George G. Kaufman

George G. Kaufman is John F. Smith, Jr. Professor of Economics and Finance at Loyola University in Chicago and a consultant at the Federal Reserve Bank of Chicago.

  • Market Discipline Across Countries and Industries

    Market Discipline Across Countries and Industries

    Claudio Borio, William C. Hunter, George G. Kaufman, and Kostas Tsatsaronis

    Leading academics and policymakers address the theory of market discipline and consider evidence across different industries and countries.

    The effectiveness of market discipline—the strong built-in incentives that encourage banks and financial systems to operate soundly and efficiently—commands much attention today, particularly in light of recent accounting scandals. As government discipline, in the form of regulation, seems to grows less effective as the banking industry and financial markets grow more complex, the role of market discipline becomes increasingly important. In this collection, which grew out of a conference cosponsored by the Federal Reserve Bank of Chicago and the Bank for International Settlements in Basel, Switzerland, a diverse group of academics and policymakers address different aspects of the ability of market discipline to affect corporate behavior and performance. A major purpose of the book is to develop evidence on how market discipline operates across non-government regulated industries and in different countries, how successful it has been, and how it may transfer to a regulated industry. The chapters examine such topics as the theory of market discipline, evidence of market discipline in banking and other industries, evidence of market discipline for countries, the current state of corporate governance, and the interaction of market discipline and public policy.

    • Hardcover $10.75 £8.99
    • Paperback $40.00 £32.00
  • Asset Price Bubbles

    Asset Price Bubbles

    The Implications for Monetary, Regulatory, and International Policies

    William C. Hunter, George G. Kaufman, and Michael Pomerleano

    In both the industrialized and developing worlds, a distinctive feature of the last two decades has been prolonged buildups and sharp collapses in asset markets such as stock, housing, and exchange markets. The volatility has sparked intense debate in academic and policy circles over the appropriate monetary and regulatory response to dramatic market shifts. This book examines asset price bubbles to further our understanding of the causes and implications of financial instability, focusing on the potential of central banks and regulatory agencies to prevent it. The book grew out of a conference jointly sponsored by the Federal Reserve Bank of Chicago and the World Bank Group in April 2002.

    • Hardcover $48.00 £40.00
    • Paperback $7.75 £5.99
  • Perspectives on Safe and Sound Banking

    Perspectives on Safe and Sound Banking

    Past, Present, and Future

    George G. Kaufman, George J. Benston, Robert A. Eisenbeis, Paul M. Horvitz, and Edward J. Kane

    In this book five leading bank scholars explore the safety and soundness of the U.S. banking system in an economic environment where the likelihood of failures of individual banks has significantly increased.

    Banking is now, and always has been, a risky business. The key to success both in operating a bank and in supervising a banking system is appropriate risk management. Yet risk management has become increasingly difficult because of higher and more volatile interest rates, faster and cheaper transfer of funds and information, a movement toward deregulation, and subsidies for many institutions embedded in the flat-rate premium structure of the federal deposit insurance system. In this book five leading bank scholars explore the safety and soundness of the U.S. banking system in an economic environment where the likelihood of failures of individual banks has significantly increased.

    The book's ten chapters cover: the risks of the failure of individual banks and of the banking system; consequences of bank failure on other banks, financial markets, and economic activity; the role of government deposit insurance; alternative ways of resolving insolvencies; the role of lender of last resort; risk and organizational issues in the expansion of banking activities; market discipline as a means of limiting banking problems and failures; feasibility and desirability of permitting or requiring market-value reporting for financial institutions; risk rated premiums; the effectiveness of supervision and field and remote examinations; the effectiveness of centralization or decentralization of regulation, supervision, and examination in multiple federal and state agencies.

    Perspectives on Safe and Sound Banking is copublished with the American Bankers Association and is included in the Regulation of Economic Activity Series, edited by Richard Schmalensee.

    • Hardcover $58.00 £48.00
    • Paperback $40.00 £32.00

Contributor

  • Reforming U.S. Financial Markets

    Reforming U.S. Financial Markets

    Reflections Before and Beyond Dodd-Frank

    Randall S. Kroszner, Robert J. Shiller, and Benjamin M. Friedman

    Two top economists outline distinctive approaches to post-crisis financial reform.

    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. After brief discussions by four commentators (Benjamin M. Friedman, George G. Kaufman, Robert C. Pozen, and Hal S. Scott), Kroszner and Shiller each offer a response to the other's proposals, creating a fruitful dialogue between two major figures in the field.

    • Hardcover $9.75 £7.99
    • Paperback $15.95 £12.99