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What's Wrong with Banking and What to Do about It
Princeton University Press
March 2013
On Sale: February 24, 2013
392 pages
ISBN: 0691156840
EAN: 9780691156842
Kindle: B00BBYLPYY
Hardcover / e-Book
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Non-Fiction
What is wrong with today's banking system? The past few
years have shown that risks in banking can impose
significant costs on the economy. Many claim, however, that
a safer banking system would require sacrificing lending and
economic growth. The Bankers' New Clothes examines
this claim and the narratives used by bankers, politicians,
and regulators to rationalize the lack of reform, exposing
them as invalid. Admati and Hellwig argue we can have
a safer and healthier banking system without sacrificing any
of the benefits of the system, and at essentially no cost to
society. They show that banks are as fragile as they are not
because they must be, but because they want to be--and they
get away with it. Whereas this situation benefits bankers,
it distorts the economy and exposes the public to
unnecessary risks. Weak regulation and ineffective
enforcement allowed the buildup of risks that ushered in the
financial crisis of 2007-2009. Much can be done to create a
better system and prevent crises. Yet the lessons from the
crisis have not been learned. Admati and Hellwig seek
to engage the broader public in the debate by cutting
through the jargon of banking, clearing the fog of
confusion, and presenting the issues in simple and
accessible terms. The Bankers' New Clothes calls for
ambitious reform and outlines specific and highly beneficial
steps that can be taken immediately.
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