The New Financial Order

Risk in the 21st Century

Robert J. Shiller

380 pages, parution le 01/04/2003

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Résumé

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.

Contents

Part One: Economic Risks in an Advancing World

One What the World Might Have Looked Like since 1950
Two The Hidden Problem of Economic Risk
Three Why New Technology Creates Risks
Four Forty Thieves: The Many Kinds of Economic Risks

Part Two: How Science and Technology Create New Opportunities in Finance

Five New Information Technology Applied to Risk
Management
Six The Science of Psychology Applied to Risk
Management
Seven The Nature of Invention in Finance

Part Three: Six Ideas for a New Financial Order

Eight Insurance for Livelihoods and Home Values
Nine Macro Markets: Trading the Biggest Risks
Ten Income-Linked Loans: Reducing the Risks of Hardship
and Bankruptcy
Eleven Inequality Insurance: Protecting the Distribution
of Income
Twelve Intergenerational Social Security: Sharing Risks
between Young and Old
Thirteen International Agreements for Risk Control

Part Four: Deploying the New Financial Order

Fourteen Global Risk Information Databases
Fifteen New Units of Measurement and Electronic Money
Sixteen Making the Ideas Work: Research and Advocacy

Part Five: The New Financial Order as a Continuation of a Historical Process

Seventeen Lessons from Major Financial Inventions
Eighteen Lessons from Major Social Insurance Inventions

Epilogue A Model of Radical Financial Innovation

L'auteur - Robert J. Shiller

Robert Shiller, prix Nobel d'économie 2013, est professeur d'économie et de finance à Yale.

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Caractéristiques techniques

	PAPIER
Éditeur(s)	Princeton University Press
Auteur(s)	Robert J. Shiller
Parution	01/04/2003
Nb. de pages	380
Format	16 x 24
Couverture	Relié
Poids	691g
Intérieur	Noir et Blanc
EAN13	9780691091723
ISBN13	978-0-691-09172-3