew Richardson, and NourielRoubini).
Section I: Causes of the Financial Crisis of 2007-2009 By(Matthew Richardson).
Chapter 1: Mortgage Origination and Securitization in theFinancial Crisis By (Dwight Jaffee, Anthony Lynch, MatthewRichardson 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 (MatthewRichardson).
Chapter 4: What to Do About the Government Sponsored EnterprisesBy (Dwight Jaffee, Matthew Richardson, Stijn Van Nieuwerburgh,Lawrence White and Robert Wright)?
Chapter 5: Enhanced Regulation of Large Complex FinancialInstitutions By (Anthony Saunders, Roy Smith & IngoWalter).
Chapter 6: Hedge Funds in the Aftermath of the Financial CrisisBy (Stephen Brown, Marcin Kacperczyk, Alexander Ljungqvist, AnthonyLynch, Lasse Pedersen, and Matthew Richardson).
Section III: Governance, Incentives and Fair Value AccountingOverview By (Viral Acharya and Rangarajan Sundaram).
Chapter 7: Corporate Governance in the Modern Financial SectorBy (Viral V. Acharya, Jennifer Carpenter, Xavier Gabaix, Kose John,Matthew Richardson, Marti Subrahmanyam, Rangarajan Sundaram, EitanZemel).
Chapter 8: Rethinking Compensation in Financial Firms By (GianLuca Clementi, Thomas F. Cooley, Matthew Richardson, and IngoWalter).
Chapter 9: Fair Value Accounting Policy Issues Raised by theCredit 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 andMatthew Richardson).
Chapter 11: Centralized Clearing for Credit Derivatives By(Viral Acharya, Robert Engle, Stephen Figlewski, Anthony Lynch, andMarti Subrahmanyam).
Chapter 12: Short Selling By (Menachem Brenner and Marti G.Subrahmanyam).
Section V: The Role of the Fed By (Thomas Cooley and ThomasPhilippon).
Chapter 13: Regulating Systemic Risk By (Viral Acharya, LassePedersen, Thomas Philippon and Matthew Richardson).
Chapter 14: Private Lessons for Public Banking: The Case forConditionality in LOLR Facilities By (Viral Acharya and DavidBackus).
Section VI: The Bailout By (Thomas Cooley and ThomasPhilippon).
Chapter 15: The Financial Sector "Bailout" Sowingthe Seeds of the Next Crisis By (Viral Acharya and RangarajanSundaram)?
Chapter 16: Mortgages and Households By (Andrew Caplin andThomas Cooley).
Chapter 17: Where Should the Bailout Stop By (Edward I. Altmanand Thomas Philippon)?
Section VII: International Coordination..
Chapter 18: International Alignment of Financial SectorRegulation By (Viral Acharya, Paul Wachtel and Ingo Walter).
NYU Stern Author Biographies.
Index.

Über Autor(innen)

Viral V. Acharya is Professor of Finance at New YorkUniversity Stern School of Business and London Business School. Heis Academic Advisor to the Federal Reserve Banks of New York andPhiladelphia and Academic Director of the Coller Institute ofPrivate Equity. Professor Acharya earned a Bachelor of Technologyin computer science and engineering from the Indian Institute ofTechnology, Mumbai, and a PhD in finance from NYU Stern. He livesin New York City with his wife and son.
Matthew Richardson is the Charles E. Simon Professor ofFinancial Economics and the Sidney Homer Director of the SalomonCenter for the Study of Financial Institutions at New YorkUniversity Stern School of Business. Professor Richardson receivedhis PhD in finance from Stanford University and his MA and BA ineconomics concurrently from the University of California at LosAngeles. He lives in New York City with his wife and threechildren.