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| Preface | |
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| The Financial Crisis | |
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| Description and Causes | |
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| The Severity of the Crisis | |
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| Housing, Mortgages, and Securitized Debt | |
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| The Financial System | |
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| The Credit Markets | |
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| The Economic Crisis | |
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| Roadmap | |
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| Stabilizing the Financial System | |
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| The Problem of Systemic Risk | |
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| The Chain Reaction Problem | |
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| The Extent of Systemic Risk | |
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| Northern Rock: The First Bout with Major Bank Failure | |
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| Systemic Risk Beyond the Banks: The Story of Long-Term Capital Management | |
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| Credit Default Swaps | |
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| Monetary Policy | |
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| The Discount Window and Fed Funds Rate Cuts | |
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| The Term Auction Facility | |
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| The Term Securities Lending Facility | |
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| Extension of Discount Window to Primary Dealers | |
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| The ABCP Money Market Fund Liquid Facility (AMLF) | |
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| The Commercial Paper Funding Facility (CPFF) | |
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| Money Market Investor Funding Facility (MMIFF) | |
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| The Term Asset-backed Securities Loan Facility (TALF) | |
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| MBS Purchase Program | |
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| Swap Lines with Foreign Central Banks | |
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| Additional Tools of Monetary Policy | |
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| Impact of Monetary Policy Expansion on Fed Independence | |
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| Debt Guarantees and Deposit Insurance | |
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| Banks | |
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| Money Market Mutual Funds | |
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| Techniques for Dealing with Insolvent or Potentially Insolvent Financial Institutions | |
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| Engineering-Assisted Acquisitions | |
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| The Use of Bankruptcy-Lehman Brothers | |
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| Ad-hoc Receivership-AIG | |
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| Public Investment in Non-insolvent Institutions | |
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| GSE Receiverships and Reforms | |
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| Purchase of �Toxic� Assets | |
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| Reform of Resolution Procedures | |
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| Conclusions | |
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| Housing Markets | |
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| Housing Markets Problem | |
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| The Bush Administration and the American Securitization Forum (ASF) Plan | |
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| Legal Protection for Mortgage Modifications | |
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| Federal Incentives for Loan Modifications | |
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| The FDIC Approach | |
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| Obama Administration Plan | |
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| Other Plans | |
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| Mortgage Brokers and State Foreclosure Laws | |
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| Bankruptcy Reform | |
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| Unfair and Deceptive Practices | |
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| Conclusions | |
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| Regulatory Reform-The Rules | |
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| Capital Adequacy | |
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| Revision of the Basel Rules-Basel II | |
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| How Much Capital? | |
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| Capital Composition | |
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| Cyclically | |
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| Liquidity Versus Capital | |
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| Market Discipline Alternative | |
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| Permissible Sources of Capital: Sovereign Wealth Funds and Private Equity | |
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| Institutional Coverage | |
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| Hedge Funds | |
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| Private Equity (PE) | |
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| Banking Activities-Glass-Steagall Revisited and Non-bank Banks | |
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| Product Coverage-Credit Default Swaps (CDSs) | |
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| CDS Transactions and Concern with Systemic Risk | |
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| Regulatory Framework for CDSs | |
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| Default Settlement Procedures | |
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| Price Transparency | |
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| Clearing and Settlement and Exchange Trading | |
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| Securitization Process | |
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| The Credit Ratings Agencies | |
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| Disclosure | |
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| Incentives | |
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| Accounting | |
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| Valuation-�Fair Value� | |
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| Consolidation | |
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| U.S. Adoption of IFRS | |
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| Executive Compensation | |
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| Liability | |
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| Conclusions | |
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| Regulatory Reform-Structure | |
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| The Existing U.S. Regulatory Structure | |
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| Revision of the Overall U.S. Structure | |
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| The Paulson Blueprint | |
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| Committee on Capital Markets Regulation: The U.K. Model | |
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| The Treasury Plan | |
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| European Union Regulatory Reform | |
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| Conclusions | |
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| International Response | |
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| Conclusions | |
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| Index | |