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Restoring Financial Stability: How to Repair a Failed System: 542 (Wiley Finance) Hardcover – 2 April 2009
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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.
- ISBN-100470499346
- ISBN-13978-0470499344
- Edition1st
- PublisherWiley
- Publication date2 April 2009
- LanguageEnglish
- Dimensions16 x 3.43 x 23.88 cm
- Print length416 pages
Product description
Review
"…ably tackles complex issues and covers a wide spectrum of the current debate, including the multiplicity of regulators, the need for international regulatory coordination, transparency, fair value accounting, compensation reform, and the extent to which monetary policy should address systemic asset bubbles." (The Investment Professional)
“…the book that best combines history, analysis and prescription is “Restoring Financial Stability”, a series of essays by academics at New York University’s Stern School of Business. The 60-page prologue is packed with telling facts and sophisticated analysis, and alone is worth the steep cover price. The individual chapters deal methodically with the myriad issues raised by the crunch, and the policy changes that will be needed, covering everything from the American mortgage market to the need for international cooperation in regulating finance." (The Economist)
"We are always better analysts with a 20/20 hindsight. Indeed, an ex post reading about events leading up to a crisis appears logical, and often leaves one with the question about why the evolution of the crisis could not be seen and corrected in time. Still, policy-makers know that such a review and understanding are important to learning from mistakes. Restoring Financial Stability (Wiley) acts as a catalyst to that understanding by offering a comprehensive sequencing of the causes and progression of the build-up of the financial strains that . . evolved into a full-blown global financial crisis. . . highly recommended even though bankers will remain bankers and will probably figure out ways to beat the new system." (Business Standard)
Review
—Franklin Allen., Nippon Life Professor of Finance, Wharton School of the University of Pennsylvania in FinReg21.com
"The best available on this extraordinary and fascinating subject. . . brilliant idea, superbly executed, and has first-class content. Buy it."
—VoxEu.org
From the Inside Flap
RESTORING FINANCIAL STABILITY
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.
This book, Restoring Financial Stability: How to Repair a Failed System, is the culmination of their work. For policymakers and business executives alike, the book proposes bold ideas—financial policy alternatives and specific courses of action—to deal with this unprecedented, systemic financial crisis. Their remedies acknowledge the power and potential of the free market. Some require modest regulatory intervention; others will shake regulatory practice to its very foundation.
To better understand the origins of the current financial crisis as well as the options for restoring financial health, don't miss this important and timely work. Edited by Viral Acharya and Matthew Richardson, this reliable resource brings together the best thinking of finance and economics faculty from one of the top universities in world.
From the Back Cover
RESTORING FINANCIAL STABILITY
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.
This book, Restoring Financial Stability: How to Repair a Failed System, is the culmination of their work. For policymakers and business executives alike, the book proposes bold ideas--financial policy alternatives and specific courses of action--to deal with this unprecedented, systemic financial crisis. Their remedies acknowledge the power and potential of the free market. Some require modest regulatory intervention; others will shake regulatory practice to its very foundation.
To better understand the origins of the current financial crisis as well as the options for restoring financial health, don't miss this important and timely work. Edited by Viral Acharya and Matthew Richardson, this reliable resource brings together the best thinking of finance and economics faculty from one of the top universities in world.
About the Author
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 PhD 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 PhD 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.
Product details
- Publisher : Wiley; 1st edition (2 April 2009)
- Language : English
- Hardcover : 416 pages
- ISBN-10 : 0470499346
- ISBN-13 : 978-0470499344
- Dimensions : 16 x 3.43 x 23.88 cm
- Best Sellers Rank: 2,537,294 in Books (See Top 100 in Books)
- 1,273 in Professional Public Finance
- 3,465 in Professional Banking
- 3,496 in Under- & Postgraduate Student Guides
- Customer reviews:
About the author
VIRAL V. ACHARYA is Professor of Finance at New York University Stern School of Business (NYU-Stern), Research Associate of the National Bureau of Economic Research (NBER) in Corporate Finance, Research Affiliate of the Center for Economic Policy Research (CEPR) in Financial Economics, Research Associate of the European Corporate Governance Institute (ECGI), and an Academic Advisor to the Federal Reserve Banks of Cleveland, New York and Philadelphia, and the Board of Governors. He was the Academic Director of the Coller Institute of Private Equity at London Business School during 2008-09 and a Senior Houblon-Normal Research Fellow at the Bank of England for Summer 2008. He completed his Ph.D. in Finance from NYU-Stern and Bachelor of Technology in Computer Science and Engineering from Indian Institute of Technology, Mumbai.
