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There is virtually universal agreement that the fundamental cause of the global economic and financial crisis of 2007-2009 was the combination of a credit boom and a housing bubble, but it is much less clear why this combination of events led to such a severe financial crisis. Manufacturing Tail Risk: A Perspective on the Financial Crisis of 2007-2009 argues that what made this economic shock unique and led to such a severe financial crisis was the behavior of many of the large, complex financial institutions (LCFIs) that today dominate the financial industry. These LCFIs ignored their own...

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...

An insightful look at how to reform our broken financial system

The financial crisis that unfolded in September 2008 transformed the United States and world economies. As each day's headlines brought stories of bank failures and rescues, government policies drawn and redrawn against the backdrop of an historic Presidential election, and solutions that seemed to be discarded almost as soon as they were proposed, a group of thirty-three academics at New York University Stern School of Business began tackling the hard questions behind the headlines. Representing fields of...

The future of the insurance regulation begins now

For those involved with the insurance industry, from investment professionals to policy makers, and regulators to legislators, tremendous change is coming. With insurance premiums constituting an ever-growing portion of annual U.S. GDP and provisions of the Dodd-Frank Act specifically calling for modernization of insurance regulations, the issues at hand are pervasive. In Modernizing Insurance Regulation, these issues are described against a backdrop of the political and industry discussions that surround insurance,...