AFA/ASE Panel: Implications of the Credit Crisis for the Regulation of Non-Bank Financial Firms

1 Pages Posted: 26 Aug 2008 Last revised: 29 Sep 2009

See all articles by Darrell Duffie

Darrell Duffie

Stanford University - Graduate School of Business; National Bureau of Economic Research (NBER); Canadian Derivatives Institute

Edward J. Kane

Boston College - Department of Finance; National Bureau of Economic Research (NBER)

Paul McCulley

PIMCO Europe Ltd.

David Modest

Azimuth Alternative Assets Management LLLP

Date Written: August 26, 2008

Abstract

This panel session, prompted by the financial crisis of 2007-2008, focuses on issues related to the soundness and regulation of financial firms that are not necessarily traditional banks, at times of crises in financial stability. An example is the demise of Bear Stearns. The focus of the panel is not only what happened, but also what should have happened, or could have happened under other market and regulatory circumstances. Among the important changes that have already occurred are as the new liquidity and credit facilities of the Fed, and congressional action allowing direct and significant federal support to Fannie Mae and Freddie Mac. Additional changes have been suggested by Treasury blueprint for new financial regulation, and in statements by Fed officials, particularly Ben Bernanke and Tim Geithner.

Discussion among the panel and audience.

JEL Classification: G1

Suggested Citation

Duffie, James Darrell and Kane, Edward J. and McCulley, Paul and Modest, David, AFA/ASE Panel: Implications of the Credit Crisis for the Regulation of Non-Bank Financial Firms (August 26, 2008). AFA 2009 San Francisco Meetings Paper, Rock Center for Corporate Governance Working Paper No. 40, Available at SSRN: https://ssrn.com/abstract=1259295 or http://dx.doi.org/10.2139/ssrn.1259295

James Darrell Duffie (Contact Author)

Stanford University - Graduate School of Business ( email )

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Canadian Derivatives Institute ( email )

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Edward J. Kane

Boston College - Department of Finance ( email )

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National Bureau of Economic Research (NBER)

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Paul McCulley

PIMCO Europe Ltd. ( email )

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Australia

David Modest

Azimuth Alternative Assets Management LLLP ( email )

Christiansted
Virgin Islands (U.S.)

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