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Preface
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- Additional Information
vii Preface In 2004 the Brookings Institution was approached by the Tokyo Club Foundation for Global Studies to showcase research on selected topics in financial market structure and regulation of interest to policymakers, scholars, and citizens in the United States and Japan and elsewhere. This collaboration, led by Brookings senior fellow Robert E. Litan and Yasuyuki Fuchita, senior managing director of the Nomura Institute of Capital Markets Research, has resulted in four conferences and the publication of three volumes: Financial Gatekeepers: Can They Protect Investors? (2006), New Financial Instruments and Institutions: Opportunities and Policy Challenges (2007), and Pooling Money: The Future of Mutual Funds (2008). In 2008, the Financial Institutions Center at the Wharton School of Finance at the University of Pennsylvania, led by Richard Herring, joined the collaboration. Brookings has cosponsored with the Financial Institutions Center the BrookingsWharton Papers on Financial Services and is currently collaborating with Janet Rothenberg Pack of Wharton in producing the Brookings-Wharton Papers on Urban Affairs. The chapters in this volume are based on papers presented at a conference on October 16, 2008, that focused on the future of securitization. As outlined in the following introduction, this topic has become of great interest since the subprime mortgage crisis emerged in 2007 as the precursor to a major economic recession in the United States, Japan, and many other countries. All of the chapters represent the views of the authors and not necessarily those of the staff, officers, or trustees of the Brookings Institution, the Nomura Institute of Capital Markets Research, or the Wharton Financial Institutions Center. The editors thank Adriane Fresh for research assistance and Lindsey Wilson for organizing the conference and providing administrative assistance. Thanks also to Eileen Hughes of the Brookings Institution Press for editing the book. viii preface ...