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Reforming U.S. Financial Markets
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.
About the Authors
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.
Robert J. Shiller is Arthur M. Okun Professor of Economics at Yale University. He is the author of Finance and the Good Society and other books.
About the Editor
Benjamin M. Friedman is William Joseph Maier Professor of Political Economy at Harvard University and the author of The Moral Consequences of Economic Growth.
—Robert E. Litan, Vice President, Research and Policy, The Kauffman Foundation, and Senior Fellow, Economic Studies, The Brookings Institution
—Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley