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Financial Restructuring to Sustain Recovery

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

Publication Year: 2013

The financial crisis of 2007–08 and the Great Recession caused more widespread economic trauma than any event since the Great Depression. With a slow and uneven recovery, encouraging stability and growth is critical.

Financial Restructuring to Sustain Recovery maintains that while each part of the financial services industry can play a useful role in revving up the U.S. economic engine to full capacity, the necessary reforms are sometimes subtle and often difficult to implement. Editors Martin Neil Baily, Richard Herring, and Yuta Seki and their coauthors break recovery down by three areas:

Restructuring the housing finance market

Reforming the bankruptcy process

Reenergizing the market for initial public offerings

Included are lessons drawn from Japan's experience in overcoming its long-lasting financial crisis after the collapse of its real estate market in the 1990s.

Contributors: Franklin Allen (Wharton School, University of Pennsylvania), James R. Barth (Auburn University College of Business; Milken Institute), Thomas Jackson (Simon School of Business, University of Rochester), Jay R. Ritter (Warrington College of Business, University of Florida), David Skeel (University of Pennsylvania Law School), and Glenn Yago (Milken Institute).

Published by: Brookings Institution Press

Cover

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p. 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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pp. 182-

Back Cover

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p. BC-BC


E-ISBN-13: 9780815725251
E-ISBN-10: 0815725256
Print-ISBN-13: 9780815725244
Print-ISBN-10: 0815725248

Page Count: 181
Publication Year: 2013