Description
Sixteen papers from the October 2013 conference examine the causes and effects of the latest financial crisis, the role played by the Federal Reserve before and after the 2008 panic, and proposed reforms to the regulation of the financial market infrastructure. Lawrence Summers of Harvard University addresses slow growth in the U.S. economy following the Great Recession, calling it a state of secular stagnation. The closing chapters suggest alternative approaches to bank bankruptcy in preparation for the next financial crisis. Annotation ©2015 Ringgold, Inc., Portland, OR (protoview.com)
Read More
The financial crisis of 2008 devastated the American economy and caused U.S. policymakers to rethink their approaches to major financial crises. More than five years have passed since the collapse of Lehman Brothers, but questions still persist about the best ways to avoid and respond to future financial crises. In Across the Great Divide, a copublication with Brookings Institution, contributing economic and legal scholars from academia, industry, and government analyze the financial crisis of 2008, from its causes and effects on the U.S. economy to the way ahead. The expert contributors consider postcrisis regulatory policy reforms and emerging financial and economic trends, including the roles played by highly accommodative monetary policy, securitization run amok, government-sponsored enterprises (GSEs), large asset bubbles, excessive leverage, and the Federal funds rate, among other potential causes. They discuss the role played by the Federal Reserve and examine the concept of 'too big to fail.' And they review and assess resolution frameworks, considering experiences with Lehman Bros. and other firms in the crisis, Title II of the Dodd-Frank Act, and the Chapter 14 bankruptcy code proposal.
Read Less