The Bankers' New Clothes -

The Bankers' New Clothes
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Wydawnictwo: Princeton University Press
ISBN: 9780691156842
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Oprawa: ...
Stron: 392
Data wydania: 2013-06-01
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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. Insightful ... -- Floyd Norris New York Times Crucial ... -- Jim Surowiecki NewYorker.com Ms. Admati and Mr. Hellwig, top-notch academic financial economists, do understand the complexities of banking, and they helpfully slice through the bankers' self-serving nonsense. Demolishing these fallacies is the central point of The Bankers' New Clothes. -- John Cochrane Wall Street Journal Professor and journalist Admati and economic researcher Hellwig argue that it is possible to have a well-balanced banking system without any cost to society; weak regulations and lax enforcement is what caused the buildup of risk unleashed in the crisis. Here, they aim to demystify banking and expand the range of voices in the debate; encouraging people to form opinions and express doubts will ensure a healthier financial system as people understand the issues and influence policy... The authors push for aggressive reform by outlining specific steps that can be taken to change our banking system for the better. Publishers Weekly An important book for readers interested in what has been done, and what remains to be done, when it comes to safeguarding financial institutions. Kirkus Reviews This book's aim, decisively achieved, is to de-mystify the public conversation about banking so we can all understand how threadbare the industry is. -- Diane Coyle Enlightened Economist blog This title is a must read for management and human resource professionals within the banking industry as well as government policymakers. With its clear explanations, many examples, and analogies, the book is accessible to readers who do not have business backgrounds and who want to better understand banking. Library Journal [P]owerful... The authors persuasively argue that the solution is higher levels of equity capital throughout the banking industry to offset the impact of the implied government protections against failure. Economist.com's Free Exchange Ms. Anat 'gets' banking, and gets it better than most. The fact that she is ruffling feather relates more to the fact that she is questioning deeply held--yet hardly ever challenged--belief systems within the industry, than any lack of understanding. -- Izabella Kaminska FinancialTimes.com's Alphaville blog Admati and Hellwig have done something extraordinary. They took [banking] frustration and all its complex details and gave it a simple narrative, one that both explains what banks have been getting away with and what we might ask that Congress do about it. -- Brendan Greeley Bloomberg Businessweek Admati and Hellwig offer a simple prescription for

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