Cover

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pp. C-C

Title Page, Copyright Page

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pp. i-iv

Contents

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pp. v-vi

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Introduction: Financial Restructuring to Speed Recovery

Martin Neil Baily, Richard J. Herring, and Yuta Seki

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pp. 1-22

The financial crisis of 2007–08, which led to what is now known as the Great Recession, caused more widespread economic trauma than any other event in the postwar era. This experience has raised wide-ranging questions about how to reform the financial system to enhance its resilience and prevent the reoccurrence...

Part I: The U.S. Approach

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Restructuring the U.S. Housing Market

Franklin Allen, James R. Barth, and Glenn Yago

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pp. 25-96

Housing people is one of the most important businesses in the world. The value of global housing reached a record high of slightly more than $90 trillion in 2008.1 In the United States, residential investment averages roughly 5 percent of gross domestic product (GDP), while housing services average between...

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Bankruptcy and Economic Recovery

Thomas Jackson and David Skeel

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pp. 97-122

To measure economic growth or recovery, one traditionally looks to metrics such as the unemployment rate and the growth in gross domestic product (GDP). To devise institutional policies that will stimulate economic growth, the focus most often is on policies that encourage investment and entrepreneurial...

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Reenergizing the IPO Market

Jay R. Ritter

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pp. 123-146

From 1980 to 2000, an annual average of 310 operating companies went public in the United States. During 2001–12, on average, only 99 operating companies went public.1 This decline occurred in spite of the doubling of real gross domestic product (GDP) during this thirty-three-year period. The...

Part II: The Japanese Approach

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Reconstructing and Revitalizing Japan's Financial Sector

Yuta Seki

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pp. 149-170

The U.S. economy is now overcoming the shock from what proved to be a once-in-100-years financial crisis, replete with massive losses on subprime loans and a string of major financial institution failures, headlined by Lehman Brothers. Share prices have recovered significantly, and big lenders are announcing...

Contributors

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pp. 171-172

Index

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pp. 173-181

Information Page

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p. 182

Back Cover

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pp. BC-BC