The 2008 crash was the worst financial crisis and the most severe economic downturn since the Great Depression. It triggered a complete overhaul of the global regulatory environment, ushering in a stream of new rules and laws to combat the perceived weakness of the financial system. While the global economy came back from the brink, the continuing effects of the crisis include increasing economic inequality and political polarization.
After the Crash is an innovative analysis of the crisis and its ongoing influence on the global regulatory, financial, and political landscape, with timely discussions of the key issues for our economic future. It brings together a range of experts and practitioners, including Joseph Stiglitz, a Nobel Prize winner; former congressman Barney Frank; former treasury secretary Jacob Lew; Paul Tucker, a former deputy governor of the Bank of England; and Steve Cutler, general counsel of JP Morgan Chase during the financial crisis. Each poses crucial questions: What were the origins of the crisis? How effective were international and domestic regulatory responses? Have we addressed the roots of the crisis through reform and regulation? Are our financial systems and the global economy better able to withstand another crash? After the Crash is vital reading as both a retrospective on the last crisis and an analysis of possible sources of the next one.
- Table of Contents
- Foreword, by David Madigan
- Preface, by Sharyn O’Halloran and Thomas Groll
- 1. Introduction: Overview of the Financial Crisis and Its Impacts, by Sharyn O’Halloran, Thomas Groll, and Geraldine McAllister
- Part I. The Financial Crisis in Perspective
- 2. If “It” Happened Again: A Road Map for Regulatory Reform, by Glenn Hubbard
- 3. Trends and Delegation in U.S. Financial Market Regulation, by Thomas Groll, Sharyn O’Halloran, and Geraldine McAllister
- 4. We Did Not Repeat the Errors of the Past: Lessons Drawn from the Fed’s Policy During the Great Depression, by Antoine Parent
- 5. Regulation and Competition in the EU Financial Sector, by Pierre-Charles Pradier
- 6. Trends in Financial Market Regulation, by Nolan McCarty
- Part II. Creating The Right (Dis)incentives
- 7. Progress and Challenges After the Financial Crisis, by Jacob J. Lew
- 8. Banks and Tax Havens: First Evidence Based on Country-by-Country Reporting, by Vincent Bouvatier, Gunther Capelle-Blancard, and Anne-Laure Delatte
- 9. “Dynamic Precaution” in Maintaining Financial Stability: The Importance of FSOC, by Jeffrey N. Gordon
- Part III. Use and (Ab)Use of Models in Predicting Financial Outcomes
- 10. Reflections on the Global Financial Crisis Ten Years On, by Joseph E. Stiglitz
- 11. The Right Way to Use Models, by Emanuel Derman
- 12. The Fundamental Volatility of the Digital Economy as a Contributor to Financial Instability, by Eli Noam
- 13. The Impact of Regulation on Systemic Risk, by Sharyn O’Halloran and Nikolai Nowaczyk
- 14. Big Data, Process Scalability, and Financial Stability, by Mark D. Flood
- Part IV. Regulating for the Next Crisis?
- 15. Rules Versus Principles in Financial Regulation Following the Crisis: It All Depends on the Purpose, by Paul Tucker
- 16. How to Regulate in Times of Crisis, by Stephen M. Cutler
- 17. The Economic and Political Implications of the Dodd-Frank Act, by Barney Frank
- 18. The Regulatory Sine Curve: What Explains the Retreat from Systemic Risk Regulation (and Why It Was Predictable), by John C. Coffee Jr.
- 19. Roundtable: It’s Not Too Much or Too Little Regulation; It’s Getting It Right, by John C. Coffee Jr., Stephen M. Cutler, Barney Frank, and Kathryn Judge
- Part V. The Origins of the Next Financial Crisis
- 20. Interview: Striking the Right Balance Between Markets and Regulation, by William T. Winters Interviewed by Ailsa Roell
- 21. Money Market Funds After the Onset of the Crisis, by Viktoria Baklanova and Joseph Tanega
- 22. The 2017 Tax Act’s Potential Impact on Bank Safety and Capitalization, by Mark J. Roe and Michael Troge
- 23. Derivative Clearinghouses: Collateral Management and Policy Implications, by Agostino Capponi
- Concluding Remarks, by Sharyn O’Halloran and Thomas Groll
- Contributors
- Index
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