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1 1 (1996)

handle is hein.amenin/aeiaaut0001 and id is 1 raw text is: THE NEW FINANCE Dramatic changes in communications technologies, combined with innovations such as derivatives instruments, are radically altering the financial services indus- try. Frank Edwards provides a very timely review of the challenges to monetary policy, financial supervision and regulation, and potential systemic risks. His con- tribution to the debate over regulatory reform is very welcome. -Jerry L. Jordan, President and Chief Executive Officer, Federal Reserve Bank of Cleveland 'The New Finance presents a comprehensive overview ofthefundamental changes that are transforming our financial markets and institutions. That alone makes the book well worth reading But Professor Edwards goes beyond a survey and lays out a proposal for a new regulatory system to meet our new financial realities. -Matthew P. Fink, President, Investment Company Institute Dramatic changes in information and telecommunications technologies have transformed U.S. financial markets in the 1980s and 1990s. This book examines the growth of mutual funds and derivatives markets and the decline of banks and explores implications of those developments for financial stability and regulatory policy. One of the book's central conclu- sions is that the current system of bank regulation is out of step with today's financial realities and needs to be substantially changed. Franklin Edwards asserts that the best way to increase the freedom of financial institutions to compete while making the financial system less vulnerable to excessive risk-taking by individual financial institutions is to adopt a system of collateralized banking. He shows how adopting such a system will result in a more stable financial system, both by reducing our reliance on government to maintain financial soundness and by enhancing the effectiveness of private markets in controlling institutional risk-taking. Franklin R. Edwards is the Arthur E Burns Professor of Free and Competitive Enterprise at the Graduate School of Business of Columbia University. ISBN 0-8447-3981-8 51495 9 780844 739892

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