The Bankers' New Clothes: What's Wrong with Banking and What to Do about It

By Anat Admati; Martin Hellwig | Go to book overview

ACKNOWLEDGMENTS

IN WRITING THIS BOOK about borrowing and its dark side, we have ourselves borrowed a lot and experienced the bright side of borrowing. We have borrowed a lot of other people’s time, attention, and thoughts, and we have experienced the pleasures of interacting with them. Some interactions occurred long ago, in discussing pure research, some more recently, in discussing policy and regulatory reform since 2007.

Writing a book on banks and banking regulation that would be accessible to a nonprofessional reader has been a great challenge. We are very grateful to many friends and colleagues who encouraged us to take on the challenge and kept us going with support and advice along the way.

We are particularly grateful to the following people, who read earlier drafts of at least portions of the book and made numerous useful comments: Philippe Aghion, Neil Barofsky, Jon Bendor, Sanjai Bhagat, Jules van Binsbergen, Christina Büchmann, Rebel Cole, Peter Conti-Brown, Pedro DaCosta, Jesse Eisinger, Christoph Engel, Morris Goldstein, Charles Goodhart, Andrew Green, Susan Hachgenei, Dorothee Hellwig, Hans-Jürgen Hellwig, Klaus-Peter Hellwig, Marc Jarsulic, Bob Jenkins, Simon Johnson, Birger Koblitz, Arthur Korteweg, Tamar Kreps, James Kwak, Alexander Morell, Stefan Nagel, John Parsons, Dieter Piel, Joe Rizzi, Steve Ross, Ingrid Schöll, Graham Steele, Monika Stimpson, Tim Sullivan, John Talbott, Matthias Thiemann, Rob Urstein, Jonathan Weil, and Art Wilmarth. The reviewers of the book for Princeton University Press (PUP) also made very helpful comments. Special

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The Bankers' New Clothes: What's Wrong with Banking and What to Do about It
Table of contents

Table of contents

  • Title Page iii
  • Contents vii
  • Preface to the Paperback Edition ix
  • Preface xiii
  • Acknowledgments xvii
  • One - The Emperors of Banking Have No Clothes 1
  • Part One - Borrowing, Banking, and Risk 15
  • Two - How Borrowing Magnifies Risk 17
  • Three - The Dark Side of Borrowing 32
  • Four - Is It Really "A Wonderful Life"? 46
  • Five - Banking Dominos 60
  • Part Two - The Case for More Bank Equity 79
  • Six - What Can Be Done? 81
  • Seven - Is Equity Expensive? 100
  • Eight - Paid to Gamble 115
  • Nine - Sweet Subsidies 129
  • Ten - Must Banks Borrow So Much? 148
  • Part Three - Moving Forward 167
  • Eleven - If Not Now, When? 169
  • Twelve - The Politics of Banking 192
  • Thirteen - Other People’s Money 208
  • Notes 229
  • References 337
  • Index 363
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