New Financial Order Risk in the 21st Century

ISBN-10: 0691120110

ISBN-13: 9780691120119

Edition: 2004

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Description: In his best-sellingIrrational Exuberance, Robert Shiller cautioned that society's obsession with the stock market was fueling the volatility that has since made a roller coaster of the financial system. Less noted was Shiller's admonition that our infatuation with the stock market distracts us from more durable economic prospects. These lie in the hidden potential of real assets, such as income from our livelihoods and homes. But these ''ordinary riches,'' so fundamental to our well-being, are increasingly exposed to the pervasive risks of a rapidly changing global economy. This compelling and important new book presents a fresh vision for hedging risk and securing our economic future. Shiller describes six fundamental ideas for using modern information technology and advanced financial theory to temper basic risks that have been ignored by risk management institutions--risks to the value of our jobs and our homes, to the vitality of our communities, and to the very stability of national economies. Informed by a comprehensive risk information database, this new financial order would include global markets for trading risks and exploiting myriad new financial opportunities, from inequality insurance to intergenerational social security. Just as developments in insuring risks to life, health, and catastrophe have given us a quality of life unimaginable a century ago, so Shiller's plan for securing crucial assets promises to substantially enrich our condition. Once again providing an enormous service, Shiller gives us a powerful means to convert our ordinary riches into a level of economic security, equity, and growth never before seen. And once again, what Robert Shiller says should be read and heeded by anyone with a stake in the economy.

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Book details

List price: $39.95
Copyright year: 2004
Publisher: Princeton University Press
Publication date: 7/26/2004
Binding: Paperback
Pages: 384
Size: 6.00" wide x 9.00" long x 1.25" tall
Weight: 1.144
Language: English

Robert J. Shiller is the Stanley B. Resor Professor of Economics at Yale University. Also the author of the award-winning "Macro Markets" as well as "Market Volatility", he lives in New Haven, Connecticut.

Preface
Acknowledgments
Introduction: The Promise of Economic Security
Economic Risks in an Advancing World
What the World Might Have Looked Like since 1950
The Hidden Problem of Economic Risk
Why New Technology Creates Risks
Forty Thieves: The Many Kinds of Economic Risks
How Science and Technology Create New Opportunities in Finance
New Information Technology Applied to Risk Management
The Science of Psychology Applied to Risk Management
The Nature of Invention in Finance
Six Ideas for a New Financial Order
Insurance for Livelihoods and Home Values
Macro Markets: Trading the Biggest Risks
Income-Linked Loans: Reducing the Risks of Hardship and Bankruptcy
Inequality Insurance: Protecting the Distribution of Income
Intergenerational Social Security: Sharing Risks between Young and Old
International Agreements for Risk Control
Deploying the New Financial Order
Global Risk Information Databases
New Units of Measurement and Electronic Money
Making the Ideas Work: Research and Advocacy
The New Financial Order as a Continuation of a Historical Process
Lessons from Major Financial Inventions
Lessons from Major Social Insurance Inventions
Epilogue: A Model of Radical Financial Innovation
Notes
References
Index
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