The New Financial Order: Risk in the 21st Century

Přední strana obálky
Princeton University Press, 9. 2. 2009 - Počet stran: 384

In his best-selling Irrational Exuberance, Robert Shiller cautioned that society's obsession with the stock market was fueling the volatility that has since made a roller coaster of the financial system. Less noted was Shiller's admonition that our infatuation with the stock market distracts us from more durable economic prospects. These lie in the hidden potential of real assets, such as income from our livelihoods and homes. But these ''ordinary riches,'' so fundamental to our well-being, are increasingly exposed to the pervasive risks of a rapidly changing global economy. This compelling and important new book presents a fresh vision for hedging risk and securing our economic future.


Shiller describes six fundamental ideas for using modern information technology and advanced financial theory to temper basic risks that have been ignored by risk management institutions--risks to the value of our jobs and our homes, to the vitality of our communities, and to the very stability of national economies. Informed by a comprehensive risk information database, this new financial order would include global markets for trading risks and exploiting myriad new financial opportunities, from inequality insurance to intergenerational social security. Just as developments in insuring risks to life, health, and catastrophe have given us a quality of life unimaginable a century ago, so Shiller's plan for securing crucial assets promises to substantially enrich our condition.


Once again providing an enormous service, Shiller gives us a powerful means to convert our ordinary riches into a level of economic security, equity, and growth never before seen. And once again, what Robert Shiller says should be read and heeded by anyone with a stake in the economy.

 

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The new financial order: risk in the 21st century

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What's a world to do with markets run amuck? Yale economist Shiller has some ideas. He's spent years studying economic risk management, taking time out to warn us of our infatuation with a bloated ... Přečíst celou recenzi

Obsah

The Promise of Economic Security
1
Economic Risks in an Advancing World
19
How Science and Technology Create New Opportunities in Finance
67
Six Ideas for a New Financial Order
105
Deploying the New Financial Order
187
The New Financial Order as a Continuation of a Historical Process
229
Notes
277
References
325
Index
351
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O autorovi (2009)

Robert J. Shiller is the Stanley B. Resor Professor of Economics at Yale University. He is the author of Macro Markets, which won the first annual Paul A. Samuelson Award of TIAA-CREF, and Irrational Exuberance (Princeton), which was a New York Times bestseller.

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