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The Bankers' New Clothes: What's Wrong with Banking and What to Do about It par [Admati, Anat, Hellwig, Martin]
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The Bankers' New Clothes: What's Wrong with Banking and What to Do about It Format Kindle

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Longueur : 412 pages Word Wise: Activé Composition améliorée: Activé
Page Flip: Activé Langue : Anglais

Description du produit

Présentation de l'éditeur

The past few years have shown that risks in banking can impose significant costs on the economy. Many claim, however, that a safer banking system would require sacrificing lending and economic growth. The Bankers' New Clothes examines this claim and the narratives used by bankers, politicians, and regulators to rationalize the lack of reform, exposing them as invalid. Anat Admati and Martin Hellwig argue that we can have a safer and healthier banking system without sacrificing any of its benefits, and at essentially no cost to society. They seek to engage the broader public in the debate by cutting through the jargon of banking, clearing the fog of confusion, and presenting the issues in simple and accessible terms.

Détails sur le produit

  • Format : Format Kindle
  • Taille du fichier : 3820 KB
  • Nombre de pages de l'édition imprimée : 412 pages
  • Editeur : Princeton University Press; Édition : Updated edition with a New Preface by the authors (23 mars 2014)
  • Vendu par : Amazon Media EU S.à r.l.
  • Langue : Anglais
  • ASIN: B00HZ634AU
  • Synthèse vocale : Activée
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  • Word Wise: Activé
  • Lecteur d’écran : Pris en charge
  • Composition améliorée: Activé
  • Moyenne des commentaires client : 4.0 étoiles sur 5 3 commentaires client
  • Classement des meilleures ventes d'Amazon: n°189.790 dans la Boutique Kindle (Voir le Top 100 dans la Boutique Kindle)
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The two authors "prove" that one of main causes of economic crises is the motivation of the bankers. It is not their intention. They are "blind" to the disconnect between their actions and their intentions leading to regular crisis with high levels of unemployment and large-scale reduction of prosperity.

The reason why this is so is very simple once you understand it. You have to read the book carefully because banking lobbyists make an enormous effort to complicate and confuse the issues. The authors explain in minute detail how they have arrived at their conclusions. One author is an American professor from Stanford University and the other the German director of a Max Planck Institute. Both are world level experts on this issue.

The simple answer is that Bankers try to keep the shareholder equity (cash paid by investors when the company sold shares and retained earnings, profits that were not paid out as dividends) as low as they can by preventing a regulation that would impose a thirty percent ratio between equity and total assets (the "capital ratio"). You need to understand what exactly are "real" assets and "real" equity, which is different in this book from the way bankers refer to these words. Understanding this difference is essential for understanding the message of this book.

Why are bankers motivated to minimize shareholder equity? They aim to maximize Return on Equity (ROE). This is the ratio between profit and equity. It is obvious that with the same profit and a lower equity the ROE increases. According to the authors, the total income of the senior bankers is in most banks based, to a large extent, on this ROE.
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Par Sarah Audrey le 20 octobre 2014
Format: Relié
Great book but à bit expensive. Really clear If you are not familiar with the finance world. The ideas are well explained
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Mon fils en avait besoin pour ces études il l'a commandé sur votre site ,c'est pratique et il est content de l'avoir eu
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Commentaires client les plus utiles sur (beta) (Peut contenir des commentaires issus du programme Early Reviewer Rewards) 4.3 étoiles sur 5 86 commentaires
3 internautes sur 3 ont trouvé ce commentaire utile 
4.0 étoiles sur 5 More regulations and product transparency is not good enough 29 décembre 2014
Par Michael Emmett Brady - Publié sur
Format: Broché Achat vérifié
The basic idea of this book is sound.Increase required capital reserves to as high as 10%.However,even if combined with much more financial regulation and financial product transparency,the authors simply seem to be unaware of the immense concentrated political power of the banking industry.This political power was recently on display when $2 trillion strong Citi-group wrote the repeal of the Volcker rule that was passed by Congress as an amendment to the budget bill.It is quite clear that they have successfully bought off majorities in both the House and Senate.The situation is nearly identical to 1900;only the current situation is much worse because the banks today have greater power than J P Morgan ever had .
The only real cure is to both reduce the size of the current behemoths, like Citi-group and Morgan Chase, and bring back a strengthened Glass Steagall Act.
I deducted one star because of the authors' failure to integrate the wisdom of Adam Smith regarding how banks should be dealt with.Smith had the answers back in 1776.Simply prevent the banks from speculating with the public's deposits and do not allow any bank loans to be made to such banks or individuals that seek to make a profit without production through the use of bank financed leveraged buyouts and financial derivatives, which should be banned.
2 internautes sur 2 ont trouvé ce commentaire utile 
4.0 étoiles sur 5 Great Book - but get the Print Edition 4 avril 2016
Par Mark W Mitchell - Publié sur
Format: Format Kindle Achat vérifié
This book was an interesting read. I bought it to learn more about how banking works, and I found it did that. I bought the Kindle edition, and that is the only reason I did not give it 5 stars. Since about 44% of the material is footnotes, References, and Index - the potential of hitting a hyperlink in the text caused me to relocate my position in the book multiple times and frustrating to read that way. Research is a key part of this book, and I would have preferred to have the print if I was going to use all the references.
The book is very well written, and clear. Not everyone is interested in knowing about this topic - I wish people were more aware of this book and more about the way the financial industry works in our world. The financial crisis bill is something that everyone will have to pay for - perhaps the knowledge here can help prevent it occurring again.
2 internautes sur 2 ont trouvé ce commentaire utile 
4.0 étoiles sur 5 How to Fix Banking 22 juillet 2016
Par not me - Publié sur
Format: Broché Achat vérifié
Banking is a great gig. Thanks to government subsidies (in the form of deposit insurance and implicit guarantees of bailouts), banks are able to raise debt cheaply and to amass gigantic levels of leverage. Leverage jacks up ROEs (and pays for huge bonuses) when investments go well. When they go badly, the government steps in to clean up the mess. It's a perverse business model that guarantees big bucks for bankers while pushing the costs of instability and financial crises onto everyone else. The government allows it because Wall Street owns the U.S. Treasury, regulators, and Congress. Written by two academics, "The Bankers' New Clothes" explains this high-risk system in clear, simple terms, heavily backed up by footnotes. It proposes that banks be required to raise far more capital by issuing equity than they currently do. The book is a good myth-busting read, and I substracted one star only because it is a bit repetitive.
66 internautes sur 72 ont trouvé ce commentaire utile 
5.0 étoiles sur 5 Compelling approach to ending too big to fail, improve financial stability 16 février 2013
Par Contrarian - Publié sur
Format: Relié Achat vérifié
Excellent book written for a general audience explaining why big, highly leveraged banks are bad for the economy. Then they assert that requiring banks to raise more capital by issuing stock and less through borrowing will be extremely beneficial for the financial system.

