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Regulating Wall Street [electronic resource] : the Dodd-Frank Act and the new architecture of global finance /
Viral V. Acharya ... [et al.].
imprint
Hoboken, N.J. : John Wiley, c2011.
description
xviii, 573 p. : ill. ; 24 cm.
ISBN
9780470768778
format(s)
Book
More Details
added author
series title
imprint
Hoboken, N.J. : John Wiley, c2011.
isbn
9780470768778
restrictions
Licensed for access by U. of T. users.
abstract
"Experts from NYU Stern School of Business analyze new financial regulations and what they mean for the economy The NYU Stern School of Business is one of the top business schools in the world thanks to the leading academics, researchers, and provocative thinkers who call it home. In Regulating Wall Street: The New Architecture of Global Finance, an impressive group of the Stern school's top authorities on finance combine their expertise in capital markets, risk management, banking, and derivatives to assess the strengths and weaknesses of new regulations in response to the recent global financial crisis. Summarizes key issues that regulatory reform should address Evaluates the key components of regulatory reform Provides analysis of how the reforms will affect financial firms and markets, as well as the real economy The U.S. Congress is on track to complete the most significant changes in financial regulation since the 1930s. Regulating Wall Street: The New Architecture of Global Finance discusses the impact these news laws will have on the U.S. and global financial architecture"--
catalogue key
8268702
 
Includes bibliographical references and index.
A Look Inside
Excerpts
Flap Copy
T he Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 is everywhere described as the most ambitious and far-reaching overhaul of financial regulation since the 1930s. The Act was born of the severe financial crisis of 2007-2009 and the Great Recession that followed. It attempts to fix parts of the financial architecture that failed in the crisis. The Act is already being denounced by some for not going far enough to curb the risky behavior of financial institutions, and condemned by others for going too far and hampering innovation and efficiency in financial markets. Following Restoring Financial Stability: How to Repair a Failed System, a forensic analysis of the financial crisis of 2007-2009, forty NYU Stern faculty have produced this in-depth analysis of the Dodd-Frank Act. It provides a comprehensive description of the important parts of the Act and a balanced assessment of its likely success as the new regulatory architecture for the financial system. The Dodd-Frank Act, together with other regulatory reforms introduced by the Securities and Exchange Commission (SEC), the Federal Reserve, and other regulators as well as financial sector reforms being put in place in Europe, is going to alter the structure of financial markets in profound ways. The editors argue that the Dodd-Frank Act provides much-needed improvements in financial regulation but falls far short of what could have been achieved. Today, it seems that everyone's taking credit for predicting the near collapse of America's financial system that started in 2007. But, rather than looking to the past at what went wrong and who was right, in Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance, leading academics from New York University's Stern School of Business-each a specialist in a relevant discipline-turn their attentions to the new legislation to regulate Wall Street in the future, and whether the resulting regulations will promote growth and prevent another near collapse of our financial system, or contribute to its catastrophic failure. Edited by Viral Acharya, Thomas Cooley, Matthew Richardson, and Ingo Walter, this book is essential reading for policymakers, business executives, and anyone who can benefit from having a clear, coherent, and rigorous framework for thinking about the future of global finance.
Flap Copy
T he Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 is everywhere described as the most ambitious and far-reaching overhaul of financial regulation since the 1930s. The Act was born of the severe financial crisis of 2007-2009 and the Great Recession that followed. It attempts to fix parts of the financial architecture that failed in the crisis. The Act is already being denounced by some for not going far enough to curb the risky behavior of financial institutions, and condemned by others for going too far and hampering innovation and efficiency in financial markets.Following Restoring Financial Stability: How to Repair a Failed System, a forensic analysis of the financial crisis of 2007-2009, forty NYU Stern faculty have produced this in-depth analysis of the Dodd-Frank Act. It provides a comprehensive description of the important parts of the Act and a balanced assessment of its likely success as the new regulatory architecture for the financial system.The Dodd-Frank Act, together with other regulatory reforms introduced by the Securities and Exchange Commission (SEC), the Federal Reserve, and other regulators as well as financial sector reforms being put in place in Europe, is going to alter the structure of financial markets in profound ways. The editors argue that the Dodd-Frank Act provides much-needed improvements in financial regulation but falls far short of what could have been achieved.Today, it seems that everyone's taking credit for predicting the near collapse of America's financial system that started in 2007. But, rather than looking to the past at what went wrong and who was right, in Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance, leading academics from New York University's Stern School of Business-each a specialist in a relevant discipline-turn their attentions to the new legislation to regulate Wall Street in the future, and whether the resulting regulations will promote growth and prevent another near collapse of our financial system, or contribute to its catastrophic failure.Edited by Viral Acharya, Thomas Cooley, Matthew Richardson, and Ingo Walter, this book is essential reading for policymakers, business executives, and anyone who can benefit from having a clear, coherent, and rigorous framework for thinking about the future of global finance.
