Randall S. Kroszner

Randall S. Kroszner is Norman R. Bobins Professor of Economics in the University of Chicago's Booth School of Business. He served as a Governor of the Federal Reserve System from March 2006 until January 2009.

  • 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

Contributor

  • Deposit Insurance around the World

    Deposit Insurance around the World

    Issues of Design and Implementation

    Asli Demirgüç-Kunt, Edward J. Kane, and Luc Laeven

    Drawing on an original cross-country dataset on deposit insurance systems, an assessment of the impact of deposit insurance on banking outcomes and the policy implications for developing countries.

    Explicit deposit insurance (DI) is widely held to be a crucial element of modern financial safety nets. For this reason, establishing a DI system is frequently recommended by outside experts to countries undergoing reform. Predictably, DI systems have proliferated in the developing world. The number of countries offering explicit deposit guarantees rose from twenty in 1980 to eighty-seven by the end of 2003. This book challenges the wisdom of encouraging countries to adopt DI without first repairing observable weaknesses in their institutional environment. The evidence and analysis presented confirm that many countries would do well to delay the installation of a DI system. Analysis shows that many existing DI systems are not adequately designed to control possible DI-induced risk taking by financial institutions, and the book provides advice on principles of good design for those countries in the process of adopting or reforming their DI systems. Empirical evidence on the efficiency of real-world DI systems has been scarce, and analysis has focused on the experience of developed countries. The contributors to this book draw on an original cross-country dataset on DI systems and design features to examine the impact of DI on banking behavior and assess the policy complications that emerge in developing countries. Chapters covers decisions about DI adoption, design, and pricing, and review individual country experiences with DI—including issues raised by the EU's DI directive, banking reform in Russia, and policy efforts to protect depositors in China. Recent bank runs on loss-making banks in Germany and the U.K. have pushed the issues of DI systems back to the center of debates on regulatory policy in both developing and industrialized countries. The guiding principles identified in this book can contribute powerfully to that debate.

    Contributors Thorsten Beck, Modibo K. Camara, Asli Demirgüç-Kunt, Kalina Dimitrova, Stephen Haber, Patrick Honohan, Harry Huizinga, Edward Kane, Baybars Karacaovali, Randall Kroszner, Luc Laeven, William Melick, Fernando Montes-Negret, Nikolay Nenovsky

    • Hardcover $10.75 £8.99