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Book
xv, 398 p. : ill. ; 24 cm.
  • The emperors of banking have no clothes
  • How borrowing magnifies risk
  • The dark side of borrowing
  • Is it really "a wonderful life"?
  • Banking dominos
  • What can be done?
  • Is equity expensive?
  • Paid to gamble
  • Sweet subsidies
  • Must banks borrow so much?
  • If not now, when?
  • The politics of banking
  • Other people's money.
What is wrong with today's banking system? The past few years have shown that risks in banking can impose significant costs on the economy. Many claim, however, that a safer banking system would require sacrificing lending and economic growth. The Bankers' New Clothes examines this claim and the narratives used by bankers, politicians, and regulators to rationalize the lack of reform, exposing them as invalid. Admati and Hellwig argue we can have a safer and healthier banking system without sacrificing any of the benefits of the system, and at essentially no cost to society. They show that banks are as fragile as they are not because they must be, but because they want to be--and they get away with it. Whereas this situation benefits bankers, it distorts the economy and exposes the public to unnecessary risks. Weak regulation and ineffective enforcement allowed the buildup of risks that ushered in the financial crisis of 2007-2009. Much can be done to create a better system and prevent crises. Yet the lessons from the crisis have not been learned. Admati and Hellwig seek to engage the broader public in the debate by cutting through the jargon of banking, clearing the fog of confusion, and presenting the issues in simple and accessible terms. The Bankers' New Clothes calls for ambitious reform and outlines specific and highly beneficial steps that can be taken immediately.
(source: Nielsen Book Data)9780691156842 20160610
Business Library
FINANCE-332-01-02
Book
1 online resource (421 pages)
  • Preface to the Paperback Edition ix Preface xiii Acknowledgments xvii 1 The Emperors of Banking Have No Clothes 1 PART I Borrowing, Banking, and Risk 15 2 How Borrowing Magnifies Risk 17 3 The Dark Side of Borrowing 32 4 Is It Really "A Wonderful Life"? 46 5 Banking Dominos 60 PART II The Case for More Bank Equity 79 6 What Can Be Done? 81 7 Is Equity Expensive? 100 8 Paid to Gamble 115 9 Sweet Subsidies 129 10 Must Banks Borrow So Much? 148 PART III Moving Forward 167 11 If Not Now, When? 169 12 The Politics of Banking 192 13 Other People's Money 208 Notes 229 References 337 Index 363.
  • (source: Nielsen Book Data)9780691162386 20160618
The past few years have shown that risks in banking can impose significant costs on the economy. Many claim, however, that a safer banking system would require sacrificing lending and economic growth. The Bankers' New Clothes examines this claim and the narratives used by bankers, politicians, and regulators to rationalize the lack of reform, exposing them as invalid. Anat Admati and Martin Hellwig argue that we can have a safer and healthier banking system without sacrificing any of its benefits, and at essentially no cost to society. They seek to engage the broader public in the debate by cutting through the jargon of banking, clearing the fog of confusion, and presenting the issues in simple and accessible terms.
(source: Nielsen Book Data)9780691162386 20160618
Stanford Libraries
ECON-143-02, FINANCE-332-01-02, FINANCE-332-01-02, MS&E-147-02, POLISCI-127A-02, PUBLPOL-143-02