Cover: Rocky Times

Rocky Times: New Perspectives on Financial Stability

Since the financial crisis of 2008, the global financial system still is experiencing malaise caused by high rates of unemployment; a lingering, unresolved supply of foreclosed properties; the deepening European debt crisis; and fear of a recurrence of the bank turmoil that brought about the Great Recession. All of these factors have led to stagnant economic growth worldwide.

In Rocky Times, editors Yasuyuki Fuchita, Richard J. Herring, and Robert E. Litan bring together experts from academia and the banking sector to analyze the difficult issues surrounding troubled large financial institutions in an environment of economic uncertainty and growing public anger. Continuing the format of the previous Brookings-Nomura collaborations, Rocky Times focuses largely on developments within the United States and Japan but looks at those in other nations as well.

This volume examines two broad areas: the Japanese approach to regulating financial institutions and promoting financial stability and the U.S. approach in light of the Dodd-Frank Act. Specific chapters include Regulating the Shadow Banking System, Convertible Debt Requirement, Advanced Economies.

Contributors: Gavin Bingham (Systemic Policy Partnership, London), Charles W. Calomiris (Columbia Business School), Douglas J. Elliott (Brookings Institution), Richard J. Herring (Brookings Institution), Kei Kodachi (Nomura Institute of Capital Markets Research), and Morgan Ricks (Vanderbilt Law School).