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Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance

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Independent analysis of newly enacted financial legislation—and what it might mean for the world economy

"A fascinating, lively, and thoroughly readable guide to the Dodd-Frank Act that pierces the cloud of confusion that hangs over so much of the financial reform debate. It is extremely timely and valuable, and should be required reading for all policymakers, investors, and students of finance. What makes the book so valuable is that it not only analyzes the scope of the Act, in a punchy, lively style, but it also discusses its potential impact. More important, the book analyzes what is not covered in the Act—and where the potential challenges to the financial system still lie."
Gillian Tett, U.S. Managing Editor, Financial Times

"The crisis of 2008 confronted even well-educated Americans with a flood of incomprehensible financial vocabulary, describing novel financial institutions and practices most of us had never heard of before. Now we have the 2,300-page Dodd-Frank Act, designed to provide the needed repair. Will it do so? What else will it do? How can we even start to think about these basic questions? Regulating Wall Street addresses these questions in a clear, direct style, taking us through the many parts of the Act one at a time, and providing informed, cogent economic analysis of each. A valuable standard source for future discussion."
Robert E. Lucas, University of Chicago, 1995 Nobel Laureate

"Take the faculty of one of the best finance departments in the world. Ask them to analyze the new U.S. legislation on financial regulation, and to think about what the new law gets right, what it gets wrong, and how it is likely to shape the future of the financial system. With a bit of luck, you get this very impressive book. An absolute must-read."
Olivier Blanchard, Chief Economist, International Monetary Fund

"Regulating Wall Street goes a long way toward clarifying the intent of the various provisions of the Dodd-Frank Act and evaluating both its effectiveness and limitations. The need for effective implementation by agencies is appropriately emphasized. Not a quick read, a useful reference work on an enormously complex piece of legislation, dealing with an even more complex financial reality."
Paul Volcker, Chairman of the Economic Recovery Advisory Board and former Chairman of the Federal Reserve (1979–1987)


Viral V. Acharya is Professor of Finance at New York University Stern School of Business.

Thomas F. Cooley is Dean Emeritus and the Paganelli-Bull Professor of Economics at New York University Stern School of Business, as well as a Professor of Economics in the NYU Faculty of Arts and Science.

Matthew P. Richardson is the Charles E. Simon Professor of Applied Financial Economics at New York University Stern School of Business.

Ingo Walter is the Seymour Milstein Professor of Finance, Corporate Governance and Ethics and Vice Dean of Faculty at New York University Stern School of Business.

Foreword.

Preface.

PROLOGUE: A BIRD'S-EYE VIEW.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Viral V. Acharya, Thomas Cooley, Matthew Richardson, Richard Sylla, and Ingo Walter).

PART ONE: Financial Architecture.

CHAPTER 1: The Architecture of Financial Regulation (Thomas Cooley and Ingo Walter).

CHAPTER 2: The Power of Central Banks and the Future of the Federal Reserve System (Thomas Cooley, Kermit Schoenholtz, George David Smith, Richard Sylla, and Paul Wachtel).

CHAPTER 3: Consumer Finance Protection (Thomas Cooley, Xavier Gabaix, Samuel Lee, Thomas Mertens, Vicki Morwitz, Shelle Santana, Anjolein Schmeits, Stijn Van Nieuwerburgh, and Robert Whitelaw).

PART TWO: Systemic Risk.

CHAPTER 4: Measuring Systemic Risk (Viral V. Acharya, Christian Brownlees, Robert Engle, Farhang Farazmand, and Matthew Richardson).

CHAPTER 5: Taxing Systemic Risk (Viral V. Acharya, Lasse Pedersen, Thomas Philippon, and Matthew Richardson).

CHAPTER 6: Capital, Contingent Capital, and Liquidity Requirements (Viral V. Acharya, Nirupama Kulkarni, and Matthew Richardson).

CHAPTER 7: Large Banks and the Volcker Rule (Matthew Richardson, Roy C. Smith, and Ingo Walter).

CHAPTER 8: Resolution Authority (Viral V. Acharya, Barry Adler, Matthew Richardson, and Nouriel Roubini).

CHAPTER 9: Systemic Risk and the Regulation of Insurance Companies (Viral V. Acharya, John Biggs, Hanh Le, Matthew Richardson, and Stephen Ryan).

PART THREE: Shadow Banking.

CHAPTER 10: Money Market Funds: How to Avoid Breaking the Buck (Marcin Kacperczyk and Philipp Schnabl).

CHAPTER 11: The Repurchase Agreement (Repo) Market (Viral V. Acharya and T. Sabri Oncu).

CHAPTER 12: Hedge Funds, Mutual Funds, and ETFs (Stephen Brown, Anthony Lynch, and Antti Petajisto).

CHAPTER 13: Regulating OTC Derivatives (Viral V. Acharya, Or Shachar, and Marti Subrahmanyam0.

PART FOUR: Credit Markets.

CHAPTER 14: The Government-Sponsored Enterprises (Viral V. Acharya, T. Sabri Oncu, Matthew Richardson, Stijn Van Nieuwerburgh, and Lawrence J. White).

CHAPTER 15: Regulation of Rating Agencies (Edward I. Altman, T. Sabri Oncu, Matthew Richardson, Anjolein Schmeits, and Lawrence J. White).

CHAPTER 16: Securitization Reform (Matthew Richardson, Joshua Ronen, and Marti Subrahmanyam).

PART FIVE: Corporate Control.

CHAPTER 17: Reforming Compensation and Corporate Governance (Jennifer Carpenter, Thomas Cooley, and Ingo Walter).

CHAPTER 18: Accounting and Financial Reform (Joshua Ronen and Stephen Ryan).

Epilogue.

About the Authors.

About the Blog.

Index.