This seems too simple to be true and the most helpful negative review has called it "overly simple". I strongly disagree. I think it is just simple enough. Simple is good. Complicated rules, such as the Volcker Rule, will be gamed, evaded and lobbied to irrelevance. The presentation in the book is somewhat oversimplified but there are lots of footnotes that go into greater depth and elaborate the point plus references that support them.

Why hasn't such simple logic been followed already? The authors describe how bankers benefit from the current system of extremely high leverage and from the implicit promise of taxpayer bailouts. They also argue that their proposal -- which they have been making academically and to regulators and politicians for a few years -- has been opposed by entrenched banking interest. Also, the general public doesn't understand these issues or of banking in general. They argue that this in part because bankers promote confusion. This book is written to combat that. "We want to encourage people to form and to trust their opinions, to ask questions, to express doubts, and to challenge the flawed arguments that pervade the policy debate. If we are to have a healthier financial system, more people must understand the issues and influence policy."

I think they do a great job of explaining the problem in very clear and understandable terms to people with no prior knowledge without oversimplifying. For readers who want to delve more deeply, they have excellent footnotes and references. I am involved in the field and find the references and excellent compendium of sources, some of which I already knew but some which I am very glad they have pointed me to.

Their central premise is that a simple measure -- requiring banks to raise more funds as equity capital -- issuing stock instead of borrowing -- would greatly improve the stability of the banking system. They also address the "bugbear" that doing so would reduce economic growth. Essentially, we can have our cake and eat it too.

In their words "if banks have much more equity, the financial system will be safer, healthier, and less distorted. From the society's perspective, the benefits are large and the costs are hsrd to find: there are virtually no tradeoffs."

The message is quite strong and they seem quite alarmed about the current state of affairs "Today's banking system, even with the proposed reforms, is as dangerous and fragile as the system that brought us the recent financial crisis." But their writing is quite dry and matter-of-fact. I think they do a wonderful job of explaining the essence of banking and the problems leverage creates to people without a lot of financial knowledge.

I found their message to be quite persuasive and compelling.

Addendum: Many of claims in negative reviews are refuted by the authors in this (fairly short) document.
2 internautes sur 2 ont trouvé ce commentaire utile 
4.0 étoiles sur 5 Banker's Clothes 11 septembre 2013
Par kaj - Publié sur
Format: Relié Achat vérifié
This book summarizes in a non-theoretical, yet direct and succinct manner the duplicity that the banks have foisted on the public and the crooked and ignorant politicians who essentially carry their water. The banks make the absurd claim that carrying more capital would shortchange the economy, and reduce their lending to viable businesses which would otherwise not be able to expand. The hopeless rubes that most people are, we buy into this absurd argument as if lending was a zero-sum game. The bankers don't tell you that more capital on their books means greater safety for themselves and the economy in adverse economic times and a more disciplined lending posture on their part, not the reckless lending that we saw in the 2000s. This reckless lending was progenitor of huge profits that the banks made and the exceedingly high high wages that the bankers "earned" at a great peril to the society. Raising more capital means selling more shares which the bankers are loath to do, because, this dilutes the value of their share holdings, that is, their own, personal wealth.
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