Research Advocating Banking Rules in the Public Interest Receives Recognition
Admati, who is the George G.C. Parker Professor of Finance and Economics, wrote the paper with Martin Hellwig of the Max Planck Institute for Research; they share the runners-up prize of $1,500 with a team from the International Monetary Fund. The Admati-Hellwig essay, "Good Banking Regulation Needs Clear Focus, Sensible Tools, and Political Will," advocates cost-effective rules that reduce the conflict between bank managers' preferences and the public interest.
The ICFR created the contest to broaden the debate about regulating financial services, which has been dominated by industry groups, regulators and politicians.