Financial Markets, Institutions & Instruments

Cover image for Vol. 18 Issue 2

May 2009

Volume 18, Issue 2

Pages i–i, 89–194

  1. Preface

    1. Top of page
    2. Preface
    3. PROLOGUE: A BIRD'S EYE VIEW
    4. SECTION I: CAUSES of the FINANCIAL CRISIS of 2007-2009
    5. SECTION II: FINANCIAL INSTITUTIONS
    6. SECTION III: GOVERNANCE, INCENTIVES and FAIR VALUE ACCOUNTING
    7. SECTION IV: DERIVATIVES, SHORT-SELLING AND TRANSPARENCY
    8. SECTION V: THE ROLE OF THE FED
    9. SECTION VI: THE BAILOUT
    10. SECTION VII: INTERNATIONAL COORDINATION
    11. NOTES ON CONTRIBUTORS/ACKNOWLEDGMENTS
    1. Preface (page i)

      Thomas F. Cooley and Ingo Walter

      Article first published online: 5 MAR 2009 | DOI: 10.1111/j.1468-0416.2009.00147_1.x

  2. PROLOGUE: A BIRD'S EYE VIEW

    1. Top of page
    2. Preface
    3. PROLOGUE: A BIRD'S EYE VIEW
    4. SECTION I: CAUSES of the FINANCIAL CRISIS of 2007-2009
    5. SECTION II: FINANCIAL INSTITUTIONS
    6. SECTION III: GOVERNANCE, INCENTIVES and FAIR VALUE ACCOUNTING
    7. SECTION IV: DERIVATIVES, SHORT-SELLING AND TRANSPARENCY
    8. SECTION V: THE ROLE OF THE FED
    9. SECTION VI: THE BAILOUT
    10. SECTION VII: INTERNATIONAL COORDINATION
    11. NOTES ON CONTRIBUTORS/ACKNOWLEDGMENTS
    1. The Financial Crisis of 2007-2009: Causes and Remedies (pages 89–137)

      Viral Acharya, Thomas Philippon, Matthew Richardson and Nouriel Roubini

      Article first published online: 5 MAR 2009 | DOI: 10.1111/j.1468-0416.2009.00147_2.x

  3. SECTION I: CAUSES of the FINANCIAL CRISIS of 2007-2009

    1. Top of page
    2. Preface
    3. PROLOGUE: A BIRD'S EYE VIEW
    4. SECTION I: CAUSES of the FINANCIAL CRISIS of 2007-2009
    5. SECTION II: FINANCIAL INSTITUTIONS
    6. SECTION III: GOVERNANCE, INCENTIVES and FAIR VALUE ACCOUNTING
    7. SECTION IV: DERIVATIVES, SHORT-SELLING AND TRANSPARENCY
    8. SECTION V: THE ROLE OF THE FED
    9. SECTION VI: THE BAILOUT
    10. SECTION VII: INTERNATIONAL COORDINATION
    11. NOTES ON CONTRIBUTORS/ACKNOWLEDGMENTS
    1. Overview (page 139)

      Article first published online: 5 MAR 2009 | DOI: 10.1111/j.1468-0416.2009.00147_3.x

    2. Chapter 1

      Mortgage Origination and Securitization in the Financial Crisis (pages 141–143)

      Dwight Jaffee, Anthony Lynch, Matthew Richardson and Stijn Van Nieuwerburgh

      Article first published online: 5 MAR 2009 | DOI: 10.1111/j.1468-0416.2009.00147_4.x

    3. Chapter 2

      How Banks Played the Leverage “Game” (pages 144–145)

      Viral V. Acharya and Philipp Schnabl

      Article first published online: 5 MAR 2009 | DOI: 10.1111/j.1468-0416.2009.00147_5.x

    4. Chapter 3

      The Rating Agencies: Is Regulation the Answer? (pages 146–148)

      Matthew Richardson and Lawrence White

      Article first published online: 5 MAR 2009 | DOI: 10.1111/j.1468-0416.2009.00147_6.x

  4. SECTION II: FINANCIAL INSTITUTIONS

    1. Top of page
    2. Preface
    3. PROLOGUE: A BIRD'S EYE VIEW
    4. SECTION I: CAUSES of the FINANCIAL CRISIS of 2007-2009
    5. SECTION II: FINANCIAL INSTITUTIONS
    6. SECTION III: GOVERNANCE, INCENTIVES and FAIR VALUE ACCOUNTING
    7. SECTION IV: DERIVATIVES, SHORT-SELLING AND TRANSPARENCY
    8. SECTION V: THE ROLE OF THE FED
    9. SECTION VI: THE BAILOUT
    10. SECTION VII: INTERNATIONAL COORDINATION
    11. NOTES ON CONTRIBUTORS/ACKNOWLEDGMENTS
    1. Overview (page 149)

      Article first published online: 5 MAR 2009 | DOI: 10.1111/j.1468-0416.2009.00147_7.x

