VIDEO
Alice M. Rivlin, October 28, 2009
This month marks 80 years since the Wall Street crash of 1929 that was one cause of the Great Depression. Alice Rivlin says the 1929 crash led to the creation of the financial and social safety net measures that have helped prevent today's economic crisis from being a full-blown depression.
RESEARCH AND COMMENTARY
Douglas J. Elliott, October 28, 2009, The Brookings Institution
As the financial system continues to stabilize, the House Financial Services Committee has drafted legislation intended to prevent future crises. The latest bill, which has been endorsed by the Obama administration, focuses on systemic risk and financial institutions that are deemed to be “too big to fail.” Douglas Elliott analyzes the 253-page bill, saying he thinks the enhanced resolution authority is essential, but he raises serious concerns about the structure of the council intended to tackle systemic risks. Read More
RESEARCH AND COMMENTARY
Douglas J. Elliott, October 23, 2009, The Brookings Institution
The Obama administration’s pay czar imposed limits on executive compensation for bailed-out Wall Street firms. Doug Elliott says the actions are not smart, sending the message to those employees that their pay will not be determined the same way as on the rest of Wall Street and will be considerably lower and more volatile. This risks losing the best people, since the ones that move are always those who have the best options elsewhere. Read More
RESEARCH AND COMMENTARY
Martin Neil Baily, October 19, 2009, National Journal
In light of the debate over whether the Obama administration's plan for financial regulation goes far enough to curb institutions that become "too big to fail," Martin Baily addresses the question of whether any regulation of "systemic risk" will inevitably lead to the designation of some banks as "too big to fail." Read More
RESEARCH AND COMMENTARY
Robert W. Crandall and Clifford Winston, October 05, 2009, Forbes
Robert Crandall and Clifford Winston respond to Paul Krugman's recent New York Times Magazine article which laments the current state of macroeconomics. The authors call attention to the fact that Krugman did not mention the state of microeconomics which, they argue, has not suffered any serious intellectual setbacks from the current Great Recession. Read More
RESEARCH AND COMMENTARY
Martin Neil Baily, September 29, 2009, Senate Committee on Banking, Housing and Urban Affairs
Martin Baily testified before the Senate Banking Committee on the creation of a single micro prudential regulator, combining the regulatory and supervisory functions now carried out by the Fed, the OCC, the OTS, the SEC and the FDIC. He calls attention to the Australia model as a good positive example where a single prudential regulator has worked well. Read More
PAST EVENT
Tuesday, September 15, 2009
10:00 AM to 12:00 PM
Washington, DC
This week marks the one-year anniversary of Lehman Brothers' collapse. Federal Reserve Chairman Ben Bernanke delivered a keynote about the tumultuous events of last September at a Brookings forum on Tuesday. Brookings Vice President Karen Dynan moderated a panel with other experts on the state of financial markets and regulatory reform. Read More
BOOK
Richard J. Herring, Robert E. Litan and Yasuyuki Fuchita, September 15, 2009
Prudent Lending Restored offers suggestions on how we can reform securitization, including a solution to insure the mortgage market against default risk. Read More
RESEARCH AND COMMENTARY
Douglas J. Elliott, August 31, 2009, Marketplace - National Public Radio
Senior Fellow Douglas Elliott talks with Kai Ryssdal about how the Treasury has made close to $4 billion from its bank bailout, and whether it's actual profit. Read More
RESEARCH AND COMMENTARY
Eswar Prasad, Gill Hammond and Ravi Kanbur, August 19, 2009, The Brookings Institution
The debate between theorists and practitioners on monetary policy challenges for emerging market economies continues. This paper by Brookings expert Eswar Prasad, Gill Hammond, and Ravi Kanbur addresses the dialogue between academics and policymakers on this issue and sets an agenda for further research. Read More
VIDEO
Douglas J. Elliott, August 10, 2009
Since crashing last October, with a continuing free fall for much of the first part of 2009, the stock market has been gradually climbing back up to healthier levels. Douglas Elliott says the market rally is one sign that the economy is stabilizing – at least in the near term.
RESEARCH AND COMMENTARY
Martin Neil Baily, August 06, 2009, The Brookings Institution
Financial sector regulation was one of several causes of the financial crisis that has devastated the U.S. economy and spread globally. We can do better than the current bewildering alphabet soup of regulators, says Martin Baily, by simplifying and streamlining regulation into a single micro prudential regulator. Read More
VIDEO
Douglas J. Elliott, July 21, 2009
Treasury’s special inspector general issued a blistering report about the $750 billion TARP program, saying it has not been transparent in managing taxpayers’ money and hasn’t required enough disclosure from firms participating in the program. Douglas Elliott says despite the report, the TARP program appears to have prevented a financial meltdown, adding that the economy is showing some small signs of improvement.
RESEARCH AND COMMENTARY
Eswar Prasad and Isaac Sorkin, July 21, 2009, The Brookings Institution
While the financial crisis slowed the pace of foreign exchange reserve accumulation in late 2008, growth has recently taken off again. China announced its stock of reserves crossed the astounding milestone of $2 trillion this spring. Eswar Prasad and Isaac Sorkin analyze the sources and patterns of reserve accumulation and examine what implications this reserve buildup has for the Chinese and global economies. Read More
PAST EVENT
Tuesday, June 23, 2009
8:30 AM to 11:00 AM
Washington, DC
As banking and financial systems in the United States, Europe, and around the world have been shaken to their foundations over the past two years, Canada’s banking and overall financial system has proven sound and stable. On June 23, Brookings and the Woodrow Wilson Center's Canada Institute will host an examination of Canada’s overall financial system, particularly its approach to financial market regulation, and explore potential lessons for other countries. Read More