{"product_id":"restoring-financial-stability-isbn-9780470499344","title":"Restoring Financial Stability","description":"An insightful look at how to reform our broken financial system\u003cbr\u003e \u003cbr\u003e   \u003cp\u003eThe 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. \u003ci\u003eRestoring Financial Stability\u003c\/i\u003e is the culmination of their work.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eProposes bold, yet principled approaches-including financial policy alternatives and specific courses of action-to deal with this unprecedented, systemic financial crisis\u003c\/li\u003e \u003cli\u003eCreated by the contributions of various academics from New York University's Stern School of Business\u003c\/li\u003e \u003cli\u003eProvides important perspectives on both the causes of the global financial crisis as well as proposed solutions to ensure it doesn't happen again\u003c\/li\u003e \u003cli\u003eContains detailed evaluations and analyses covering many spectrums of the marketplace\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eEdited 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.\u003c\/p\u003e \u003cp\u003eForeword xi\u003c\/p\u003e \u003cp\u003eAcknowledgments xiii\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePrologue: A Bird’s-Eye View\u003cbr\u003e\u003c\/b\u003eThe Financial Crisis of 2007–2009: Causes and Remedies 1\u003cbr\u003e\u003ci\u003eViral V. Acharya, Thomas Philippon, Matthew Richardson, and Nouriel Roubini\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One Causes of the Financial Crisis of 2007–2009 57\u003cbr\u003e \u003c\/b\u003e\u003ci\u003eMatthew Richardson\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 1 Mortgage Origination and Securitization in the Financial Crisis 61\u003cbr\u003e \u003ci\u003eDwight Jaffee, Anthony W. Lynch, Matthew Richardson, and Stijn Van Nieuwerburgh\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 2 How Banks Played the Leverage Game 83\u003cbr\u003e \u003ci\u003eViral V. Acharya and Philipp Schnabl\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 3 The Rating Agencies: Is Regulation the Answer? 101\u003cbr\u003e \u003ci\u003eMatthew Richardson and Lawrence J. White\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two Financial Institutions 117\u003cbr\u003e \u003c\/b\u003e\u003ci\u003eMatthew Richardson\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 4 What to Do about the Government-Sponsored Enterprises? 121\u003cbr\u003e \u003ci\u003eDwight Jaffee, Matthew Richardson, Stijn Van Nieuwerburgh, Lawrence J. White, and Robert E. Wright\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 5 Enhanced Regulation of Large, Complex Financial Institutions 139\u003cbr\u003e \u003ci\u003eAnthony Saunders, Roy C. Smith, and Ingo Walter\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 6 Hedge Funds in the Aftermath of the Financial Crisis 157\u003cbr\u003e \u003ci\u003eStephen J. Brown, Marcin Kacperczyk, Alexander Ljungqvist, Anthony W. Lynch, Lasse H. Pedersen, and Matthew Richardson\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Three Governance, Incentives, and Fair Value Accounting Overview 179\u003cbr\u003e \u003c\/b\u003e\u003ci\u003eViral V. Acharya and Rangarajan K. Sundaram\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 7 Corporate Governance in the Modern Financial Sector 185\u003cbr\u003e \u003ci\u003eViral V. Acharya, Jennifer N. Carpenter, Xavier Gabaix, Kose John, Matthew Richardson, Marti G. Subrahmanyam, Rangarajan K. Sundaram, and Eitan Zemel\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 8 Rethinking Compensation in Financial Firms 197\u003cbr\u003e \u003ci\u003eGian Luca Clementi, Thomas F. Cooley, Matthew Richardson, and Ingo Walter\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 9 Fair Value Accounting: Policy Issues Raised by the Credit Crunch 215\u003cbr\u003e \u003ci\u003eStephen G. Ryan\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Four Derivatives, Short Selling, and Transparency 229\u003cbr\u003e \u003c\/b\u003e\u003ci\u003eViral V. Acharya\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 10 Derivatives: The Ultimate Financial Innovation 233\u003cbr\u003e \u003ci\u003eViral V. Acharya, Menachem Brenner, Robert F. Engle, Anthony W. Lynch, and Matthew Richardson\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 11 Centralized Clearing for Credit Derivatives 251\u003cbr\u003e \u003ci\u003eViral V. Acharya, Robert F. Engle, Stephen Figlewski, Anthony W. Lynch, and Marti