Full Text Reviews
Appeared in Choice on 2011-05-01:
This book is a follow-up to an earlier work, Restoring Financial Stability: How to Repair a Failed System, edited by Acharya and Matthew Richardson (2009), and authored by many of the same contributors to this new volume. Regulating Wall Street provides an exhaustive review of the Dodd-Frank Act. The 18 chapters, contained within five parts—"Financial Architecture," "Systemic Risk," "Shadow Banking," "Credit Markets," and "Corporate Control"--summarize the key features of the act and provide commentary on their efficacy. Where the measures are lacking, the contributors provide alternative proposals. The editors have taken care to ensure little overlap among the chapters. The prologue provides a summary of the overall assessment of the bill: an improvement over what existed before but still not enough. Given that many of the details of the regulations will not be known until regulators write them, this work may be premature. Nevertheless, it provides a valuable overview of the context and legislation, with equally valuable commentary and suggestions for improvement. Summing Up: Recommended. Lower-division undergraduate students through researchers, as well as general readers. B. B. Andrew Juniata College
Reviews
Review Quotes
"A fascinating, lively, and thoroughly readable guide to the Dodd-Frank Act that pierces the cloud of confusion that hangs over so much of the financial reform debate. It is extremely timely and valuable, and should be required reading for all policymakers, investors, and students of finance. What makes the book so valuable is that it not only analyzes the scope of the Act, in a punchy, lively style, but it also discusses its potential impact. More important, the book analyzes what is not covered in the Act-and where the potential challenges to the financial system still lie." -Gillian Tett, U.S. Managing Editor, Financial Times"The crisis of 2008 confronted even well-educated Americans with a flood of incomprehensible financial vocabulary, describing novel financial institutions and practices most of us had never heard of before. Now we have the 2,300-page Dodd-Frank Act, designed to provide the needed repair. Will it do so? What else will it do? How can we even start to think about these basic questions? Regulating Wall Street addresses these questions in a clear, direct style, taking us through the many parts of the Act one at a time, and providing informed, cogent economic analysis of each. A valuable standard source for future discussion." -Robert E. Lucas, University of Chicago, 1995 Nobel Laureate"Take the faculty of one of the best finance departments in the world. Ask them to analyze the new U.S. legislation on financial regulation, and to think about what the new law gets right, what it gets wrong, and how it is likely to shape the future of the financial system. With a bit of luck, you get this very impressive book. An absolute must-read." -Olivier Blanchard, Chief Economist, International Monetary Fund"Regulating Wall Street goes a long way toward clarifying the intent of the various provisions of the Dodd-Frank Act and evaluating both its effectiveness and limitations. The need for effective implementation by agencies is appropriately emphasized. Not a quick read, a useful reference work on an enormously complex piece of legislation, dealing with an even more complex financial reality." -Paul Volcker, Chairman of the Economic Recovery Advisory Board and former Chairman of the Federal Reserve (1979-1987)
"A fascinating, lively, and thoroughly readable guide to the Dodd-Frank Act that pierces the cloud of confusion that hangs over so much of the financial reform debate. It is extremely timely and valuable, and should be required reading for all policymakers, investors, and students of finance. What makes the book so valuable is that it not only analyzes the scope of the Act, in a punchy, lively style, but it also discusses its potential impact. More important, the book analyzes what is not covered in the Actand where the potential challenges to the financial system still lie." Gillian Tett, U.S. Managing Editor, Financial Times "The crisis of 2008 confronted even well-educated Americans with a flood of incomprehensible financial vocabulary, describing novel financial institutions and practices most of us had never heard of before. Now we have the 2,300-page Dodd-Frank Act, designed to provide the needed repair. Will it do so? What else will it do? How can we even start to think about these basic questions? Regulating Wall Street addresses these questions in a clear, direct style, taking us through the many parts of the Act one at a time, and providing informed, cogent economic analysis of each. A valuable standard source for future discussion." Robert E. Lucas, University of Chicago, 1995 Nobel Laureate "Take the faculty of one of the best finance departments in the world. Ask them to analyze the new U.S. legislation on financial regulation, and to think about what the new law gets right, what it gets wrong, and how it is likely to shape the future of the financial system. With a bit of luck, you get this very impressive book. An absolute must-read." Olivier Blanchard, Chief Economist, International Monetary Fund "Regulating Wall Street goes a long way toward clarifying the intent of the various provisions of the Dodd-Frank Act and evaluating both its effectiveness and limitations. The need for effective implementation by agencies is appropriately emphasized. Not a quick read, a useful reference work on an enormously complex piece of legislation, dealing with an even more complex financial reality." Paul Volcker, Chairman of the Economic Recovery Advisory Board and former Chairman of the Federal Reserve (19791987)
