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About
"Anat Admati, One of Time Magazine's 100 Most Influential People for 2014" "Winner of the 2013 PROSE Award in Business, Finance & Management, Association of American Publishers" "Co-Winners of the 2014 Bronze Medal in Economics, Axiom Business Book Awards" "One of BloombergBusinessweek Best Books of 2013, selected by Jason Furman (chairman of the U.S. Council of Economic Advisors)" "One of Choice's Outstanding Academic Titles for 2013" "One of The Wall Street Journal's Best Nonfiction Books of 2013" "One of Financial Times (FT.com) Best Economics Books of 2013" "Shortlisted for the 2013 Deutsche Wirtschaftsbuchpreis (German Business and Economics Book Award), sponsored by Handelsblatt, the Frankfurt Book Fair, and Goldman Sachs" "Selected for the 'Moyers & Company' Recommended Books List 2014" "Shortlisted for the 2013 Spear's Book Award in Business" Anat Admati is a professor at the Stanford Graduate School of Business. She has written for the New York Times and the Financial Times and has been included in Time's 100 Most Influential People and Foreign Policy's 100 Leading Global Thinkers. Martin Hellwig is director emeritus at the Max Planck Institute for Research on Collective Goods in Bonn and former chair of the German Monopolies Commission and the Advisory Scientific Committee of the European Systemic Risk Board.
Why our banking system is broken-and what we must do to fix it
As memories of the Global Financial Crisis have faded, it has been tempting to believe that the banking system is now safe and that we will never again have to choose between havoc and massive bailouts. But The Bankers' New Clothes shows that reforms have changed little-and that the banks still present serious dangers to the world economy. Writing in clear language anyone can understand, Anat Admati and Martin Hellwig explain how we can have a healthier banking system without sacrificing any benefits. They also debunk the false and misleading narratives of bankers, regulators, politicians, academics, and others who oppose real reform. "Crucial."---James Surowiecki, The New Yorker "The most important [book] to emerge from the crisis. . . . The authors achieve three things. First, they explain basic financial theory with simple examples that any moderately numerate individual can understand. Second, they show that these basic ideas apply, with modest differences, also to banking. Finally, they prove that, in opposing them, bankers and their apologists have spun intellectual raiment as invisible as the emperor's new clothes. . . . Read this book. You will then understand the economics. Once you have done so, you will also appreciate that we have failed to remove the causes of the crisis. Further such crises will come."---Martin Wolf, Financial Times "Powerful. . . . The authors persuasively argue that the solution is higher levels of equity capital throughout the banking industry to offset the impact of the implied government protections against failure." "Excellent."---Matthew Yglesias, Slate "Ms. Admati and Mr. Hellwig, top-notch academic financial economists, do understand the complexities of banking, and they helpfully slice through the bankers' self-serving nonsense. Demolishing these fallacies is the central point of The Bankers' New Clothes."---John Cochrane, Wall Street Journal "An important new book called The Bankers' New Clothes . . . offers what the Dodd-Frank legislation mostly lacked: a simple and elegant solution to the problem of financial stability. [Admati and Hellwig] argue that banks should fund themselves with more equity and less debt-or, to put it bluntly, that banks should risk more of their own money, and less of everyone else's."---Christopher Matthews, Time "Insightful."---Floyd Norris, New York Times "Important."---John Cassidy, The New Yorker "Anat Admati and Martin Hellwig convincingly make the case for much stronger and simpler borrowing limitations for banks."---Roger Alcaly, New York Review of Book
Why our banking system is broken-and what we must do to fix it
As memories of the Global Financial Crisis have faded, it has been tempting to believe that the banking system is now safe and that we will never again have to choose between havoc and massive bailouts. But The Bankers' New Clothes shows that reforms have changed little-and that the banks still present serious dangers to the world economy. Writing in clear language anyone can understand, Anat Admati and Martin Hellwig explain how we can have a healthier banking system without sacrificing any benefits. They also debunk the false and misleading narratives of bankers, regulators, politicians, academics, and others who oppose real reform. "Crucial."---James Surowiecki, The New Yorker "The most important [book] to emerge from the crisis. . . . The authors achieve three things. First, they explain basic financial theory with simple examples that any moderately numerate individual can understand. Second, they show that these basic ideas apply, with modest differences, also to banking. Finally, they prove that, in opposing them, bankers and their apologists have spun intellectual raiment as invisible as the emperor's new clothes. . . . Read this book. You will then understand the economics. Once you have done so, you will also appreciate that we have failed to remove the causes of the crisis. Further such crises will come."---Martin Wolf, Financial Times "Powerful. . . . The authors persuasively argue that the solution is higher levels of equity capital throughout the banking industry to offset the impact of the implied government protections against failure." "Excellent."---Matthew Yglesias, Slate "Ms. Admati and Mr. Hellwig, top-notch academic financial economists, do understand the complexities of banking, and they helpfully slice through the bankers' self-serving nonsense. Demolishing these fallacies is the central point of The Bankers' New Clothes."---John Cochrane, Wall Street Journal "An important new book called The Bankers' New Clothes . . . offers what the Dodd-Frank legislation mostly lacked: a simple and elegant solution to the problem of financial stability. [Admati and Hellwig] argue that banks should fund themselves with more equity and less debt-or, to put it bluntly, that banks should risk more of their own money, and less of everyone else's."---Christopher Matthews, Time "Insightful."---Floyd Norris, New York Times "Important."---John Cassidy, The New Yorker "Anat Admati and Martin Hellwig convincingly make the case for much stronger and simpler borrowing limitations for banks."---Roger Alcaly, New York Review of Book