Restoring Financial Stability : How to Repair a Failed System
Proposes bold, yet principled approaches-including financial policy alternatives and specific courses of action-to deal with this unprecedented, systemic financial crisis* Created by the contributions of various academics from New York University's Stern School of Business* Provides important perspectives on both the causes of the global financial crisis as well as proposed solutions to ensure it doesn't happen again* Contains detailed evaluations and analyses covering many spectrums of the marketplace 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.
- Hardback | 416 pages
- 167 x 233 x 34mm | 646g
- 31 Aug 2009
- John Wiley and Sons Ltd
- John Wiley & Sons Ltd
- Chichester, United Kingdom
- 1. Auflage
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This book, Restoring Financial Stability: How to Repair a Failed System, is the culmination of their work. For policymakers and business executives alike, the book proposes bold ideas--financial policy alternatives and specific courses of action--to deal with this unprecedented, systemic financial crisis. Their remedies acknowledge the power and potential of the free market. Some require modest regulatory intervention; others will shake regulatory practice to its very foundation.
To better understand the origins of the current financial crisis as well as the options for restoring financial health, don't miss this important and timely work. Edited by Viral Acharya and Matthew Richardson, this reliable resource brings together the best thinking of finance and economics faculty from one of the top universities in world.
Back cover copy
"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)
Table of contents
"...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)
About New York University Stern School of Business