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The recent financial crisis was an accident, a "perfect storm" fueled by an unforeseeable confluence of events that unfortunately combined to bring down the global financial systems. Or at least this is the story told and retold by a chorus of luminaries that includes Timothy Geithner, Henry Paulson, Robert Rubin, Ben Bernanke, and Alan Greenspan. In Guardians of Finance, economists James Barth, Gerard Caprio, and Ross Levine argue that the financial meltdown of 2007 to 2009 was no accident; it was negligent homicide. They show that senior regulatory officials around the world knew or should have known that their policies were destabilizing the global financial system and yet chose not to act until the crisis had fully emerged.Barth, Caprio, and Levine propose a reform to counter this systemic failure: the establishment of a "Sentinel" to provide an informed, expert, and independent assessment of financial regulation. Its sole power would be to demand information and to evaluate it from the perspective of the public--rather than that of the financial industry, the regulators, or politicians.
- Sales Rank: #1113924 in eBooks
- Published on: 2012-02-10
- Released on: 2012-02-10
- Format: Kindle eBook
Review
This book will become a classic for those who want to learn what was behind the global financial crisis -- not just what went wrong, but why current reforms won't work. Most important, it offers guidelines to prevent the next crisis by forcing regulators, the Guardians of Finance, to work for the public interest rather than for narrow elites.
(Nouriel Roubini, Co-Founder and Chairman, Roubini Global Economics)This book involves a strongly, even passionately, argued attack on financial regulators for having made a mess of financial regulation, prior to 2007. It is beautifully written, and very well designed to achieve a wide audience of readers who are interested in the crisis, but are not necessarily themselves expert. It is based on great academic expertise, but wears its deep scholarship lightly, with no maths and no equations.
(Charles Goodhart, London School of Economics)There have been plenty of books on the financial crisis. But this one is different. While acknowledging that private financiers did plenty of damage, the authors shine the spotlight on regulators across the world. They argue that the crisis did not just happen to policymakers, it happened because of them, and offer careful and well-reasoned arguments to support their case. Guardians of Finance should be read by everyone interested in the future of free enterprise.
(Raghuram G. Rajan, The University of Chicago Booth School of Business)Financial crises are not in the interests of bankers, regulators, or politicians. Yet all three groups did nothing as the U.S. financial system headed over a cliff. Why didn't they act? Why did their counterparts in other countries, such as Ireland and Iceland, also stick their heads in the sand? Is there a way to prevent the next crisis, or do we have to rely on the same groups that brought us the ongoing disaster of 2007? Read this meticulously researched and clearly argued book, and learn the answers.
(Stephen Haber, Stanford University)This is a timely, well-written, and nontechnical book by established experts in the field.
(R.Grossman, Choice)For those involved in policy formulation and regulation, whether at national or international level, in government or financial institutions, this is compulsory reading.
(Richard Parlour, Central Banking Journal) About the Author
James R. Barth is Lowder Eminent Scholar in Finance at Auburn University and Senior Finance Fellow at the Milken Institute.
Gerard Caprio Jr. is William Brough Professor of Economics and Chair of the Center for Development Economics at Williams College.
Ross Levine is the Willis H. Booth Chair in Banking and Finance at the University of California, Berkeley, and Senior Fellow at the Milken Institute.
Most helpful customer reviews
3 of 3 people found the following review helpful.
Wonderfully Informative
By Oscar
Wow. You just don't get this information and insight from the talking heads and the politicians. This clear and readable book is written by top-notch economists who educate us about what happened in the recent financial crisis; what is happening in the financial system; and it reviews financial regulation. The book makes a strong case of how officials are abusing their power and not working for the public at large and it suggests a way to fix the fundamental problems. It really gets at the heart of the issue by examining the roots of the global financial crisis that were building since the mid-1990s, rather than just telling stories about who did what after Lehman Brothers failed. This book teaches us about what is driving the problems and with that understanding the authors' propose solutions. It is a unique advance beyond the previous literature about the recent financial crisis.
3 of 3 people found the following review helpful.
Extremely insightful
By marshall
I came to the topic of financial crisis with lots of misconceptions and held on to them until I read that book (actually drafts of this book) when taking a class with Prof. Caprio. Using ample evidence, the authors convincingly questioned the conventional wisdom that universal banking or financial liberalization is the ill of the problem, and debunked regulators' claim that the financial crisis is a perfect storm, not due to failed regulation. They pointed to the center of the problem--distorted incentive goes unregulated. The authors' writing are strikingly clear and explained the issue crystal clear. Highly recommend!
The only sad thing of reading the book is that one would recognize the recent reforms like macro-prudential regulations do not address the real problem--distorted incentives, and we could expect another financial crisis, more costly.
2 of 2 people found the following review helpful.
Fantastic book
By Eric
This is a fantastic book that provides expert understanding of financial regulators' role in the recent crisis in an easy-to-read and accessible way. The book makes learning about financial regulation exciting and highly enjoyable. The intricacies of financial regulation described in the book are fascinating and often unsettling.
Guardians of Finance does not simply blame Wall Street or Main Street for the crisis. Rather, the book takes a nuanced approach, examining how poor regulatory decisions and structure created incentives that promoted actions leading to the crisis. Additionally, the authors propose a new regulatory structure to help align the behavior of financial regulators with the public interest.
The book analyzes complex problems in an informative and readable manner accessible to anyone. This is a phenomenal read for anyone who wishes to better understand the role played by financial regulators in the recent financial crisis, what went wrong, and how we can fix it.
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