Restoring Financial Stability

Foreword. Acknowledgments. Prologue: A Bird’s Eye View. The Financial Crisis of 2007-2009: Causes and Remedies By (Viral Acharya, Thomas Philippon, Matthew Richardson, and Nouriel Roubini). Section I: Causes of the Financial Crisis of 2007-2009 By (Matthew Richardson). Chapter 1: Mortgage Origination and Securitization in the Financial Crisis By (Dwight Jaffee, Anthony Lynch, Matthew Richardson and Stijn Van Nieuwerburgh). Chapter 2: How Banks Played the Leverage Game By (Viral Acharya and Philipp Schnabl). Chapter 3: The Rating Agencies Is Regulation the Answer By (Matthew Richardson and Lawrence White)? Section II: Financial Institutions By (Matthew Richardson). Chapter 4: What to Do About the Government Sponsored Enterprises By (Dwight Jaffee, Matthew Richardson, Stijn Van Nieuwerburgh, Lawrence White and Robert Wright)? Chapter 5: Enhanced Regulation of Large Complex Financial Institutions By (Anthony Saunders, Roy Smith & Ingo Walter). Chapter 6: Hedge Funds in the Aftermath of the Financial Crisis By (Stephen Brown, Marcin Kacperczyk, Alexander Ljungqvist, Anthony Lynch, Lasse Pedersen, and Matthew Richardson). Section III: Governance, Incentives and Fair Value Accounting Overview By (Viral Acharya and Rangarajan Sundaram). Chapter 7: Corporate Governance in the Modern Financial Sector By (Viral V. Acharya, Jennifer Carpenter, Xavier Gabaix, Kose John, Matthew Richardson, Marti Subrahmanyam, Rangarajan Sundaram, Eitan Zemel). Chapter 8: Rethinking Compensation in Financial Firms By (Gian Luca Clementi, Thomas F. Cooley, Matthew Richardson, and Ingo Walter). Chapter 9: Fair Value Accounting Policy Issues Raised by the Credit Crunch By (Stephen G. Ryan). Section IV: Derivatives, Short-Selling and Transparency By (Viral Acharya). Chapter 10: Derivatives The Ultimate Financial Innovation By (Viral Acharya, Menachem Brenner, Robert Engle, Anthony Lynch and Matthew Richardson). Chapter 11: Centralized Clearing for Credit Derivatives By (Viral Acharya, Robert Engle, Stephen Figlewski, Anthony Lynch, and Marti Subrahmanyam). Chapter 12: Short Selling By (Menachem Brenner and Marti G. Subrahmanyam). Section V: The Role of the Fed By (Thomas Cooley and Thomas Philippon). Chapter 13: Regulating Systemic Risk By (Viral Acharya, Lasse Pedersen, Thomas Philippon and Matthew Richardson). Chapter 14: Private Lessons for Public Banking: The Case for Conditionality in LOLR Facilities By (Viral Acharya and David Backus). Section VI: The By (Thomas Cooley and Thomas Philippon). Chapter 15: The Financial Sector Bailout Sowing the Seeds of the Next Crisis By (Viral Acharya and Rangarajan Sundaram)? Chapter 16: Mortgages and Households By (Andrew Caplin and Thomas Cooley). Chapter 17: Where Should the Stop By (Edward I. Altman and Thomas Philippon)? Section VII: International Coordination. Chapter 18: International Alignment of Financial Sector Regulation By (Viral Acharya, Paul Wachtel and Ingo Walter). NYU Stern Author Biographies. Index.