"A fascinating, lively, and thoroughly readable guide to the Dodd-Frank Act that pierces the cloud of confusion that hangs over so much of the financial reform debate. It is extremely timely and valuable, and should be required reading for all policymakers, investors, and students of finance. What makes the book so valuable is that it not only analyzes the scope of the Act, in a punchy, lively style, but it also discusses its potential impact. More important, the book analyzes what is not covered in the Act-and where the potential challenges to the financial system still lie." - Gillian Tett , U.S. Managing Editor, Financial Times "The crisis of 2008 confronted even well-educated Americans with a flood of incomprehensible financial vocabulary, describing novel financial institutions and practices most of us had never heard of before. Now we have the 2,300-page Dodd-Frank Act, designed to provide the needed repair. Will it do so? What else will it do? How can we even start to think about these basic questions? Regulating Wall Street addresses these questions in a clear, direct style, taking us through the many parts of the Act one at a time, and providing informed, cogent economic analysis of each. A valuable standard source for future discussion." - Robert E. Lucas , University of Chicago, 1995 Nobel Laureate "Take the faculty of one of the best finance departments in the world. Ask them to analyze the new U.S. legislation on financial regulation, and to think about what the new law gets right, what it gets wrong, and how it is likely to shape the future of the financial system. With a bit of luck, you get this very impressive book. An absolute must-read." - Olivier Blanchard , Chief Economist, International Monetary Fund "Regulating Wall Street goes a long way toward clarifying the intent of the various provisions of the Dodd-Frank Act and evaluating both its effectiveness and limitations. The need for effective implementation by agencies is appropriately emphasized. Not a quick read, a useful reference work on an enormously complex piece of legislation, dealing with an even more complex financial reality." - Paul Volcker , Chairman of the Economic Recovery Advisory Board and former Chairman of the Federal Reserve (1979-1987) "There are many villains in the story of the recent crisis and much written to name them, describe them and even curse them. . . If you want to know how to fix the problem, I highly recommend ''Regulating Wall Street,'' from New York University''s Stern School of Business. . . In the excellent book, ''Regulating Wall Street,'' several of the studies indicate that there are few synergies among financial activities that could lead to economies of scope. The studies also demonstrate that multiple functions in large, complex firms can actually increase systemic risk. Moreover, they suggest that the spun-off activities could thrive without explicit or implied government support. The conclusion in this book is that separating activities in this manner, together with stronger resolution processes and better capital standards, would do much to strengthen our financial system, making it more accountable and stronger." - Thomas M. Hoenig, President, Federal Reserve Bank of Kansas City "Readers should read Regulating Wall Street to understand why, in the face of market failures and copious evidence that Wall Street is unproductive, Congress and regulators labored mightily to resurrect the financial intermediation racket just as it existed on September 12, 2008." (Tax Notes) "If you want to know how to fix the problem, I highly recommend Regulating Wall Street , from New York University''s Stern School of Business." - Karl Denninger, Seeking Alpha "One refreshing sign of hope for constructive change is that economists, some of whose theories had much to do with a light regulatory approach toward derivatives and the housing bubble, are increasingly producing research calling for stricter guidelines then Dodd-Frank or the Obama administration. Regulating Wall Street presents a wide range of new research supporting stronger regulations than Dodd-Frank recommends, such as . . . tax proposals. . . In the prologue of Regulating Wall Street , the editors, hardly known as progressives, remind financiers how useful strong regulations were in the past. . . We would be better off if the powers on Wall Street would remember. . . " (New York Review)
This item was reviewed in:
Choice, May 2011
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Summaries
Back Cover Copy