His research interests are in the regulation of banks and financial institutions, corporate finance, credit risk and valuation of corporate debt, and asset pricing with a focus on the effects of liquidity risk. He has published articles in the American Economic Review, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Business, Rand Journal of Economics, Journal of Financial Intermediation, Journal of Money, Credit and Banking, and Financial Analysts Journal. He is editor of the Journal of Financial Intermediation.
He is the recipient of Best Paper Award in Corporate Finance - Journal of Financial Economics, 2000, Best Paper Award in Equity Trading - Western Finance Association Meetings, 2003, Outstanding Referee Award for the Review of Financial Studies, 2003, the inaugural Lawrence G. Goldberg Prize for the Best Ph.D. in Financial Intermediation, Best Paper Award in Capital Markets and Asset Pricing - Journal of Financial Economics, 2005 (First Prize) and 2007 (Second Prize), the inaugural Rising Star in Finance (one of four) Award, 2008, European Corporate Governance Institute's Best Paper on Corporate Governance, 2008, Distinguished Referee Award for the Review of Financial Studies, 2009, III Jaime Fernandez de Araoz Award in Corporate Finance, 2009, Viz Risk Management Prize for the Best Paper on Energy Markets, Securities, and Prices at the European Finance Association Meetings, 2009 and Excellence in Refereeing Award for the American Economic Review, 2009, Review of Finance Best Paper Award, 2009 and Best Conference Paper Award at the European Finance Association Meetings, 2010.
He has co-edited the book Restoring Financial Stability: How to Repair a Failed System, NYU-Stern and John Wiley & Sons, March 2009, co-edited the forthcoming book Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance, Wiley, October 2010, and co-authored the forthcoming book Guaranteed to Fail: Fannie Mae, Freddie Mac and the Debacle of Mortgage Finance, Princeton University Press, March 2011.
THOMAS F. COOLEY is the Paganelli-Bull Professor of Economics at the New York University Stern School of Business, as well as a Professor of Economics in the NYU Faculty of Arts and Science. The former President of the Society for Economic Dynamics and a Fellow of the Econometric Society, Professor Cooley is a widely published scholar in the areas of macroeconomic theory, monetary theory and policy and the financial behavior of firms, and is recognized as a national leader in both macroeconomic theory and business education. Professor Cooley was Dean of NYU Stern from 2002-2010.
Responding to the financial crisis of fall 2008, Professor Cooley spearheaded a research and policy initiative that yielded 18 white papers by 33 NYU Stern professors, later published as “Restoring Financial Stability: How to Repair a Failed System,” (Wiley, March 2009). He also writes a weekly opinion column for FORBES.com.
Professor Cooley is a member of the Council of Foreign Relations.
Before joining NYU Stern, Professor Cooley was a Professor of Economics at the University of Rochester, University of Pennsylvania, and UC Santa Barbara. Prior to his academic career, Professor Cooley was a systems engineer for IBM Corporation. Professor Cooley received his BS from Rensselaer Polytechnic Institute, and his MA and PhD from the University of Pennsylvania. He also holds a doctorem honoris causa from the Stockholm School of Economics.
MATTHEW RICHARDSON is a Professor of Finance at the Leonard N. Stern School of Business at New York University, and a Research Associate of the National Bureau of Economic Research. He has also held the title of Assistant Professor of Finance at The Wharton School of Business at the University of Pennsylvania. Professor Richardson received his Ph.D in Finance from Stanford University and his MA and BA in Economics concurrently from University of California at Los Angeles.
Professor Richardson teaches classes at the MBA, executive and PhD level. His MBA classes cover Debt Instruments and Markets and International Fixed Income. He is serving or has served as associate editor for the Review of Financial Studies, Journal of Finance and Journal of Financial and Quantitative Analysis. He has been a referee for over 20 academic journals, including Econometrica, Journal of Finance, Journal of Financial Economics, Review of Financial Studies and American Economic Review. In 1997 Professor Richardson was awarded the Rosenthal Award for Financial Innovation.
Professor Richardson has published papers in a variety of top academic journals, including, among others, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, and the American Economic Review. His work has also appeared in practitioner journals and books such as Advanced Tools for the Fixed Income Professional, Emerging Market Capital Flows, and VAR: Understanding and Applying Value-at-Risk.
INGO WALTER is the Seymour Milstein Professor of Finance, Corporate Governance and Ethics and Vice Dean of Faculty at the Stern School of Business, New York University. He has taught at New York University since 1970. He has served as a consultant to various corporations, banks, government agencies and international institutions and has authored or co-authored numerous books and articles in the fields of international trade policy, international banking, environmental economics, and economics of multinational corporate operations.
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