THE MONEY PROBLEM: RETHINKING FINANCIAL REGULATION

Book ID/图书代码： 13560016B88379

English Summary/英文概要： Years have passed since the United States experienced one of the worst financial crises in world his-tory, and while countless political-economic experts have analyzed it, many central questions remain unanswered. How should we consider the relationship between private money creation and the issu-ance of money by central banks? What do we mean by, and want from, financial stability? What role should regulation play? How would we construct an ideal monetary system if we could start from scratch?

In The Money Problem, Morgan Ricks addresses all of these questions and more, offering a practical yet elegant blueprint for a revamped institutional system of money and banking—one that, crucially, can be accomplished simply through incremental changes to the current system. He brings a critical, missing dimension to the ongoing debates over financial stability policy, arguing that it is primarily an issue of monetary system design. The Money Problem introduces a powerful yet realistic plan that will expand the policy conversation around the US monetary framework and offer a way to mitigate the risk of catastrophic financial panic in the future.

Chinese Summary/中文概要： 距美国经历世界上最严重的金融危机之一过去了多年，虽然无数的政治经济专家分析了该事件，但许多中心问题仍然没有得到解答。我们应该如何考虑私人货币产物和中央银行发行货币之间的关系？金融稳定是什么意思，我们希望从中获得什么？调节发挥什么作用？如果我们能从头开始，我们将如何构建一个理想的货币体系？

在《货币问题》中，摩根•里克斯回答了这些以及更多的问题，为货币和银行的全新制度体系提供了一个实用而简练的蓝图——关键的是，该蓝图可以通过增加当前系统的变化来轻松完成。他带来了金融稳定政策持续争论方面一个关键、缺失的问题，认为这主要是货币体系设计的问题。《货币问题》引入了一个强大而现实的计划，将扩大美国货币框架内的政策对话，并提供一种方法，以减轻未来灾难性金融恐慌的风险。(LNL)

Awards/获奖情况：“The Money Problem is a fresh and insightful analysis of how money and shadow banking are implicated in financial crises and what to do about it. Ricks is intellectually fearless and takes nothing for granted." (Darrell Duffie, Stanford University)

“Ricks offers an original and important contribution to the ongoing policy debate about how ‘shadow banks’ should be regulated so as to improve financial stability and reduce the risk of another catastrophic breakdown. He proposes a highly original solution that is breathtakingly simple—but also comprehensive and far-reaching. Writing with a lively and engaging style, Ricks presents its points so clearly that anyone, even readers not trained in finance, can understand the arguments. The Money Problem is one of those rare works that combines serious scholarship with a genuinely interesting proposal for fundamental reform, dealing with questions central to the welfare of all.” (Geoffrey Miller, New York University School of Law)

“Ricks has written a fascinating and challenging book that is broadly accessible yet anchored in a deep conceptual understanding of the economics of financial markets, money, and banking. He makes clear that the fundamental fragilities that drive financial crises are similar across episodes, even as the institutional specifics can vary widely. Whether or not you agree with his policy prescriptions, you will come away with a better understanding of the essence of the problem that financial regulation seeks to address.” (Jeremy C. Stein, Harvard University)

“The Money Problem is a terrific book packed with extremely interesting ideas about the foundation of banking and monetary institutions and how their regulation might be reconceptualized. Writing with a clear, direct, and accessible style, Ricks deftly navigates through the often complex terrain and offers an intriguing alternative to current approaches. The Money Problem is due significant attention from legal scholars, economists, and financial experts; it will reshape key discussions on financial regulation for years to come.” (David A. Skeel, Jr., University of Pennsylvania Law School)

About the Author/作者介绍： 摩根•里克斯是范德比尔特法大学法学院的法律系副教授。在2009-2010年期间，他一直是美国财政部的高级政策顾问和财务重组专家。在加入美国财政部前，他是城堡投资集团的风险套利交易者，他曾担任美林证券投资银行部的副总裁。他最早是Wachtell Lipton Rosen & Katz的并购律师。

Morgan Ricks is Associate Professor of Law at Vanderbilt Law School. From 2009-10, he was a senior policy advisor and financial re-structuring expert at the U.S. Treasury Department. Before joining the Treasury Department, he was a risk-arbitrage trader at Citadel Investment Group, and he previously served as a vice president in the investment banking division of Merrill Lynch & Co. He began his career as a mergers and acquisitions attorney at Wachtell Lipton Rosen & Katz.

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Rights Status/版权销售情况：Simplified Chinese/简体中文：SOLD(非我们代理）

Complex/Traditional Chinese/繁体中文：AVAILABLE

Sales in other countries/其他国家销售情况：simplified Chinese sold to CITIC Press

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