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Reflections Before and Beyond Dodd-Frank
MIT Press
January 2011
On Sale: January 1, 2011
128 pages
ISBN: 0262015455
EAN: 9780262015455
Hardcover
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Non-Fiction
Over the last few years, the financial sector has
experienced its worst crisis since the 1930s. The collapse
of major firms, the decline in asset values, the
interruption of credit flows, the loss of confidence in
firms and credit market instruments, the intervention by
governments and central banks: all were extraordinary in
scale and scope. In this book, leading economists Randall
Kroszner and Robert Shiller discuss what the United States
should do to prevent another such financial meltdown. Their
discussion goes beyond the nuts and bolts of legislative and
regulatory fixes to consider fundamental changes in our
financial arrangements. Kroszner and Shiller offer two distinctive approaches to
financial reform, with Kroszner providing a systematic
analysis of regulatory gaps and Shiller addressing the
broader concerns of democratizing and humanizing finance.
Kroszner focuses on key areas for reform, including credit
rating agencies and the mortgage securitization market.
Shiller argues that reform must serve to make the full power
of financial theory work for everyone—bringing the
technology of finance to bear on managing risk, for
example—and should acknowledge the reality of human nature.
After brief discussions by four commentators, Kroszner and
Shiller each offer a response to the other’s proposals,
creating a fruitful dialogue between two major figures in
the field.
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