An insightful look at how to reform our broken financial
system
The financial crisis that unfolded in September 2008 transformed
the United States and world economies. As each day’s headlines
brought stories of bank failures and rescues, government policies
drawn and redrawn against the backdrop of an historic Presidential
election, and solutions that seemed to be discarded almost as soon
as they were proposed, a group of thirty-three academics at New
York University Stern School of Business began tackling the hard
questions behind the headlines. Representing fields of finance,
economics, and accounting, these professors-led by Dean Thomas
Cooley and Vice Dean Ingo Walter-shaped eighteen independent policy
papers that proposed market-focused solutions to the problems
within a common framework. In December, with great urgency, they
sent hand-bound copies to Washington. Restoring Financial
Stability is the culmination of their work.
* 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.
Table des matières
Foreword xi
Acknowledgments xiii
Prologue: A Bird’s-Eye View
The Financial Crisis of 2007-2009: Causes and Remedies 1
Viral V. Acharya, Thomas Philippon, Matthew Richardson, and Nouriel Roubini
Part One Causes of the Financial Crisis of 2007-2009 57
Matthew Richardson
Chapter 1 Mortgage Origination and Securitization in the Financial Crisis 61
Dwight Jaffee, Anthony W. Lynch, Matthew Richardson, and Stijn Van Nieuwerburgh
Chapter 2 How Banks Played the Leverage Game 83
Viral V. Acharya and Philipp Schnabl
Chapter 3 The Rating Agencies: Is Regulation the Answer? 101
Matthew Richardson and Lawrence J. White
Part Two Financial Institutions 117
Matthew Richardson
Chapter 4 What to Do about the Government-Sponsored Enterprises? 121
Dwight Jaffee, Matthew Richardson, Stijn Van Nieuwerburgh, Lawrence J. White, and Robert E. Wright
Chapter 5 Enhanced Regulation of Large, Complex Financial Institutions 139
Anthony Saunders, Roy C. Smith, and Ingo Walter
Chapter 6 Hedge Funds in the Aftermath of the Financial Crisis 157
Stephen J. Brown, Marcin Kacperczyk, Alexander Ljungqvist, Anthony W. Lynch, Lasse H. Pedersen, and Matthew Richardson
Part Three Governance, Incentives, and Fair Value Accounting Overview 179
Viral V. Acharya and Rangarajan K. Sundaram
Chapter 7 Corporate Governance in the Modern Financial Sector 185
Viral V. Acharya, Jennifer N. Carpenter, Xavier Gabaix, Kose John, Matthew Richardson, Marti G. Subrahmanyam, Rangarajan K. Sundaram, and Eitan Zemel
Chapter 8 Rethinking Compensation in Financial Firms 197
Gian Luca Clementi, Thomas F. Cooley, Matthew Richardson, and Ingo Walter
Chapter 9 Fair Value Accounting: Policy Issues Raised by the Credit Crunch 215
Stephen G. Ryan
Part Four Derivatives, Short Selling, and Transparency 229
Viral V. Acharya
Chapter 10 Derivatives: The Ultimate Financial Innovation 233
Viral V. Acharya, Menachem Brenner, Robert F. Engle, Anthony W. Lynch, and Matthew Richardson
Chapter 11 Centralized Clearing for Credit Derivatives 251
Viral V. Acharya, Robert F. Engle, Stephen Figlewski, Anthony W. Lynch, and Marti G. Subrahmanyam
Chapter 12 Short Selling 269
Menachem Brenner and Marti G. Subrahmanyam
Part Five The Role of the Federal Reserve 277
Thomas F. Cooley and Thomas Philippon
Chapter 13 Regulating Systemic Risk 283
Viral V. Acharya, Lasse H. Pedersen, Thomas Philippon, and Matthew Richardson
Chapter 14 Private Lessons for Public Banking: The Case for Conditionality in LOLR Facilities 305
Viral V. Acharya and David K. Backus
Part Six The Bailout 323
Thomas F. Cooley and Thomas Philippon
Chapter 15 The Financial Sector Bailout: Sowing the Seeds of the Next Crisis? 327
Viral V. Acharya and Rangarajan K. Sundaram
Chapter 16 Mortgages and Households 341
Andrew Caplin and Thomas F. Cooley
Chapter 17 Where Should the Bailout Stop? 353
Edward I. Altman and Thomas Philippon
Part Seven International Coordination 363
Chapter 18 International Alignment of Financial Sector Regulation 365
Viral V. Acharya, Paul Wachtel, and Ingo Walter
About the Authors 377
Index 381
A propos de l’auteur
VIRAL V. ACHARYA is Professor of Finance at New York University Stern School of Business and London Business School. He is Academic Advisor to the Federal Reserve Banks of New York and Philadelphia and Academic Director of the Coller Institute of Private Equity. Professor Acharya earned a Bachelor of Technology in computer science and engineering from the Indian Institute of Technology, Mumbai, and a Ph D in finance from NYU Stern. He lives in New York City with his wife and son.
MATTHEW RICHARDSON is the Charles E. Simon Professor of Financial Economics and the Sidney Homer Director of the Salomon Center for the Study of Financial Institutions at New York University Stern School of Business. Professor Richardson received his Ph D in finance from Stanford University and his MA and BA in economics concurrently from the University of California at Los Angeles. He lives in New York City with his wife and three children.
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