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
Sharyn O’Halloran is the George Blumenthal Professor of Political
Economy, professor of international and public affairs, and the
senior vice dean and chief academic officer for the School of
Professional Studies at Columbia University. Her publications
include Politics, Process, and American Trade Policy (1994) and The
Future of the Voting Rights Act (2006).
Thomas Groll is a lecturer in international and public affairs at
Columbia University’s School of International and Public Affairs.
This fascinating compendium of essays is appropriately broad in
both coverage and perspectives. Dip into this impressive
smorgasbord, and you’ll find the thoughts and analyses of top
academic economists, leading scholars in other fields, and public
figures who both watched and influenced what happened. The
financial crisis raised numerous questions; this book is a
stepping-stone toward answers.
*Alan S. Blinder, Princeton University, and former vice chair,
Federal Reserve Board*
These expertly curated essays focus on the relationship between
risk and liquidity, the two most important factors underpinning the
global economy. This compilation is required reading for anyone
wanting to understand the events leading up to the financial crisis
and, more importantly, those who want to avoid the next one.
*Vikram Pandit, chairman and CEO, the Orogen Group*
This is a first-rate book containing various perspectives on the
2008 global financial crisis. The contributors are outstanding, and
the coverage of topics is well balanced. It is an important book
for all those interested in the crisis and an assessment of the
likelihood of another in the coming years.
*Franklin Allen, Imperial College London*
After the Crash provides a timely, comprehensive, and insightful
evaluation of the status of financial reforms after the collapse of
Lehman Brothers in September 2008. The authors provide detailed
assessments of reforms that have worked and those that have fallen
short of their goals, drawing important lessons from the global
financial crisis and its aftermath. Their analysis should be of
great interest to the general public as well as academics and
policy makers.
*Arthur Wilmarth, George Washington University*
After the Crash contains a number of excellent essays that help
make sense of the political economy of financial regulation in the
aftermath of the 2008 financial crisis. There is a lot to learn
from this volume, especially on the implementation and evolution of
important reforms of the financial sector, such as Dodd-Frank.
*Amir Sufi, University of Chicago Booth School of Business*
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.
*History of Economic Ideas*
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