edited by Asli Demirgüç-Kunt (The World Bank, USA), Douglas D Evanoff (Federal Reserve Bank of Chicago, USA), & George G Kaufman (Loyola University Chicago, USA)

Table of Contents (53k)
Preface (46k)
Chapter 1: The International Financial Crisis: Asset Price Exuberance and Macroprudential Regulation (74k)
Chapter 2: Back from the Brink (88k)
Chapter 6: The Causes of the Financial Crisis and the Impact of Raising Capital Requirements (86k)

The recent global financial crisis has caused massive upheavals worldwide. The papers in this volume analyze whether financial principles seem to have shifted in recent years, and what that may mean for international financial markets and regulation. What “broke” in the current crisis? Is there no “playbook” on how to respond to systemic crises? What is the optimal role of the state in dealing with crises? How should asset bubbles be addressed in the future? Do we need a major overhaul of governance in the industry? What means exist to address systemic crises? What reforms are needed? These and related issues are discussed by an impressive list of well-known scholars, policymakers and practitioners, with an emphasis on the implications for public policy.

• Special Addresses:
  • Back from the Brink (C D Romer)
  • Longer Days, Fewer Weekends (K M Warsh)
• What Broke? The Root Causes of the Crisis:
  • Origins of the Subprime Crisis (C W Calomiris)
  • The Role of the Financial Sector in the Great Recession (M Mussa)
• Containing a Systemic Crisis: Is There Really No Playbook?:
  • Regulating Systemic Risk (M Kawai & M Pomerleano)
  • Systemic Risk: Is There a Playbook? (R K Steel)
• Dealing with the Crisis: The Role of the State:
  • Banking on the State (P Alessandri & A G Haldane)
  • The Role of the State in a Crisis (P L Swagel)
• What to Do About Bubbles: Monetary Policy and Macroprudential Regulation:
  • Financial Instability and Macroeconomics: Bridging the Gulf (C Borio & M Drehmann)
  • Bubbles? (A H Meltzer)
• Dealing with Crises in a Globalized World: Challenges and Solutions:
  • Global Financial Reform: Diagnosis and Prognosis — A Network Approach (A L T Sheng)
  • Dealing with Cross-Border Bank Distress: Some Specific Options for Reform (S Claessens)
• How to Make Regulators and Government More Accountable: Regulatory Governance and Agency Design:
  • Making Safety-Net Managers Accountable for Safety-Net Subsidies (E J Kane)
  • The Sentinel: Improving the Governance of Financial Policies (R Levine)
• Policy Panel: Where Do We Go from Here?:
  • Where Do We Go from Here? (A K Kashyap)
  • Where to from Here? Have the Rules of Finance Changed? (J Silvia)
• and other papers