Catalogue


Reforming U.S. financial markets : reflections before and beyond Dodd-Frank /
Randall S. Kroszner and Robert J. Shiller ; the Alvin Hansen Symposium on Public Policy, Harvard University ; edited and with an introduction by Benjamin M. Friedman.
imprint
Cambridge, Mass. : MIT Press, c2011.
description
xvii, 152 p.
ISBN
0262015455 (hbk. : alk. paper), 9780262015455 (hbk. : alk. paper)
format(s)
Book
Holdings
More Details
imprint
Cambridge, Mass. : MIT Press, c2011.
isbn
0262015455 (hbk. : alk. paper)
9780262015455 (hbk. : alk. paper)
general note
Papers and discussions presented at the fifth Alvin Hansen Symposium on Public Policy, held at Harvard University on April 30, 2009.
catalogue key
7404107
 
Includes bibliographical references and index.
A Look Inside
Full Text Reviews
Appeared in Choice on 2011-08-01:
This short book contains updated versions of two papers, one by Shiller (Yale) and the other by Kroszner (Univ. of Chicago), accompanied by four discussion comments from the fifth Alvin Hansen Symposium on Public Policy held at Harvard in April 2009. These two prominent economists address ways to avoid another financial crisis like the one that began in 2007 and reached a climax in September 2008. Shiller favors financial reform that incorporates insights from behavioral finance about the systemic errors people make. He argues that the presumption of rationality in the efficient-market hypothesis contributed to the financial meltdown, in part by discouraging regulation. While Shiller asks how regulators might prevent future financial crises from starting, Kroszner is concerned only that regulations not be procyclical, deepening and prolonging financial panics when they occur. Complex interlinkages among financial firms provide a setting for destabilizing feedback in which failure of one firm can set off a cascade of other failures; regulations need to offset the potential instability of that structure. The papers mention the Dodd-Frank financial reform bill, passed after these papers were delivered, but do not discuss it in any detail. Summing Up: Recommended. Comprehensive collections, upper-division undergraduate through professional collections. R. E. Schenk emeritus, Saint Joseph's College (IN)
Reviews
Review Quotes
"In this extremely readable and thought-provoking volume, two of America's leading financial experts provide an excellent roadmap to financial reform after Dodd-Frank. Their recommendations make this a timeless must-read for everyone concerned with the efficiency and stability of our financial markets and institutions." Robert E. Litan , Vice President, Research and Policy, The Kauffman Foundation, and Senior Fellow, Economic Studies, The Brookings Institution
"Much of the literature on the financial crisis finds economists talking past one another. It is refreshing, therefore, to find some of our leading economists engaging one another, thoughtfully and fully, in this volume. Their fundamental concern is how to ensure that finance serves society rather than the other way around. Their contributions to answering this question should help to point discussions of post-crisis reform in a more productive direction." Barry Eichengreen , George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley
"In this extremely readable and thought-provoking volume, two of America's leading financial experts provide an excellent roadmap to financial reform after Dodd-Frank. Their recommendations make this a timeless must-read for everyone concerned with the efficiency and stability of our financial markets and institutions." - Robert E. Litan , Vice President, Research and Policy, The Kauffman Foundation, and Senior Fellow, Economic Studies, The Brookings Institution
"Much of the literature on the financial crisis finds economists talking past one another. It is refreshing, therefore, to find some of our leading economists engaging one another, thoughtfully and fully, in this volume. Their fundamental concern is how to ensure that finance serves society rather than the other way around. Their contributions to answering this question should help to point discussions of post-crisis reform in a more productive direction." - Barry Eichengreen , George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley
This item was reviewed in:
Choice, August 2011
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Summaries
Main Description
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. Kroszner focuses on key areas for reform, including credit rating agencies and the mortgage securitization market. Shiller argues that reform must serve to make the full power of financial theory work for everyone-bringing the technology of finance to bear on managing risk, for example-and should acknowledge the reality of human nature. After brief discussions by four commentators, Kroszner and Shiller each offer a response to the other's proposals, creating a fruitful dialogue between two major figures in the field.
Main Description
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. Kroszner focuses on key areas for reform, including credit rating agencies and the mortgage securitization market. Shiller argues that reform must serve to make the full power of financial theory work for everyone--bringing the technology of finance to bear on managing risk, for example--and should acknowledge the reality of human nature. After brief discussions by four commentators, Kroszner and Shiller each offer a response to the other's proposals, creating a fruitful dialogue between two major figures in the field.
Bowker Data Service Summary
Over the last few years, the financial sector has experienced its worst crisis since the 1930s. In this book, leading economists Randall Kroszner and Robert Shiller discuss what the United States should do to prevent another such financial meltdown.
Table of Contents
Introductionp. ix
Democratizing and Humanizing Financep. 1
Making Markets More Robustp. 51
Commentsp. 85
Responsesp. 119
Rejoinderp. 131
Contributorsp. 133
Indexp. 135
Table of Contents provided by Ingram. All Rights Reserved.

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