Stop Subsidizing the Street

July 31st, 2009

Paola Sapienza and Luigi Zingales
Forbes, July 29th, 2009

The word for “crisis” in Chinese, weiji, is written with two characters: one (wei) means danger; the other, ji, means opportunity. That’s because every crisis challenges the status quo and

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Wall Street, Mortgage Plans, and CIT Group

July 23rd, 2009

Yahoo! Finance, July  20, 2009

Professor Zingales talks to Yahoo! Finance about what Wall Street will look like in 2015; a new mortgage plan; and CIT Group’s rescue plan.

CIT Rescue Plan Proves Capitalism Works

Wall St. in Danger of

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A New Regulatory Framework

July 21st, 2009

City Journal, Spring 2009

The American system of financial regulation is a patchwork of agencies. At least ten federal regulators oversee financial-services companies; different regulators sometimes supervise the same entities; and since the onset of the financial crisis, regulatory

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Credit Default Swaps, Clearinghouses, and Exchanges

Credit default swaps (CDS) are contracts that provide protection against the risk of default by borrowers. The buyer of the CDS makes periodic payments to the seller, and in return the buyer will receive a payoff if the borrower defaults,

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Wall Street 2015

July 14th, 2009

Forbes, July 13th, 2009

New York’s preeminent industry has changed forever

In the 15th and 16th centuries, Florence, Genoa, and Venice were the financial capitals of the Western world.  When they declined, financial leadership shifted to Amsterdam, then to

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A Sound Funeral Plan Can Prolong a Bank’s Life

July 2nd, 2009

Financial Times, June 29th, 2009

Buried within the 88-page Obama administration proposal to overhaul financial regulation is an overlooked option called a “rapid resolution plan”. It mandates that systemically important financial companies be required regularly to file a

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Can’t Pay, Won’t Pay

June 26th, 2009

Luigi Guiso, Paola Sapienza, and Luigi Zingales
The Economist, June 26th, 2009

Professors Zingales, Sapienza, and Guiso’s new research examines American homeowners’ propensity to default when the value of a mortgage exceeds the value of their house, even if

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Housing Bubble Fueled Consumer Spending

Atif Mian and Amir Sufi June 25th, 2009

Wall Street Journal, June 25th, 2009

Using research funded by the Initiative on Global Markets at the University of Chicago’s Booth School of Business, Professors Atif Mian and Amir Sufi argue that the “rise in house prices from 2002

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Dilute or Die

May 14th, 2009

The Economist; May 16th, 2009

An new article in the May 16th Economist details new research from Professor Luigi Zingales and his co-author Oliver Hart regarding bank regulation.

Read Economist article>

For additional information, please see Professors Zingales and

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Banks Need Fewer Carrots and More Sticks

May 14th, 2009

R. Glenn Hubbard, Hal Scott, and Luigi Zingales
Wall Street Journal; May 6th, 2009

The results of bank stress tests — expected tomorrow — will no doubt prompt calls for further government guarantees and capital injections. But continuing to prop

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Financial Trust Index

a measure of confidence Americans have in the private institutions in which they can invest

Visit the Financial Trust Index Site

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Scholes Forum: Dazed and Confused: Making Sense of Western Politics (And Consumers)

A VIDEO OF THE IGM’S MOST RECENT SCHOLES FORUM TALK CAN BE VIEWED HERE.

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US Monetary Policy Forum

The US Monetary Policy Forum (USMPF) brings academics, market economists, and policy makers together to discuss US monetary policy for an annual conference, sponsored by the IGM. A standing group of academic and private sector economists produces a report on a critical medium-term issue confronting the Federal Open Market Committee.

2016 USMPF REPORT
LANGUAGE AFTER LIFTOFF: FED COMMUNICATION AWAY FROM THE ZERO LOWER BOUND

2015 USMPF REPORT
THE EQUILIBRIUM REAL FUNDS RATE: PAST, PRESENT, AND FUTURE

2014 USMPF REPORT
MARKET TANTRUMS AND MONETARY POLICY

2013 USMPF REPORT
CRUNCH TIME: FISCAL CRISES AND THE ROLE OF MONETARY POLICY
EXECUTIVE SUMMARY

2012 USMPF REPORT
HOUSING, MONETARY POLICY, AND THE RECOVERY

2011 USMPF REPORT
STRESSED OUT: MACROPRUDENTIAL PRINCIPLES FOR STRESS TESTING

2010 USMPF REPORT
FINANCIAL CONDITIONS INDEXES: A NEW LOOK AFTER THE FINANCIAL CRISIS

2009 USMPF REPORT
OIL AND THE MACROECONOMY: LESSONS FOR MONETARY POLICY

2008 USMPF REPORT
LEVERAGED LOSSES: LESSONS FROM THE MORTGAGE MARKET MELTDOWN

2007 USMPF REPORT
UNDERSTANDING THE EVOLVING INFLATION PROCESS

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China Economic Summer Institute

The China Economic Summer Institute enables the best Chinese scholars to stay in active contact with top-notch researchers from the rest of the world, and provides a forum to encourage promising young Chinese researchers to work on topics that are important for understanding the Chinese economy. To learn more see the CESI WEBSITE.

SELECTED PAPERS FROM THE 2012 CHINA ECONOMIC SUMMER INSTITUTE:

PUBLIC SCHOOL RESOURCES AND PRIVATE SUBSTITUTES IN URBAN CHINA
by Cheng Yuan and Lei Zhang

A MODEL OF CHINA’S STATE CAPITALISM
by Xi Li, Xuewen Liu, and Yong Wang

A UNIFIED MODEL OF STRUCTURAL ADJUSTMENTS AND INTERNATIONAL TRADE: THEORY AND EVIDENCE FROM CHINA
by Hanwei Huang, Jiandong Ju, and Vivian Z. Yue

*The IGM cosponsors the CESI with Tsinghua University; UC Berkeley’s Program on Institutions and Governance; and the Katholieke Universiteit Leaven’s LICOS Center.

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Research on International Accounting, Enforcement, and Global Convergence

Capital-Market Effects of Securities Regulation: The Role of Implementation and Enforcement
by Hans Christensen, Luzi Hail, and Christian Leuz

Christian Leuz proposes creating a “Global Player Segment” in which firms would use the same reporting rules (ie, IFRS), face the same enforcement mechanisms, and have similar incentives for transparent reporting

Read Leuz’s GPS proposal>
See related research paper>

Global Accounting Convergence and the Potential Adoption of IFRS by the United States
by Luzi Hail, Christian Leuz, and Peter Wysocki

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IGM Working Papers

PAPERS FROM THE IGM WORKING PAPER SERIES ARE AVAILABLE FOR DOWNLOAD HERE.

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