BOOK RELEASE MEETING
The Bankers' New Clothes: What's Wrong with Banking and What to Do about It
Anat Admati, Stanford University
Martin Hellwig, Max Planck Institute and University of Bonn
Peter R. Fisher, Blackrock
Morris Goldstein, Peterson Institute
David Schraa, Institute for International Finance
Peterson Institute for International Economics, Washington, DC
February 11, 2013
Authors Anat Admati and Martin Hellwig presented the findings of their book, The Bankers' New Clothes: What's Wrong with Banking and What to Do about It, at the Peterson Institute on February 11, 2013. The authors discussed whether banking reforms require the sacrifice of lending and economic growth, and they outlined an ambitious proposal, including high capital requirements, to shore up financial systems and prevent future financial crises.
Anat Admati is the George G. C. Parker Professor of Finance and Economics at the Stanford University Graduate School of Business. Along with the Institute's Simon Johnson, she cochairs the Global Systemic Risk Initiative at the Institute, supported by the Institute for New Economic Thinking. Martin Hellwig is director of the Max Planck Institute for Research on Collective Goods and professor of economics at the University of Bonn. Professor Hellwig is a member of the Economic Advisory Group on Competition Policy of the European Commission and a member of the Scientific Advisory Committee of the German Ministry of Economic Affairs.
Three experts offered independent views on the book and its proposals: Peter Fisher, senior managing director at Blackrock, formerly Under Secretary of the Treasury for Domestic Finance and executive vice president at the Federal Reserve Bank of New York; Morris Goldstein, senior fellow at the Peterson Institute and world renowned authority on international banking standards; and David Schraa, regulatory counsel at the Institute for International Finance (IIF) and former director of the IIF's regulatory department.