Who will Rescue Finance?
The Role of the Academics, Bankers, Politicians, Regulators
Published on 10. January 2019
173 pages
978-88-85486-82-9 (ISBN)
Description
The main idea of this book is that the root cause of the financial crisis is the ambition to handle risk as a well-defined commodity that can be traded in the market. The book provides an interpretation of the crisis going beyond simple reconstructions. Finance cannot be rescued by simply referring to ethics or limiting the remuneration of managers. This book is unique in that it covers both the American and the European crisis.
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Book
01/2019
Bocconi University Press
€37.50
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Person
Emilio Barucci is Full Professor of Financial Mathematics at the Department of Mathematics, Politecnico di Milano. He is the Director of the Quantitative Finance Group of the Department of Mathematics, Politecnico di Milano. He is also independent director of Dea Capital Alternative Funds sgr (one of the largest Italian private equity fund) and independent director of the Aviva group in Italy (the first insurance company in UK).
Content
- Intro
- Title
- Copyright
- Table of Contents
- Introduction
- List of Acronyms
- 1 The Origin of the Crisis in the U.S.
- 1. The origin of the crisis: subprime mortgages
- 2. And securitizations.
- 3. Contagion: liquidity evaporates overnight
- 4. Summing up
- 2 Crossing the Atlantic
- 1. The Euro crisis
- 2. The wonder couple: capital ratio and stress tests
- 3. Banking crises and rescue in Europe
- 4. Summing up
- 3 The Commoditization of Risk
- 1. What is risk?
- 2. How to measure risk?
- 3. Unimaginable risks materialize
- 4. Financial education and risk culture
- 5. Summing up
- 4 Intermediaries Struggling for Life
- 1. Volume, risk, and profits
- 2. Shadow banking I: the "originate to distribute" model
- 3. Shadow banking II: the dealer bank model
- 4. Corporate governance and remuneration
- 5. Summing up
- 5 The Invisible Hand did not Show up
- 1. The Invisible Hand entered no man's land
- 2. The Invisible Hand lost the street
- 3. The Invisible Hand disappeared
- 4. Summing up
- 6 Institutions in Trouble
- 1. The unconventional weapons of monetary policy
- 2. The catch-up of regulation and supervision
- 3. Do we need states?
- 4. Summing up
- 7 The Legacy
- 1. Those who speak but do not know how to act
- 2. Those who act assuming they know what to do
- 3. Is Fintech the solution?
- Epilogue: the Lessons to be Learned