Independent analysis of newly enacted financial legislation-and what it might mean for the world economy "A fascinating, lively, and thoroughly readable guide to the Dodd-Frank Act that pierces the cloud of confusion that hangs over so much of the financial reform debate. It is extremely timely and valuable, and should be required reading for all policymakers, investors, and students of finance. What makes the book so valuable is that it not only analyzes the scope of the Act, in a punchy, lively style, but it also discusses its potential impact. More important, the book analyzes what is not covered in the Act-and where the potential challenges to the financial system still lie." - Gillian Tett , U.S. Managing Editor, Financial Times "The crisis of 2008 confronted even well-educated Americans with a flood of incomprehensible financial vocabulary, describing novel financial institutions and practices most of us had never heard of before. Now we have the 2,300-page Dodd-Frank Act, designed to provide the needed repair. Will it do so? What else will it do? How can we even start to think about these basic questions? Regulating Wall Street addresses these questions in a clear, direct style, taking us through the many parts of the Act one at a time, and providing informed, cogent economic analysis of each. A valuable standard source for future discussion." - Robert E. Lucas , University of Chicago, 1995 Nobel Laureate "Take the faculty of one of the best finance departments in the world. Ask them to analyze the new U.S. legislation on financial regulation, and to think about what the new law gets right, what it gets wrong, and how it is likely to shape the future of the financial system. With a bit of luck, you get this very impressive book. An absolute must-read." - Olivier Blanchard , Chief Economist, International Monetary Fund " Regulating Wall Street goes a long way toward clarifying the intent of the various provisions of the Dodd-Frank Act and evaluating both its effectiveness and limitations. The need for effective implementation by agencies is appropriately emphasized. Not a quick read, a useful reference work on an enormously complex piece of legislation, dealing with an even more complex financial reality." - Paul Volcker , Chairman of the Economic Recovery Advisory Board and former Chairman of the Federal Reserve (1979-1987)
Bowker Data Service Summary
'Regulating Wall Street' assesses the strengths and weaknesses of new regulations in response to the recent global financial crisis. It summarises key issues that regulatory reform should address, evaluates the key components of regulatory reform and provides analysis of how the reforms will affect financial firms and markets.
Long Description
Independent analysis of newly enacted financial legislation-and what it might mean for the world economy"A fascinating, lively, and thoroughly readable guide to the Dodd-Frank Act that pierces the cloud of confusion that hangs over so much of the financial reform debate. It is extremely timely and valuable, and should be required reading for all policymakers, investors, and students of finance. What makes the book so valuable is that it not only analyzes the scope of the Act, in a punchy, lively style, but it also discusses its potential impact. More important, the book analyzes what is not covered in the Act-and where the potential challenges to the financial system still lie." -Gillian Tett, U.S. Managing Editor, Financial Times"The crisis of 2008 confronted even well-educated Americans with a flood of incomprehensible financial vocabulary, describing novel financial institutions and practices most of us had never heard of before. Now we have the 2,300-page Dodd-Frank Act, designed to provide the needed repair. Will it do so? What else will it do? How can we even start to think about these basic questions? Regulating Wall Street addresses these questions in a clear, direct style, taking us through the many parts of the Act one at a time, and providing informed, cogent economic analysis of each. A valuable standard source for future discussion." -Robert E. Lucas, University of Chicago, 1995 Nobel Laureate"Take the faculty of one of the best finance departments in the world. Ask them to analyze the new U.S. legislation on financial regulation, and to think about what the new law gets right, what it gets wrong, and how it is likely to shape the future of the financial system. With a bit of luck, you get this very impressive book. An absolute must-read." -Olivier Blanchard, Chief Economist, International Monetary Fund"Regulating Wall Street goes a long way toward clarifying the intent of the various provisions of the Dodd-Frank Act and evaluating both its effectiveness and limitations. The need for effective implementation by agencies is appropriately emphasized. Not a quick read, a useful reference work on an enormously complex piece of legislation, dealing with an even more complex financial reality." -Paul Volcker, Chairman of the Economic Recovery Advisory Board and former Chairman of the Federal Reserve (1979-1987)
Main Description
Experts from NYU Stern School of Business analyze new financial regulations and what they mean for the economy The NYU Stern School of Business is one of the top business schools in the world thanks to the leading academics, researchers, and provocative thinkers who call it home. In Regulating Wall Street: The New Architecture of Global Finance , an impressive group of the Stern school's top authorities on finance combine their expertise in capital markets, risk management, banking, and derivatives to assess the strengths and weaknesses of new regulations in response to the recent global financial crisis. Summarizes key issues that regulatory reform should address Evaluates the key components of regulatory reform Provides analysis of how the reforms will affect financial firms and markets, as well as the real economy The U.S. Congress is on track to complete the most significant changes in financial regulation since the 1930s. Regulating Wall Street: The New Architecture of Global Finance discusses the impact these news laws will have on the U.S. and global financial architecture.
