Inhaltsangabe

What is wrong with today's banking system? The past few years have shown that risks in banking can impose significant costs on the economy. Many claim, however, that a safer banking system would require sacrificing lending and economic growth. The Bankers' New Clothes examines this claim and the narratives used by bankers, politicians, and regulators to rationalize the lack of reform, exposing them as invalid.
Admati and Hellwig argue we can have a safer and healthier banking system without sacrificing any of the benefits of the system, and at essentially no cost to society. They show that banks are as fragile as they are not because they must be, but because they want to be - and they get away with it. Whereas this situation benefits bankers, it distorts the economy and exposes the public to unnecessary risks. Weak regulation and ineffective enforcement allowed the buildup of risks that ushered in the financial crisis of 2007-2009. Much can be done to create a better system and prevent crises. Yet the lessons from the crisis have not been learned.
Admati and Hellwig seek to engage the broader public in the debate by cutting through the jargon of banking, clearing the fog of confusion, and presenting the issues in simple and accessible terms. The Bankers' New Clothes calls for ambitious reform and outlines specific and highly beneficial steps that can be taken immediately.
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©2013 Princeton University Press. (P)2013 Audible, Inc.
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Hilfreichste
3 out of 5 stars
Von Julian Am hilfreichsten 19.09.2017

more equity, but that's it

I was rather disappointed with this book. Bank's should be forced by regulation to have more equity instead of mostly debt. That's the core message. There are arguments presented around that, for example that currently equity is so expensive for banks because they have so little, therefore their risk for going bankrupt is higher because of all the leverage, therefore they have to pay more interest on equity.
But that's all. Nothing on how the financial system can extract rent from the rest of the economy, nothing on which financial products are actually necessary and which ones aren't. Nothing on how better regulation could be achieved, they just state the fact over and over that for several reasons politicians are doing nothing.

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