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.
Inhoudsopgave
Foreword xi
Preface xvii
Prologue: A Bird’s-Eye View
The Dodd-Frank Wall Street Reform and Consumer Protection Act 1
Viral V. Acharya, Thomas Cooley, Matthew Richardson, Richard Sylla, and Ingo Walter
PART ONE Financial Architecture 33
Chapter 1 The Architecture of Financial Regulation 35 Thomas Cooley and Ingo Walter
Chapter 2 The Power of Central Banks and the Futureof the Federal Reserve System 51
Thomas Cooley, Kermit Schoenholtz, George David Smith, Richard Sylla, and Paul Wachtel
Chapter 3 Consumer Finance Protection 73
Thomas Cooley, Xavier Gabaix, Samuel Lee, Thomas Mertens, Vicki Morwitz, Shelle Santana, Anjolein Schmeits, Stijn Van Nieuwerburgh, and Robert Whitelaw
PART TWO Systemic Risk 85
Chapter 4 Measuring Systemic Risk 87
Viral V. Acharya, Christian Brownlees, Robert Engle, Farhang Farazmand, and Matthew Richardson
Chapter 5 Taxing Systemic Risk 121
Viral V. Acharya, Lasse Pedersen, Thomas Philippon, and Matthew Richardson
Chapter 6 Capital, Contingent Capital, and Liquidity Requirements 143
Viral V. Acharya, Nirupama Kulkarni, and Matthew Richardson
Chapter 7 Large Banks and the Volcker Rule 181
Matthew Richardson, Roy C. Smith, and Ingo Walter
Chapter 8 Resolution Authority 213
Viral V. Acharya, Barry Adler, Matthew Richardson, and Nouriel Roubini
Chapter 9 Systemic Risk and the Regulation of Insurance Companies 241
Viral V. Acharya, John Biggs, Hanh Le, Matthew Richardson, and Stephen Ryan
PART THREE Shadow Banking 303
Chapter 10 Money Market Funds: How to Avoid Breaking the Buck 305
Marcin Kacperczyk and Philipp Schnabl
Chapter 11 The Repurchase Agreement (Repo) Market 319
Viral V. Acharya and T. Sabri O¨ ncu¨
Chapter 12 Hedge Funds, Mutual Funds, and ETFs 351
Stephen Brown, Anthony Lynch, and Antti Petajisto
Chapter 13 Regulating OTC Derivatives 367
Viral V. Acharya, Or Shachar, and Marti Subrahmanyam
PART FOUR Credit Markets 427
Chapter 14 The Government-Sponsored Enterprises 429
Viral V. Acharya, T. Sabri O¨ ncu¨ , Matthew Richardson, Stijn Van Nieuwerburgh, and Lawrence J. White
Chapter 15 Regulation of Rating Agencies 443
Edward I. Altman, T. Sabri O¨ ncu¨ , Matthew Richardson, Anjolein Schmeits, and Lawrence J. White
Chapter 16 Securitization Reform 469
Matthew Richardson, Joshua Ronen, and Marti Subrahmanyam
PART FIVE Corporate Control 491
Chapter 17 Reforming Compensation and Corporate Governance 493
Jennifer Carpenter, Thomas Cooley, and Ingo Walter
Chapter 18 Accounting and Financial Reform 511
Joshua Ronen and Stephen Ryan
Epilogue 527
About the Authors 531
About the Blog 535
Index 537
Over de auteur
VIRAL V. ACHARYA is Professor of Finance at New York University Stern School of Business.
THOMAS F. COOLEY is Dean Emeritus and the Paganelli-Bull Professor of Economics at New York University Stern School of Business, as well as a Professor of Economics in the NYU Faculty of Arts and Science.
MATTHEW P. RICHARDSON is the Charles E. Simon Professor of Applied Financial Economics at New York University Stern School of Business.
INGO WALTER is the Seymour Milstein Professor of Finance, Corporate Governance and Ethics and Vice Dean of Faculty at New York University Stern School of Business.
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