Why More Equity in Banking is Desirable
- “The Fed is Failing to Encourage the Right Investments,” Anat R. Admati. New York Times. October 27, 2014.
- “We’re All Still Hostages to the Big Banks,” Anat R. Admati. New York Times. August 25, 2013.
- “Five Years of Financial Non-Reform,” Anat R. Admati. Project Syndicate. September 13, 2013.
- “What Jamie Dimon Won’t Tell You,” Anat R. Admati. Huffington Post. December 5, 2010.
- “Debt Financing in the Domestic Financial Sector,” testimony by Paul Pfleiderer to the U.S. Senate Committee on Banking, Housing and Urban Affairs, Financial Institutions and Consumer Protection Subcommittee. August 3, 2011.
- “Don’t trust these bankers who want to raise the speed limit,” Anat R. Admati and Robert Jenkins. The Independent. March 15, 2013.
- “What’s Wrong with Banking and What to Do About It,” Anat R. Admati. Talks at Google. April 2, 2014.
- “The False Tradeoff Between Economic Growth and Bank Capital,” slide presentation by Anat R. Admati. Washington DC, senate staff briefing. June 22, 2011.
- “Bankruptcy is Not an Option, Anat R. Admati,” New York Times, Room for Debate. December 8, 2010.
- “Reducing the Fragility of the Financial Sector: The Importance of Equity and Why it is Not Expensive,” slide presentation by Paul Pfleiderer to the Norges Bank Macroprudential Regulation Workshop. November 29, 2012.
- “Debt Overhang and Capital Regulation,” by Anat R. Admati, Peter M. DeMarzo, Martin F. Hellwig, and Paul Pfleiderer. March 23, 2012 (Revised as The Leverage Ratchet Effect).
An Easy Path towards Safer and Healthier Banking
- “Why the bank dividends are a bad idea,” Anat R. Admati. Reuters. March 14, 2012.
- “Dividends Can Wait Until the Banks are Stronger,” Anat R. Admati. Financial Times. January 20, 2011.
- “Fed Runs Scared With Boost to Bank Dividends,” Anat R. Admati. Bloomberg. February 24, 2011.
- “Only Recapitalized Banks Should Pay Dividends,” Anat R. Admati and other signatories. Financial Times. February 15, 2011.
- “What Obama should do now: Make the financial system safer,” Anat R. Admati. Washington Post. November 9, 2012.
- “Dividend levels truly reflect the health of banks’ capital,” Anat R. Admati. Financial Times. January 28, 2011.
- “Easing capital rules would lead banks away from vital lending,” Anat R. Admati. Financial Times. August 23, 2011.
The “Too Big to Fail” Problem
- “Has Dodd-Frank Eliminated the Dangers in the Banking System?,” by Anat R. Admati. The New York Times. April 14, 2016.
- “ Slides from Anat Admati’s presentation in “Ending Too Big To Fail” conference in Minneapolis Fed,” Fed, April 4, 2016 | Presentation Video | Response to Discussants
- “Statement for testimony before Senate Banking Committee Subcommittee regarding Expectations of Government Support for Bank Holding Companies,” Anat R. Admati, July 31, 2014 | Statement without appendix | Hearing Video
- “Immensity Undermines Responsibility,” by Anat R. Admati. New York Times. January 12, 2014.
- “Should Big Banks be Broken Up?,” by Anat R. Admati. The Economist Debate. May 15, 2013. (PDF version)
- “Too Big To Fail, or What’s Still Terribly Wrong with Banking” slide presentation at American Bar Association Meetings. August 9, 2013.
Corporate Governance: Decision-makers vs. Stakeholders
- “In banking, it’s all other people’s money,” by Anat R. Admati, The Washington Post, April 22, 2016
- “The Great Bank Escape,” by Anat R. Admati, Project Syndicate. December 31, 2012.
- “Beware of Banks’ Flawed Focus on Return on Equity,” op ed by Anat R. Admati. New York Times Dealbook. July 25, 2011.
