Clark Center Forum

About the Clark Center Forum

The Forum for the Kent A. Clark Center for Global Markets is home to the European, Finance, and US Economic Experts Panels as well as a repository of thoughtful, current, and reliable information regarding topics of the day.
Credit Crisis

Luigi Zingales on American Public Media’s Marketplace

American Media’s Marketplace, September 10, 2009 Professor Luigi Zingales speaks with Marketplace’s host, Kai Ryssdal, about Lehman Brothers’ collapse last year and how the trust between Americans and the financial sector was destroyed, and what it will take to restore it. Listen to interview> 
Credit Crisis

Lessons From the Fall: Household Debt Got Us into this Mess

Planet Money; NPR, Sept 10, 2009 The dramatic collapse of financial markets in the fall of 2008 captivated the world’s attention and sent the stock market reeling. But the collapse of financial markets was a symptom of a more troubling underlying condition: U.S. households dramatically increased their leverage, or debt, from 2001 to 2007. Our research suggests […] 
Credit Crisis

Pay Regulation is Not the Best Way to Address Moral Hazard

FT.com, August 17, 2009 Sir, Lucian Bebchuk has strongly endorsed the House of Representatives’ decision to regulate the pay structure of the entire financial sector (“Regulate financial pay to reduce risk-taking”, August 4). Financial institutions are special, argues Prof Bebchuk, because they impose costs on taxpayers that they do not internalise. This specialness warrants a […] 
Credit Crisis

Will the U.S. Bank Recapitalization Succeed? Eight Lessons from Japan

Anil K. Kashyap and Takeo Hoshi During the financial crisis that started in 2007, the U.S. government has used a variety of tools to try to rehabilitate the U.S. banking industry. Many of those strategies were used also in Japan to combat its banking problems in the 1990s. There are also a surprising number of […] 
Credit Crisis

Market Efficiency in a Volatile Market

Widely cited as the father of the efficient market hypothesis and one of its strongest advocates, Professor Eugene Fama examines his groundbreaking idea in the context of the 2008 and 2009 markets. He outlines the benefits and limitations of efficient markets for everyday investors and is interviewed by the Chairman of Dimensional Fund Advisors in […] 
Credit Crisis

Regulation of Retirement Saving

July 2009 Retirement saving is undergoing a fundamental change as employers shift from defined benefit pension plans to defined contribution plans, such as 401(k) accounts. Defined contribution plans have important advantages: they allow households to customize their retirement saving to their own risk preferences and circumstances, they insulate pensioners from potential bankruptcies of their employers, […] 
Credit Crisis

Stop Subsidizing the Street

Paola Sapienza and Luigi Zingales Forbes, July 29th, 2009 The word for “crisis” in Chinese, weiji, is written with two characters: one (wei) means danger; the other, ji, means opportunity. That’s because every crisis challenges the status quo and in so doing creates the opportunity for something new to emerge. “This process of Creative Destruction,” […] 

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