Summary of Reforming U.S. Financial Markets

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Rating

7 Overall

7 Importance

8 Innovation

7 Style


Recommendation

When the US’s top economists meet at a symposium on remaking America’s financial system, they’re bound to disagree. But in Randall S. Kroszner and Robert J. Shiller’s new book – a brief collection of the papers they presented at Harvard University, along with comments by their equally esteemed colleagues – their divergence lies more in their methods than in their main conclusion: The US financial sector desperately needs a makeover. getAbstract recommends their cogent, well-thought-out reasoning on the causes of the recent financial crisis.

In this summary, you will learn

  • Why Yale economist Robert J. Shiller calls for a complete revamping of the financial system and
  • Why Chicago economist Randall S. Kroszner argues, instead, for specific changes to certain aspects of the regulatory regime.
 

About the Authors

Randall S. Kroszner is an economics professor at the University of Chicago and a former governor of the Federal Reserve System. Robert J. Shiller is an economics professor at Yale, the author of Irrational Exuberance and the co-author of Animal Spirits.

 

Summary

Crisis and Its Aftermath
The 2007-2008 financial crisis affected most of the world’s economies, but global financial institutions and the financial sector felt the brunt. The modern-day panic was the worst calamity to hit the finance industry since the 1930s’ Great Depression. The perfect...

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