During the financial crisis of 2008, the financial markets would have been better served if the credit rating agency industry had been more competitive. We present evidence that suggests the Securities and Exchange Commission's designation of Nationally Recognized Statistical Rating...

While Fannie Mae, Freddie Mac, and private subprime lenders have deservedly garnered the bulk of attention and blame for the mortgage crisis, other federal programs also distort our mortgage market and put taxpayers at risk of having to finance massive financial bailouts. The most prominent of...

Empirical research on the causes of financial crises has grown in recent decades. Early work, such as that by Kaminsky and Reinhart, helped establish the link between asset prices and banking crises. While this initial research focused on equity prices, subsequent research expanded the analysis...

Intro -- Contents -- Acknowledgments -- Introduction -- Economic Principles, Government Policy, and the Market Crisis -- The Basics of Too Big to Fail -- Creating a Responsive, Accountable, Market-Driven Financial System -- Panel Discussion on Banking Reform -- Panel Discussion on Stability,...