SOCIAL VALUE OF THE FINANCIAL SECTOR, THE: TOO BIG TO FAIL OR JUST TOO BIG? (World Scientific Studies in International Economics, 29) - Hardcover

Hardcover

ISBN 10: 9814520284 ISBN 13: 9789814520287

Publisher: World Scientific Pub Co Inc, 2013

Synopsis

As a result of the recent financial crisis, there has been significant public debate on the role of the financial sector in bringing about the "Great Depression." More generally, there has been debate about whether the current industry structure has enhanced social welfare or served a detrimental role.This book is a collection of papers presented at the conference held at the Federal Reserve Bank of Chicago, in November 2012 that examined the social value of the financial sector as currently structured. Issues evaluated include what are the perceived benefits and costs of the current financial system? How valuable have industry innovations been for society? Should regulation be used to "move" the industry in a direction thought to be more valuable for society? Should "big" banks be broken up? What are the welfare implications of the current industry structure? In the book, leading industry scholars debate these issues with a goal of influencing public policy toward the industry.

About this title

About the Author

Viral V Acharya is the C V Starr Professor of Economics in the Department of Finance at New York University Stern School of Business (NYU Stern), where he is the PhD coordinator as well. He is also the program director for financial economics and a research affiliate at the Center for Economic Policy Research (CEPR); a research associate of the National Bureau of Economic Research in corporate finance and the European Corporate Governance Institute; a member of Advisory Scientific Committee of the European Systemic Risk Board and various financial regulatory and legislative advisory boards of India; and an academic advisor to four Federal Reserve Banks, as well as the Board of Governors. Acharya's primary research interest is in theoretical and empirical analysis of systemic risk of the financial sector and its regulation.

Thorsten Beck is professor of economics and chairman of the European Banking Center. Before joining Tilburg University and the CentER, he worked at the Development Research Group of the World Bank. Beck's research and policy work have focused on two main questions: What is the effect of financial sector development on economic growth and poverty alleviation, and what are the determinants of a sound and effective financial sector? His research has recently focused on access to financial services by small and medium-sized enterprises and households.

Douglas D Evanoff is vice president and senior research advisor for banking issues at the Federal Reserve Bank of Chicago. In that capacity, he conducts research on issues associated with financial institutions and markets, coordinates conferences on relevant policy issues, and supports the Federal Reserve System and the Federal Reserve Bank of Chicago's senior management in policy deliberations. His research interests include financial regulation, consumer credit issues, mortgage markets, productive efficiencies, and bank merger analysis. His research has recently been published in leading academic journals, including the American Economic Review, Journal of Financial Economics, and Journal of Money, Credit and Banking, among others.

George G Kaufman is the John F Smith Professor of Economics and Finance at Loyola University Chicago and a consultant to the Federal Reserve Bank of Chicago. From 1959 to 1970, he was at the Federal Reserve Bank of Chicago, and after teaching for ten years at the University of Oregon, he returned as a consultant to the Bank in 1981. He has also been a visiting professor at Stanford University, the University of California, Berkeley, and the University of Southern California, as well as a visiting scholar at the Reserve Bank of New Zealand, the Federal Reserve Bank of San Francisco, and the Office of the Comptroller of the Currency. He has also served as the deputy to the assistant secretary for economic policy at the US Department of the Treasury.

Richard Portes is professor of economics at London Business School and president of the Centre for Economic Policy Research. He was formerly the directeurd;'etudes at the Ecole des Hautes Etudes en Sciences Sociales in Paris (1978-2011), a Rhodes Scholar, and a fellow of Balliol College, Oxford. In 2003 04 he was Joel Stern Visiting Professor of International Finance at Columbia Business School, and in 1999-2000 he was Distinguished Global Visiting Professor at Haas Business School, University of California, Berkeley. He has also taught at Princeton, Harvard (as a Guggenheim Fellow), and Birkbeck College (University of London). He writes and speaks widely on a broad range of international macroeconomics and finance topics.

About this edition

• Publisher: World Scientific Pub Co Inc
• Publication date: 2013
• ISBN 10: 9814520284
• ISBN 13: 9789814520287
• Binding: Hardcover
• Edition number: 1
• Number of pages: 523
• Editor: Acharya Viral V, Beck Thorsten, Evanoff Douglas D, Kaufman George G, Portes Richard