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Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance Hardcover – November 9, 2010

ISBN-13: 978-0470768778 ISBN-10: 0470768770 Edition: 1st

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Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance + Restoring Financial Stability: How to Repair a Failed System + The Financial Crisis Inquiry Report, Authorized Edition: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States
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Product Details

  • Hardcover: 592 pages
  • Publisher: Wiley; 1 edition (November 9, 2010)
  • Language: English
  • ISBN-10: 0470768770
  • ISBN-13: 978-0470768778
  • Product Dimensions: 9.2 x 6.4 x 1.8 inches
  • Shipping Weight: 1.8 pounds (View shipping rates and policies)
  • Average Customer Review: 4.7 out of 5 stars  See all reviews (7 customer reviews)
  • Amazon Best Sellers Rank: #495,642 in Books (See Top 100 in Books)

Editorial Reviews

Review

"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 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)

“There are many villains in the story of the recent crisis and much written to name them, describe them and even curse them. . .  If you want to know how to fix the problem, I highly recommend ‘Regulating Wall Street,’ from New York University’s Stern School of Business. . .  In the excellent book, ‘Regulating Wall Street,’ several of the studies indicate that there are few synergies among financial activities that could lead to economies of scope. The studies also demonstrate that multiple functions in large, complex firms can actually increase systemic risk. Moreover, they suggest that the spun-off activities could thrive without explicit or implied government support.  The conclusion in this book is that separating activities in this manner, together with stronger resolution processes and better capital standards, would do much to strengthen our financial system, making it more accountable and stronger.”
Thomas M. Hoenig, President, Federal Reserve Bank of Kansas City

"Readers should read Regulating Wall Street to understand why, in the face of market failures and copious evidence that Wall Street is unproductive, Congress and regulators labored mightily to resurrect the financial intermediation racket just as it existed on September 12, 2008." (Tax Notes)

“If you want to know how to fix the problem, I highly recommend Regulating Wall Street, from New York University’s Stern School of Business.”
Karl Denninger, Seeking Alpha

“One refreshing sign of hope for constructive change is that economists, some of whose theories had much to do with a light regulatory approach toward derivatives and the housing bubble, are increasingly producing research calling for stricter guidelines then Dodd-Frank or the Obama administration. Regulating Wall Street presents a wide range of new research supporting stronger regulations than Dodd-Frank recommends, such as . . . tax proposals. . . In the prologue of Regulating Wall Street, the editors, hardly known as progressives, remind financiers how useful strong regulations were in the past. . . We would be better off if the powers on Wall Street would remember. . . “
(New York Review)

Review

 

More 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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12 of 12 people found the following review helpful By Sridhar Manyem on December 8, 2010
Format: Hardcover
The Dodd Frank act brings about fundamental structural changes to the economy with far reaching implications for financial institutions, consumers, and regulatory bodies to name a few. While there have been many articles and white papers that dissect the issues related to the act in isolation, "Regulating Wall Street" is a comprehensive view of the act, going through Dodd-Frank's finer points in great detail, and provides an impartial analysis of its possible implications with insights into the how market and regulatory environments in the future may look like.

This book is a wonderful resource for any financial student and professional as it takes a step back to reflect on the history of regulation and explores the repercussions that arose from these regulations. The ex-post analysis of how the act would have performed during the financial crisis is worthwhile and the drawbacks of factor-based capital charges where the factors are based on historical experience are well-highlighted and points to ponder. Similarly, questions that pertain to the future of the Federal Reserve System are timely as the current discussions in the government will attest.

The book does well to compare Dodd Frank to other regulatory regimes in terms of managing systemic risk and offers new ways to assess and charge for the systemic risk that financial institutions create using prospective views of risk as opposed to static factor based charges. The proposals for taxing systemic risk makes sense in that that if a firm creates a disproportional amount of systematic risk and hence acts as a negative externality to the economy in general, it makes sense to tax the firm proportional to the risk it creates. It is an interesting proposal if it can overcome practical challenges in a formal implementation.
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9 of 11 people found the following review helpful By Philip G. Cerny on December 7, 2010
Format: Hardcover Verified Purchase
I have tried somewhat unsuccessfully to keep up with the torrent of books on financial regulation in the light of the "global financial crisis" (now called the GFC), but this is -- up to now -- the definitive, must-read contribution. Almost 600 pages, but definitely worth the effort. The others are mostly too journalistic, concerned with storytelling rather than the complex nitty gritty. Put them back on shelf for later. I recommend this one wholeheartedly.
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2 of 2 people found the following review helpful By JFinance100 on February 13, 2011
Format: Hardcover Verified Purchase
I found the book to be extremely comprehensive as it elaborates on our preconceptions/opinions nicely and offers genuine (non-partisan) opinions of the achievements, faults and possibilities of Dodd-Frank. For those prospective readers who have not been keeping up with, or have been intimidated by, the bombardment of literature on the topic, "Regulating Wall Street" provides an excellent prologue on the events leading up to the current debacle dating back to the Great Depression. This should be required reading for any student and or professional in the world of finance as we brace for Dodd-Franks' monumental impact on the markets.
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3 of 4 people found the following review helpful By Heitor V. Almeida on November 10, 2010
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This is another great book by the Stern/NYU business school faculty. Business schools have been criticized for not producing enough socially and policy relevant research. This book shows that this criticism is narrow and sometimes unfair. It addresses the great financial meltdown of 2007-2009 and in particular what to do to avoid another one in the future. Its main thesis is simple and hard to argue with. The Doods-Frank act, while well intentioned and a move in the right direction, does not do enough to protect us from a future crisis. What is needed is an alternative regulatory framework that measures each institution likely contribution to a future crisis (its contribution to systemic risk), and taxes them accordingly. The book explains in detail how to do this. While I doubt that such a framework will be implemented exactly as suggested here, I am confident that the ideas exposed in this book will have a lasting effect on economic policy in the years to come. It is essential reading for business school academics, practicioners, regulators and everyone else who has an interest in understanding one of the key economic questions of our times.
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