Lessons Not Learned: 10 Steps to Stable Financial Markets

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9781910151235: Lessons Not Learned: 10 Steps to Stable Financial Markets

Much has been written and spoken about the lessons learned from the financial crisis of 2009. In this book, we list the lessons not learned before the financial crisis. The purpose of this book is to demonstrate that the theoretical and intellectual frameworks for regulating financial systems that had been available since at least 2001 could have prevented the systemic failure in the United States that led to the collapse of global credit markets in 2007-2009. Step by step the book will guide you through what we can do right now and what could have been done before 2008 or Dodd-Frank. The book concludes with a key idea for how to make your financial services business stand out from the crowd and be successful in the coming decades. The list of 10 Steps is quite straight-forward and simple. 1. Have private, independent rating agencies. 2. Provide some government safety net but not so much that banks are not held accountable ( Too Big to Fail ) 3. Allow very little government ownership and control of national financial assets. 4. Allow banks to reduce the volatility of returns by offering a wide-range of services. 5. Require financial market players to register and be authorized. 6. Provide information, including setting standards, to enhance market transparency. 7. Routinely examine financial institutions to ensure that the regulatory code is obeyed. 8. Enforce the code and discipline transgressors. 9. Develop policies that keep the regulatory code up to date. 10. Encourage the creation of specialized financial institutions. For each step the reader will find: Legislative/regulatory background on the existing rules plus what academic work is available on the theory. The facts and data showing where it was not implemented/enforced in the US (with examples of countries that did get it right), where applicable. The facts and data supporting the connection between this step and the events of 2008.

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'In a time of mind-boggling complexity in financial regulation - too complex, according to Ben Bernanke, for the Federal Reserve System to understand its impact - Lessons Not Learned is a refreshing call to return to a simpler, more basic approach. Susanne Trimbath emphasizes that the failure to implement regulations, a key factor in the crisis of 2008, remains the system's Achilles heel. This book features a refreshing combination of research grounding and pragmatic experience. A must read for taxpayers and their representatives!' Jerry Caprio Currently: Williams College, William Brough Professor of Economics and Chair, Center for Development Economics Former (1988-2005): The World Bank, Director, Operations and Policy Department, Financial Sector Vice Presidency --(Unpublished review)

Über den Autor:

Susanne Trimbath holds a Ph.D. in Economics from New York University and received her MBA in Management from Golden Gate University. Prior to forming STP Advisory Services, Dr. Trimbath was Senior Research Economist in Capital Studies at Milken Institute (Santa Monica, CA) and Senior Advisor on the Russian Capital Markets Project (USAID-funded) with KPMG in Moscow and St. Petersburg. She started her career in financial services operations at the Federal Reserve Bank of San Francisco. Since 1989, Dr. Trimbath has taught economics and finance in university graduate and undergraduate programs as adjunct, associate and full-time professor. Dr. Trimbath authored, edited and contributed chapters to five books, including Mergers and Efficiency (2002), Beyond Junk Bonds (2003), and Methodological Issues in Accounting Research (2006). She is a contributing editor at NewGeography.com.

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