G. Subrahmanyam\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 12 Short Selling 269\u003cbr\u003e \u003ci\u003eMenachem Brenner and Marti G. Subrahmanyam\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Five The Role of the Federal Reserve 277\u003cbr\u003e \u003c\/b\u003e\u003ci\u003eThomas F. Cooley and Thomas Philippon\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 13 Regulating Systemic Risk 283\u003cbr\u003e \u003ci\u003eViral V. Acharya, Lasse H. Pedersen, Thomas Philippon, and Matthew Richardson\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 14 Private Lessons for Public Banking: The Case for Conditionality in LOLR Facilities 305\u003cbr\u003e \u003ci\u003eViral V. Acharya and David K. Backus\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Six The Bailout 323\u003cbr\u003e \u003c\/b\u003e\u003ci\u003eThomas F. Cooley and Thomas Philippon\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 15 The Financial Sector Bailout: Sowing the Seeds of the Next Crisis? 327\u003cbr\u003e \u003ci\u003eViral V. Acharya and Rangarajan K. Sundaram\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 16 Mortgages and Households 341\u003cbr\u003e \u003ci\u003eAndrew Caplin and Thomas F. Cooley\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 17 Where Should the Bailout Stop? 353\u003cbr\u003e \u003ci\u003eEdward I. Altman and Thomas Philippon\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Seven International Coordination 363\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 18 International Alignment of Financial Sector Regulation 365\u003cbr\u003e \u003ci\u003eViral V. Acharya, Paul Wachtel, and Ingo Walter\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eAbout the Authors 377\u003c\/p\u003e \u003cp\u003eIndex 381\u003c\/p\u003e  \"In conclusion, this book should be read by every serious observer of the crisis. It is an outstanding contribution.\" (\u003ci\u003eLombard Street\u003c\/i\u003e)  \u003cp\u003e\"…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.\" (\u003ci\u003eThe Investment Professional\u003c\/i\u003e)\u003c\/p\u003e \u003cp\u003e“…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.\" (\u003ci\u003eThe Economist\u003c\/i\u003e)\u003c\/p\u003e \u003cp\u003e\"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. \u003cb\u003eRestoring 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. . .\u003c\/b\u003e highly recommended even though bankers will remain bankers and will probably figure out ways to beat the new system.\" \u003ci\u003e(Business Standard)\u003c\/i\u003e\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eVIRAL V. ACHARYA\u003c\/b\u003e 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. \u003c\/p\u003e\u003cp\u003e\u003cb\u003eMATTHEW RICHARDSON\u003c\/b\u003e 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.   \u003c\/p\u003e\u003cp\u003e\u003cb\u003eRESTORING FINANCIAL STABILITY\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003eThe 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. \u003c\/p\u003e\u003cp\u003eThis book, \u003ci\u003eRestoring Financial Stability: How to Repair a Failed System\u003c\/i\u003e, 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. \u003c\/p\u003e\u003cp\u003eTo 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.    \"This an excellent book. It is the first academic book to consider the crisis in depth and to propose policy responses and solutions. . . broad and deep overview of the crisis [that makes] suggestions for how to minimize the chances of a recurrence going forward. . . essential institutional detail and makes sensible and often original suggestions for reform. One of the remarkable aspects of the book is the speed with which it was produced. . . This book should be read by every serious observer of the crisis. It is an outstanding contribution.\"\u003cbr\u003e —\u003cb\u003eFranklin Allen\u003c\/b\u003e., Nippon Life Professor of Finance, Wharton School of the University of Pennsylvania in FinReg21.com  \u003c\/p\u003e\u003cp\u003e\"The best available on this extraordinary and fascinating subject. . . brilliant idea, superbly executed, and has first-class content. Buy it.\"\u003cbr\u003e —\u003cb\u003eVoxEu.org\u003c\/b\u003e\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989955428581,"sku":"NP9780470499344","price":49.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470499344.jpg?v=1761786018","url":"https:\/\/k12savings.com\/es\/products\/restoring-financial-stability-isbn-9780470499344","provider":"K12savings","version":"1.0","type":"link"}