The The Social Value Of The Financial Sector: Too Big To Fail Or Just Too Big?, 1st Edition

  • Published By: World Scientific Publishing Company
  • ISBN-10: 9814520292
  • ISBN-13: 9789814520294
  • DDC: 332.1
  • Grade Level Range: College Freshman - College Senior
  • 536 Pages | eBook
  • Original Copyright 2013 | Published/Released January 2015
  • This publication's content originally published in print form: 2013

  • Price:  Sign in for price



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.

Table of Contents

Half Title Page.
Other Frontmatter.
Title Page.
Copyright Page.
1: Keynote Addresses.
2: A Ferment of Regulatory Proposals.
3: Progress and Priorities for Financial Reform.
4: Description and Measurement of the Financial System.
5: What Is Meaningful Banking Reform, Why Is It So Necessary … and So Unlikely?.
6: The Great Leveraging.
7: Finance and Economic Development in a Model with Credit Rationing.
8: Too Much Finance, Too Much Credit? Comments on Papers by Calomiris, Arcand–Berkes–Panizza, and Taylor.
9: Social Benefits and Costs of the Current Financial System.
10: Bank Regulatory Reforms and Racial Wage Discrimination.
11: Finance: Economic Lifeblood or Toxin?.
12: Finance: Is Bigger Badder?.
13: Financial Industry Innovation.
14: A Proposal for the Resolution of Systemically Important Assets and Liabilities: The Case of the Repo Market.
15: Reexamining Financial Innovation After The Global Financial Crisis.
16: Financial Innovation and Shadow Banking.
17: Effects of Regulation, the Safety Net and Other Government Guarantees.
18: Evolving Intermediation.
19: The Socially Optimal Level of Capital Requirements: A View from Two Papers.
20: Effects of Regulation, the Safety Net, and Other Government Guarantees.
21: Finance And Economic Activity: Variations Across Emerging and Developed Markets.
22: Legal and Alternative Institutions in Finance and Commerce∗.
23: Finance in the Tropics: Understanding Structural Gaps and Policy Challenges.
24: Foreign Banks: Access to Finance and Financial Stability.
25: Institutions, Finance, and Economic Activity: Views and Agenda.
26: Break Up the Big Banks?.
27: Breaking (Banks) Up Is Hard to Do: New Perspective on Too Big to Fail.
28: Restructuring the Banking System to Improve Safety and Soundness.
29: Ending Too Big to Fail: A Proposal for Reform.
30: Where to from Here? The Implications for Financial Regulatory Policy.
31: Where to from Here? Implementation, Implementation, Implementation.
32: Complexity in Financial Regulation.
33: Financial Reform: On the Right Road, at the Right Pace?.
34: Banking Regulation and Supervision in the Next 10 Years and Their Unintended Consequences.
35: The Social Value of the Financial Sector: Where to from Here?.
36: Public Policy Options.