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SquamLake - 1 The Squam Lake Report Fixing the Financial...

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Unformatted text preview: 1 The Squam Lake Report Fixing the Financial System Kenneth R. French Martin N. Baily John Y. Campbell John H. Cochrane Douglas W. Diamond Darrell Duffie Anil K Kashyap Frederic S. Mishkin Raghuram G. Rajan David S. Scharfstein Robert J. Shiller Hyun Song Shin Matthew J. Slaughter Jeremy C. Stein Ren M. Stulz Princeton University Press: Princeton and Oxford Copyright 2010 Princeton University Press 2 CONTENTS PREFACE AND ACKNOWLEDGEMENTS CHAPTER 1: Introduction CHAPTER 2: A Systemic Regulator for Financial Markets CHAPTER 3: A New Information Infrastructure for Financial Markets CHAPTER 4: Regulation of Retirement Savings CHAPTER 5: Reforming Capital Requirements for Financial Institutions CHAPTER 6: Regulation of Executive Compensation in Financial Services CHAPTER 7: An Expedited Resolution Mechanism for Distressed Financial Firms: Regulatory Hybrid Securities CHAPTER 8: Improving Resolution Options for Systemically Important Financial Institutions CHAPTER 9: Credit Default Swaps, Clearing Houses, and Exchanges CHAPTER 10: Prime Brokers, Derivative Dealers, and Runs CHAPTER 11: Conclusion INDEX 3 PREFACE The Squam Lake Group is 15 leading financial economists who came together to offer guidance on the reform of financial regulation. The Group first met for a weekend in the fall of 2008 at a remote and scenic retreat on New Hampshires Squam Lake. The World Financial Crisis was then at its peak. Although informed by this crisisits events and the ongoing policy responsesthe Group has intentionally focused on longer-term issues. We have aspired to help guide the evolving reform of capital marketstheir structure, function, and regulation. This guidance is based on our collective academic, private sector, and public policy experience. Members include eight of the nine most recent presidents of the American Finance Association, a former Federal Reserve Governor, a former Chief Economist of the International Monetary Fund, and former members of the Council of Economic Advisers under President Bill Clinton and President George W. Bush. The Group has been united and motivated by a common concern: that policymakers often misunderstand or ignore the large body of academic knowledge that could guide sound regulatory reform, resulting in poorly designed policies with unintended consequences. After the initial Squam Lake meeting, the Group worked to develop specific proposals targeted at policymakers around the world. We collaborated through emails, phone calls, and meetings. The breadth of expertise in the Group led to many interesting and sometimes spirited discussions. But all members of the Group came to agree on a growing list of urgent and important recommendations. Throughout, the Group has been staunchly nonpartisan with no business or political sponsor....
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SquamLake - 1 The Squam Lake Report Fixing the Financial...

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