Front Cover

pdf iconDownload PDF
 

Title Page

pdf iconDownload PDF
 

Copyright Information

pdf iconDownload PDF
 

Table of Contents

pdf iconDownload PDF

pp. v-vi

read more

Preface

pdf iconDownload PDF

pp. vii-viii

In 2004 the Brookings Institution partnered with the Nomura Institute of Capital Markets Research to present timely and cutting-edge research on selected topics relating to financial market structure and policy that would be of interest to policymakers, scholars, and market practitioners in the United States, Japan, and elsewhere. ...

read more

1. Introduction

pdf iconDownload PDF

pp. 1-10

Recovery remains weak from the Great Recession, arguably the worst financial crisis since the Great Depression, which quickly spread from its origins in the United States to much of the rest of the world. Over-leveraged consumers have been hesitant to spend, while over-leveraged banks have been too weak to lend. ...

read more

2. Managing Systemwide Financial Crises: Some Lessons from Japan since 1990

pdf iconDownload PDF

pp. 11-58

Because no international resolution regime for large and complex crossborder financial firms has been established, doubts are often expressed over whether the orderly liquidation stipulated in Title II of the Dodd-Frank Act can be achieved as intended. This chapter emphasizes that pursuing orderly liquidation without using taxpayer money itself ...

read more

3. The Bankruptcy of Bankruptcy

pdf iconDownload PDF

pp. 59-88

A legal entity, whether a person or company, is bankrupt when it cannot make all payments due, on time and in full. A legal construct is bankrupt when it fails to achieve its political, social, or economic objectives. The thesis of this chapter is that bankruptcy as a legal device for resolving the financial condition of systemically important financial institutions ...

read more

4. The Case for Regulating the Shadow Banking System

pdf iconDownload PDF

pp. 89-116

The title of this chapter raises at least two questions. First, what is meant by “shadow banking”? Second, what is meant by “regulate”? Neither question has an obvious answer. This chapter uses the term “shadow banking” to refer to a specific activity: maturity transformation that takes place outside the depository banking sector. ...

read more

5. Why and How to Design a Contingent Convertible Debt Requirement

pdf iconDownload PDF

pp. 117-162

Although debates still rage over the causes of the financial crisis of 2007–09, one thing is clear: several of the world’s largest financial institutions— including Fannie Mae, Freddie Mac, Citigroup, UBS, AIG, Bear Stearns, Lehman Brothers, and Merrill Lynch—had amassed huge and concentrated credit and liquidity risks related to subprime mortgages ...

read more

6. Governance Issues for Macroprudential Policy in Advanced Economies

pdf iconDownload PDF

pp. 163-212

The recent severe financial crisis is leading policymakers around the world to adopt a new set of tools to manage their nation’s economy. Authorities may be able to cushion the blow from dangerous financial crises by using a “macroprudential” approach that fits between monetary policy for the economy as a whole ...

Contributors

pdf iconDownload PDF

pp. 213-214

Index

pdf iconDownload PDF

pp. 215-222

Back Cover

pdf iconDownload PDF