    2. Chapter 4

      What to Do About the Government Sponsored Enterprises (pages 150–152)

      Dwight Jaffee, Stijn Van Nieuwerburgh, Matthew Richardson, Lawrence White and Robert Wright

      Article first published online: 5 MAR 2009 | DOI: 10.1111/j.1468-0416.2009.00147_8.x

    3. Chapter 5

      Enhanced Regulation of Large, Complex Financial Institutions (pages 153–154)

      Anthony Saunders, Roy C. Smith and Ingo Walter

      Article first published online: 5 MAR 2009 | DOI: 10.1111/j.1468-0416.2009.00147_9.x

    4. Chapter 6

      Hedge Funds in the Aftermath of the Financial Crisis (pages 155–156)

      Stephen Brown, Marcin Kacperczyk, Alexander Ljungqvist, Anthony Lynch, Lasse Pedersen and Matthew Richardson

      Article first published online: 5 MAR 2009 | DOI: 10.1111/j.1468-0416.2009.00147_10.x

  5. SECTION III: GOVERNANCE, INCENTIVES and FAIR VALUE ACCOUNTING

    1. Top of page
    2. Preface
    3. PROLOGUE: A BIRD'S EYE VIEW
    4. SECTION I: CAUSES of the FINANCIAL CRISIS of 2007-2009
    5. SECTION II: FINANCIAL INSTITUTIONS
    6. SECTION III: GOVERNANCE, INCENTIVES and FAIR VALUE ACCOUNTING
    7. SECTION IV: DERIVATIVES, SHORT-SELLING AND TRANSPARENCY
    8. SECTION V: THE ROLE OF THE FED
    9. SECTION VI: THE BAILOUT
    10. SECTION VII: INTERNATIONAL COORDINATION
    11. NOTES ON CONTRIBUTORS/ACKNOWLEDGMENTS
    1. Overview (page 157)

      Article first published online: 5 MAR 2009 | DOI: 10.1111/j.1468-0416.2009.00147_11.x

    2. Chapter 7

      Corporate Governance in the Modern Financial Sector (pages 158–159)

      Viral V. Acharya, Jennifer Carpenter, Xavier Gabaix, Kose John, Matthew Richardson, Marti Subrahmanyam, Rangarajan Sundaram and Eitan Zemel

      Article first published online: 5 MAR 2009 | DOI: 10.1111/j.1468-0416.2009.00147_12.x

    3. Chapter 8

      Rethinking Compensation in Financial Firms (pages 160–162)

      Gian Luca Clementi, Thomas F. Cooley, Matthew Richardson and Ingo Walter

      Article first published online: 5 MAR 2009 | DOI: 10.1111/j.1468-0416.2009.00147_13.x

    4. Chapter 9

  6. SECTION IV: DERIVATIVES, SHORT-SELLING AND TRANSPARENCY

    1. Top of page
    2. Preface
    3. PROLOGUE: A BIRD'S EYE VIEW
    4. SECTION I: CAUSES of the FINANCIAL CRISIS of 2007-2009
    5. SECTION II: FINANCIAL INSTITUTIONS
    6. SECTION III: GOVERNANCE, INCENTIVES and FAIR VALUE ACCOUNTING
    7. SECTION IV: DERIVATIVES, SHORT-SELLING AND TRANSPARENCY
    8. SECTION V: THE ROLE OF THE FED
    9. SECTION VI: THE BAILOUT
    10. SECTION VII: INTERNATIONAL COORDINATION
    11. NOTES ON CONTRIBUTORS/ACKNOWLEDGMENTS
    1. Overview (page 165)

      Article first published online: 5 MAR 2009 | DOI: 10.1111/j.1468-0416.2009.00147_15.x

    2. Chapter 10

      Derivatives - The Ultimate Financial Innovation (pages 166–167)

      Viral V. Acharya, Menachem Brenner, Robert Engle, Anthony Lynch and Matthew Richardson

      Article first published online: 5 MAR 2009 | DOI: 10.1111/j.1468-0416.2009.00147_16.x

    3. Chapter 11

      Centralized Clearing for Credit Derivatives (pages 168–170)

      Viral V. Acharya, Robert Engle, Stephen Figlewski, Anthony Lynch and Marti Subrahmanyam

      Article first published online: 5 MAR 2009 | DOI: 10.1111/j.1468-0416.2009.00147_17.x

    4. Chapter 12

      Short Selling (pages 171–172)

      Menachem Brenner and Marti G. Subrahmanyam

      Article first published online: 5 MAR 2009 | DOI: 10.1111/j.1468-0416.2009.00147_18.x

