After the Crash - Financial Crises and Regulatory Responses

The 2008 financial crash was the worst financial crisis and the most severe economic downturn since the Great Depression. It triggered a complete overhaul of the global regulatory environment, ushering in a stream of new rules and laws to combat the perceived weakness of the financial system. While the global economy came back from the brink, the continuing effects of the crisis include increasing economic inequality and political polarization. Ten Years After the Crash is an innovative analysis of the crisis and its ongoing influence on the global regulatory, financial, and political landscape, with timely discussions of the key issues for our economic future. It brings together a range of expert and practitioner perspectives, including the Nobel Prize winner Joseph Stiglitz, the former congressman Barney Frank, the former treasury secretary Jacob Lew, the former deputy governor of the Bank of England Paul Tucker, and Steve Cutler, general counsel of JP Morgan Chase during the financial crisis. Each poses crucial questions: What were the origins of the crisis? How effective were international and domestic regulatory responses? Have we addressed the roots of the crisis through reform and regulation? Are our financial systems and the global economy better able to withstand another crash? Ten Years After the Crash is vital reading as both a retrospective on the last crisis and analysis of possible sources of the next one.

Sommario

Foreword, by David Madigan
Preface, by Sharyn O’Halloran and Thomas Groll
1. Introduction: Overview of the Financial Crisis and Its Impacts, by Sharyn O’Halloran, Thomas Groll, and Geraldine McAllister
Part I. The Financial Crisis in Perspective
2. If “It” Happened Again: A Road Map for Regulatory Reform, by Glenn Hubbard
3. Trends and Delegation in U.S. Financial Market Regulation, by Thomas Groll, Sharyn O’Halloran, and Geraldine McAllister
4. We Did Not Repeat the Errors of the Past: Lessons Drawn from the Fed’s Policy During the Great Depression, by Antoine Parent
5. Regulation and Competition in the EU Financial Sector, by Pierre-Charles Pradier
6. Trends in Financial Market Regulation, by Nolan McCarty
Part II. Creating The Right (Dis)incentives
7. Progress and Challenges After the Financial Crisis, by Jacob J. Lew
8. Banks and Tax Havens: First Evidence Based on Country-by-Country Reporting, by Vincent Bouvatier, Gunther Capelle-Blancard, and Anne-Laure Delatte
9. “Dynamic Precaution” in Maintaining Financial Stability: The Importance of FSOC, by Jeffrey N. Gordon
Part III. Use and (Ab)Use of Models in Predicting Financial Outcomes
10. Reflections on the Global Financial Crisis Ten Years On, by Joseph E. Stiglitz
11. The Right Way to Use Models, by Emanuel Derman
12. The Fundamental Volatility of the Digital Economy as a Contributor to Financial Instability, by Eli Noam
13. The Impact of Regulation on Systemic Risk, by Sharyn O’Halloran and Nikolai Nowaczyk
14. Big Data, Process Scalability, and Financial Stability, by Mark D. Flood
Part IV. Regulating for the Next Crisis?
15. Rules Versus Principles in Financial Regulation Following the Crisis: It All Depends on the Purpose, by Paul Tucker
16. How to Regulate in Times of Crisis, by Stephen M. Cutler
17. The Economic and Political Implications of the Dodd-Frank Act, by Barney Frank
18. The Regulatory Sine Curve: What Explains the Retreat from Systemic Risk Regulation (and Why It Was Predictable), by John C. Coffee Jr.
19. Roundtable: It’s Not Too Much or Too Little Regulation; It’s Getting It Right, by John C. Coffee Jr., Stephen M. Cutler, Barney Frank, and Kathryn Judge
Part V. The Origins of the Next Financial Crisis
20. Interview: Striking the Right Balance Between Markets and Regulation, by William T. Winters Interviewed by Ailsa Roell
21. Money Market Funds After the Onset of the Crisis, by Viktoria Baklanova and Joseph Tanega
22. The 2017 Tax Act’s Potential Impact on Bank Safety and Capitalization, by Mark J. Roe and Michael Troge
23. Derivative Clearinghouses: Collateral Management and Policy Implications, by Agostino Capponi
Concluding Remarks, by Sharyn O’Halloran and Thomas Groll
Contributors
Index

Info autore

Sharyn O’Halloran is the George Blumenthal Professor of Political Economics and Professor of International and Public Affairs and the Senior Vice Dean and Chief Academic Officer for the School of Professional Studies. She is the author of Politics, Process and American Trade Policy (1994, University of Michigan Press), author of Delegating Powers (1996, Cambridge University Press) and the coauthor of The Future of the Voting Rights Act (2006, Russell Sage Foundation).

Riassunto

The 2008 crash was the worst financial crisis and the most severe economic downturn since the Great Depression. It triggered a complete overhaul of the global regulatory environment, ushering in a stream of new rules and laws to combat the perceived weakness of the financial system. While the global economy came back from the brink, the continuing effects of the crisis include increasing economic inequality and political polarization.

After the Crash is an innovative analysis of the crisis and its ongoing influence on the global regulatory, financial, and political landscape, with timely discussions of the key issues for our economic future. It brings together a range of experts and practitioners, including Joseph Stiglitz, a Nobel Prize winner; former congressman Barney Frank; former treasury secretary Jacob Lew; Paul Tucker, a former deputy governor of the Bank of England; and Steve Cutler, general counsel of JP Morgan Chase during the financial crisis. Each poses crucial questions: What were the origins of the crisis? How effective were international and domestic regulatory responses? Have we addressed the roots of the crisis through reform and regulation? Are our financial systems and the global economy better able to withstand another crash? After the Crash is vital reading as both a retrospective on the last crisis and an analysis of possible sources of the next one.

Testo aggiuntivo

One of the reasons for welcoming this volume lies precisely in the fact that here general economic models play a marginal role, the prevalent leaning of its contributors being towards the practicalities of management, regulation and law-making
rather than intellectual thoroughness.

Dettagli sul prodotto

• Autori: Professor Sharyn Groll O''''halloran
• Con la collaborazione di: Thomas Groll (Editore), Professor Sharyn O'Halloran (Editore), Sharyn O'Halloran (Editore)
• Editore: Columbia University Press
• Lingue: Inglese
• Formato: Copertina rigida
• Pubblicazione: 31.08.2019
• EAN: 9780231192842
• ISBN: 978-0-231-19284-2
• Pagine: 432
• Categoria: Scienze sociali, diritto, economia > Economia > Tematiche generali, enciclopedie