Main Description
Experts from NYU Stern School of Business analyze new financial regulations and what they mean for the economyThe NYU Stern School of Business is one of the top business schools in the world thanks to the leading academics, researchers, and provocative thinkers who call it home. In Regulating Wall Street: The New Architecture of Global Finance, an impressive group of the Stern school's top authorities on finance combine their expertise in capital markets, risk management, banking, and derivatives to assess the strengths and weaknesses of new regulations in response to the recent global financial crisis. Summarizes key issues that regulatory reform should address Evaluates the key components of regulatory reform Provides analysis of how the reforms will affect financial firms and markets, as well as the real economy The U.S. Congress is on track to complete the most significant changes in financial regulation since the 1930s. Regulating Wall Street: The New Architecture of Global Finance discusses the impact these news laws will have on the U.S. and global financial architecture.
Main Description
In Regulating Wall Street, Stern has assembled a team of experts, each a specialist in a relevant discipline, to assess the strengths and weaknesses of the legislation that is now on the table. Not all of the issues addressed in the current legislation are equally important. Some, such as financial sector compensation and consumer protection - are perhaps not central to future financial stability. Others, such as the future role of the Federal Reserve, the approach to systemic risk, the restructuring of too-big-to-fail institutions, and the shadow banking system that houses OTC derivative and money markets, are undoubtedly critical to the future safety and soundness of the financial system. The debates will be both heated and ongoing - as will the book's commentary; with a blog to accompany the book upon publication, the editors and contributors will have a forum to continue their discussions regarding the effects of the future legislation, as well as opening up the debate to readers.
Table of Contents
Forewordp. xi
Prefacep. xvii
Prologue: A Bird's-Eye View
The Dodd-Frank Wall Street Reform and Consumer Protection Actp. 1
Financial Architecturep. 33
The Architecture of Financial Regulationp. 35
The Power of Central Banks and the Future of the Federal Reserve Systemp. 51
Consumer Finance Protectionp. 73
Systemic Riskp. 85
Measuring Systemic Riskp. 87
Taxing Systemic Riskp. 121
Capital, Contingent Capital, and Liquidity Requirementsp. 143
Large Banks and the Volcker Rulep. 181
Resolution Authorityp. 213
Systemic Risk and the Regulation of Insurance Companiesp. 241
Shadow Bankingp. 303
Money Market Funds: How to Avoid Breaking the Buckp. 305
The Repurchase Agreement (Repo) Marketp. 319
Hedge Funds, Mutual Funds, and ETFsp. 351
Regulating OTC Derivativesp. 367
Credit Marketsp. 427
The Government-Sponsored Enterprisesp. 429
Regulation of Rating Agenciesp. 443
Securitization Reformp. 469
Corporate Controlp. 491
Reforming Compensation and Corporate Governancep. 493
Accounting and Financial Reformp. 511
Epiloguep. 527
About the Authorsp. 531
About the Blogp. 535
Indexp. 537
Table of Contents provided by Ingram. All Rights Reserved.

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