  7. SECTION V: THE ROLE OF THE FED

    1. Top of page
    2. Preface
    3. PROLOGUE: A BIRD'S EYE VIEW
    4. SECTION I: CAUSES of the FINANCIAL CRISIS of 2007-2009
    5. SECTION II: FINANCIAL INSTITUTIONS
    6. SECTION III: GOVERNANCE, INCENTIVES and FAIR VALUE ACCOUNTING
    7. SECTION IV: DERIVATIVES, SHORT-SELLING AND TRANSPARENCY
    8. SECTION V: THE ROLE OF THE FED
    9. SECTION VI: THE BAILOUT
    10. SECTION VII: INTERNATIONAL COORDINATION
    11. NOTES ON CONTRIBUTORS/ACKNOWLEDGMENTS
    1. Overview (page 173)

      Article first published online: 5 MAR 2009 | DOI: 10.1111/j.1468-0416.2009.00147_19.x

    2. Chapter 13

      Regulating Systemic Risk (pages 174–175)

      Viral V. Acharya, Lasse Pedersen, Thomas Philippon and Matthew Richardson

      Article first published online: 5 MAR 2009 | DOI: 10.1111/j.1468-0416.2009.00147_20.x

    3. Chapter 14

      Private Lessons for Public Banking: The Case for Conditionality in LOLR Facilities (pages 176–178)

      Viral V. Acharya and David Backus

      Article first published online: 5 MAR 2009 | DOI: 10.1111/j.1468-0416.2009.00147_21.x

  8. SECTION VI: THE BAILOUT

    1. Top of page
    2. Preface
    3. PROLOGUE: A BIRD'S EYE VIEW
    4. SECTION I: CAUSES of the FINANCIAL CRISIS of 2007-2009
    5. SECTION II: FINANCIAL INSTITUTIONS
    6. SECTION III: GOVERNANCE, INCENTIVES and FAIR VALUE ACCOUNTING
    7. SECTION IV: DERIVATIVES, SHORT-SELLING AND TRANSPARENCY
    8. SECTION V: THE ROLE OF THE FED
    9. SECTION VI: THE BAILOUT
    10. SECTION VII: INTERNATIONAL COORDINATION
    11. NOTES ON CONTRIBUTORS/ACKNOWLEDGMENTS
    1. Overview (page 179)

      Article first published online: 5 MAR 2009 | DOI: 10.1111/j.1468-0416.2009.00147_22.x

    2. Chapter 15

      The Financial Sector “Bailout”: Sowing the Seeds of the Next Crisis? (pages 180–182)

      Viral V. Acharya and Rangarajan Sundaram

      Article first published online: 5 MAR 2009 | DOI: 10.1111/j.1468-0416.2009.00147_23.x

    3. Chapter 16

      Mortgages and Households (pages 183–184)

      Andrew Caplin and Thomas Cooley

      Article first published online: 5 MAR 2009 | DOI: 10.1111/j.1468-0416.2009.00147_24.x

    4. Chapter 17

      Where Should the Bailout Stop? (pages 185–186)

      Edward I. Altman and Thomas Philippon

      Article first published online: 5 MAR 2009 | DOI: 10.1111/j.1468-0416.2009.00147_25.x

  9. SECTION VII: INTERNATIONAL COORDINATION

    1. Top of page
    2. Preface
    3. PROLOGUE: A BIRD'S EYE VIEW
    4. SECTION I: CAUSES of the FINANCIAL CRISIS of 2007-2009
    5. SECTION II: FINANCIAL INSTITUTIONS
    6. SECTION III: GOVERNANCE, INCENTIVES and FAIR VALUE ACCOUNTING
    7. SECTION IV: DERIVATIVES, SHORT-SELLING AND TRANSPARENCY
    8. SECTION V: THE ROLE OF THE FED
    9. SECTION VI: THE BAILOUT
    10. SECTION VII: INTERNATIONAL COORDINATION
    11. NOTES ON CONTRIBUTORS/ACKNOWLEDGMENTS
    1. Overview (page 187)

      Article first published online: 5 MAR 2009 | DOI: 10.1111/j.1468-0416.2009.00147_26.x

    2. Chapter 18

      International Alignment of Financial Sector Regulation (pages 188–190)

      Viral V. Acharya, Paul Wachtel and Ingo Walter

      Article first published online: 5 MAR 2009 | DOI: 10.1111/j.1468-0416.2009.00147_27.x

  10. NOTES ON CONTRIBUTORS/ACKNOWLEDGMENTS

    1. Top of page
    2. Preface
    3. PROLOGUE: A BIRD'S EYE VIEW
    4. SECTION I: CAUSES of the FINANCIAL CRISIS of 2007-2009
    5. SECTION II: FINANCIAL INSTITUTIONS
    6. SECTION III: GOVERNANCE, INCENTIVES and FAIR VALUE ACCOUNTING
    7. SECTION IV: DERIVATIVES, SHORT-SELLING AND TRANSPARENCY
    8. SECTION V: THE ROLE OF THE FED
    9. SECTION VI: THE BAILOUT
    10. SECTION VII: INTERNATIONAL COORDINATION
    11. NOTES ON CONTRIBUTORS/ACKNOWLEDGMENTS

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