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.
Autorentext
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.
Klappentext
The 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.
Zusammenfassung
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.
Inhalt
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…