The Squam Lake Report (ebook)

Argumento de The Squam Lake Report (ebook)

"If you asked me to recommend one thing to read on reforming financial regulation, [The Squam Lake Report] would be it."--Clive Crook, The Atlantic

"The Squam Lake Report is a slight volume of ten chapters and just 157 pages--practically anorexic by the standards of many tomes about the credit crunch--but it makes heavyweight claims. It is the product of 15 of the leading financial economists in the United States, who first met on a weekend retreat to New Hampshire's remote and scenic Squam Lake, and offers their prescriptions for regulatory reform to stave off future collapses."--New Statesman

Robert J. Shiller, Co-Winner of the 2013 Nobel Prize in Economics
Raghuram Rajan, Winner of the Deutsche Bank Prize in Financial Economics 2013, The Center for Financial Studies

"The Squam Lake Report is an excellent primer on the workings and failures of today's sophisticated financial system. Few can fail to be impressed with the scholarship the Report brings to the subject of reform."--Alan Greenspan

"The Squam Lake Report makes an important contribution to the debate on financial regulation, highlighting many interesting and innovative ideas that should be considered by all those studying how a future crisis can be avoided."--Mervyn King, Governor of the Bank of England

"Insightful and highly relevant."--Markus K. Brunnermeier, Princeton University

"Fifteen prominent academic US economists developed this concise set of recommendations for financial regulation reform in Fall 2008 in a desire to prevent a recurrence of the financial crisis that developed in 2007 and whose effects continue to the present. The introductory chapter provides an excellent summary of the cascade of financial catastrophes precipitated initially by losses on mortgage-backed securities. . . . [A] useful volume for its historical overview and coverage of key issues."--Choice

"The Squam Lake Report [is] a slim volume that contains the best prescriptions of the brightest minds of economics about how to save the financial system."--Heidi N. Moore, CNNMoney.com

"The Squam Lake Report is an important book in a growing library of commentary on the worst financial crisis since the Depression. It delivers good and clearly written recommendations and reviews most of the key issues surrounding the crisis."--Mark S. Rzepczynski, Financial Analysts Journal0Preface vii
Acknowledgments xi
Chapter 1: Introduction 1
Chapter 2: A Systemic Regulator for Financial Markets 33
Chapter 3: A New Information Infrastructure for Financial Markets 44
Chapter 4: Regulation of Retirement Savings 53
Chapter 5: Reforming Capital Requirements 67
Chapter 6: Regulation of Executive Compensation in Financial Services 75
Chapter 7: An Expedited Mechanism to Recapitalize Distressed Financial Firms: Regulatory Hybrid Securities 86
Chapter 8: Improving Resolution Options for Systemically Important Financial Institutions 95
Chapter 9: Credit Default Swaps, Clearinghouses, and Exchanges 109
Chapter 10: Prime Brokers, Derivatives Dealers, and Runs 122
Chapter 11: Conclusions 135
List of Contributors 153
Index 157