- “An Open Letter to JPMorgan Chase Board of Directors,” by Anat R. Admati, in Thomson Reuters Risk Magazine and Huffington Post. June 14, 2011.
- “What Can Investors Do about the Crisis in Banking?” interview with Anat R. Admati. Preventable Surprises. May 10, 2013.
- “Liability Holding Companies,” Anat R. Admati, Peter Conti-Brown, Paul Pfleiderer. UCLA Law Review, 2012.
The 2007-2009 crisis
- “The Government Let Banks Have Too Much Debt and Not Enough Equity,” Anat R. Admati. New York Times, Room for Debate. May 21, 2014.
- “Tarp’s legacy is disturbing – the bank bailout five years later,” Anat R. Admati. The Guardian. October 2, 2013.
- “Was the Financial Crisis Avoidable?,” Anat R. Admati. New York Times, Room for Debate. January 31, 2011.
- “Systemic Risk in the Financial Sector: An Analysis of the Subprime-Mortgage Financial Crisis,” Martin Hellwig. 2009.
- “Designing and Enforcing Effective Financial Regulation,” Anat R. Admati, International Banker. June 30, 2015.
- “Examining the Impact of the Proposed Rules to Implement Basel III Capital Standards,” Anat R. Admati, Testimony for hearing of Subcommittee on Financial Institution and Consumer Credit and Subcommittee on Insurance, Housing, and Community Opportunity. November 29, 2012.
- “Bank Capital How Much is Enough?,” slide presentation by Anat R. Admati. Federal Reserve Bank of Chicago 48th Annual Conference on Bank Structure and Competition. May 10, 2012.
- “Containing the European Debt Crisis,” Anat R. Admati. New York Times, Room for Debate.
- “Comments to the Federal Reserve on Rule 165 and 166 of Dodd Frank Act,” Anat R. Admati, Peter DeMarzo, Martin Hellwig, and Pfleiderer. April 30, 2012.
- “Comments to the Federal Reserve on Rule 165 and 166 of Dodd Frank Act,” Anat R. Admati, Sheila Bair, Simon Johnson, and Richard Herring. March 30, 2012.
- “Capital Regulation after the Crisis: Business as Usual?” Martin Hellwig. July 2010.
Why “Level Playing Field” Arguments are invalid
- ‘Global “Level Playing Field” Arguments are Invalid’ and ‘Battle to Regulate Banks has just Begun,’ Anat R. Admati and Martin Hellwig, full text (PDF) in Martin Wolf’s Economists’ Forum, June 7 2011, edited version, June 3 2011 Financial Times.
“Loss Absorbing” Alternatives to Equity
- “Too Much Equity? If Anything, Brown-Vitter Asks Too Little,” Anat R. Admati, American Banker. June 24, 2013.
- “More bank equity serves us all better,” Anat R. Admati and Neil Barofsky, Financial Times. March 6, 2012.
- “Dividends Can Wait until Banks are Stronger,” Anat R. Admati, ( PDF of text) Financial Times. January 19, 2011.
- “Comments on Proposal to Ensure the Loss Absorbency of Regulatory Capital at the Point of Non-viability,” Anat R. Admati. submitted to the Basel Committee on Bank Supervision. October, 2010.
Fallacies and Academic Myths
- “Greenspan’s reasoning on ‘excessive’ equity is misleading,” a letter signed by 20 academics. Financial Times. August 2, 2011.
- “Chameleons: The Misuse of Theoretical Models in Finance and Economics,” Paul Pfleiderer. March 2014.
- “Does Dept Discipline Bankers?: An Academic Myth about Bank Indebtedness, Anat R. Admati and Martin Hellwig. February 10, 2013.
- “On the Relevancy of Modigliani and Miller to Banking: A Parable and Some Observations”, Paul Pfleiderer.
- A discussion of “Higher Capital Requirements, Safer Banks? Macroprudential Regulation in a Competitive Financial System by Milton Harris, Christian Opp and Marcus Opp,” Anat R. Admati. April 3, 2014.