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Regulating Wall Street : The Dodd-Frank Act and the New Architecture of Global Finance

by: Unknown

ISBN: 9780470768778 | 0470768770

Edition: 1st
Format: Hardcover
Publisher: Wiley
Pub. Date: 11/9/2010

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Summary Table of Contents Author Biography

Independent analysis of newly enacted financial legislation-and what it might mean for the world economy"A fascinating, lively, and thoroughly readable guide to the Dodd-Frank Act that pierces the cloud of confusion that hangs over so much of the financial reform debate. It is extremely timely and valuable, and should be required reading for all policymakers, investors, and students of finance. What makes the book so valuable is that it not only analyzes the scope of the Act, in a punchy, lively style, but it also discusses its potential impact... MORE. More important, the book analyzes what is not covered in the Act-and where the potential challenges to the financial system still lie." -Gillian Tett, U.S. Managing Editor, Financial Times"The crisis of 2008 confronted even well-educated Americans with a flood of incomprehensible financial vocabulary, describing novel financial institutions and practices most of us had never heard of before. Now we have the 2,300-page Dodd-Frank Act, designed to provide the needed repair. Will it do so? What else will it do? How can we even start to think about these basic questions? Regulating Wall Street addresses these questions in a clear, direct style, taking us through the many parts of the Act one at a time, and providing informed, cogent economic analysis of each. A valuable standard source for future discussion." -Robert E. Lucas, University of Chicago, 1995 Nobel Laureate"Take the faculty of one of the best finance departments in the world. Ask them to analyze the new U.S. legislation on financial regulation, and to think about what the new law gets right, what it gets wrong, and how it is likely to shape the future of the financial system. With a bit of luck, you get this very impressive book. An absolute must-read." -Olivier Blanchard, Chief Economist, International Monetary Fund"Regulating Wall Street goes a long way toward clarifying the intent of the various provisions of the Dodd-Frank Act and evaluating both its effectiveness and limitations. The need for effective implementation by agencies is appropriately emphasized. Not a quick read, a useful reference work on an enormously complex piece of legislation, dealing with an even more complex financial reality." -Paul Volcker, Chairman of the Economic Recovery Advisory Board and former Chairman of the Federal Reserve (1979-1987)

In Regulating Wall Street, Stern has assembled a team of experts, each a specialist in a relevant discipline, to assess the strengths and weaknesses of the legislation that is now on the table. Not all of the issues addressed in the current legislation are equally important. Some, such as financial sector compensation and consumer protection - are perhaps not central to future financial stability. Others, such as the future role of the Federal Reserve, the approach to systemic risk, the restructuring of too-big-to-fail institutions, and the shadow banking system that houses OTC derivative and money markets, are undoubtedly critical to the future safety and soundness of the financial system. The debates will be both heated and ongoing - as will the book's commentary; with a blog to accompany the book upon publication, the editors and contributors will have a forum to continue their discussions regarding the effects of the future legislation, as well as opening up the debate to readers.

Experts from NYU Stern School of Business analyze new financial regulations and what they mean for the economyThe 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.

Foreword	p. xi
Preface	p. xvii
Prologue: A Bird's-Eye View
The Dodd-Frank Wall Street Reform and Consumer Protection Act	p. 1
Financial Architecture	p. 33
The Architecture of Financial Regulation	p. 35
The Power of Central Banks and the Future of the Federal Reserve System	p. 51
Consumer Finance Protection	p. 73
Systemic Risk	... MOREp. 85
Measuring Systemic Risk	p. 87
Taxing Systemic Risk	p. 121
Capital, Contingent Capital, and Liquidity Requirements	p. 143
Large Banks and the Volcker Rule	p. 181
Resolution Authority	p. 213
Systemic Risk and the Regulation of Insurance Companies	p. 241
Shadow Banking	p. 303
Money Market Funds: How to Avoid Breaking the Buck	p. 305
The Repurchase Agreement (Repo) Market	p. 319
Hedge Funds, Mutual Funds, and ETFs	p. 351
Regulating OTC Derivatives	p. 367
Credit Markets	p. 427
The Government-Sponsored Enterprises	p. 429
Regulation of Rating Agencies	p. 443
Securitization Reform	p. 469
Corporate Control	p. 491
Reforming Compensation and Corporate Governance	p. 493
Accounting and Financial Reform	p. 511
Epilogue	p. 527
About the Authors	p. 531
About the Blog	p. 535
Index	p. 537
Table of Contents provided by Ingram. All Rights Reserved.

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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