TAILIEUCHUNG - Educational EndowmEnts and thE Financial crisis: social costs and systEmic risks in thE shadow Banking systEm

As we have witnessed during this crisis, financial stress can spread easily and quickly across national boundaries. Yet, regulation is still set largely in a national context. Without consistent supervision and regulation, financial institutions will tend to move their activities to jurisdictions with looser standards, creating a race to the bottom and intensifying systemic risk for the entire global financial system. The United States is playing a strong leadership role in efforts to coordinate international financial policy through the G-20, the Financial Stability Board, and the Basel Committee on Banking Supervision. We will use our leadership. | EDUCATIONAL ENDOWMENTS AND THE financial Crisis SOCIAL COSTS AND SYSTEMIC RISKS IN THE SHADOW BANKING SYSTEM A STUDY OF SIX NEW ENGLAND SCHOOLS CENTER FOR SOCIAL PHILANTHROPY TELLUS INSTITUTE 11 Arlington Street Boston Massachusetts 02116 Project Team Principal Investigator and Lead Author Joshua Humphreys . Senior Associate Tellus Institute and Lecturer Harvard University Researchers Christi Electris Associate Tellus Institute Yewande Fapohunda Analyst Tellus Institute and MPP Candidate Harvard Kennedy School Justin Filosa Assistant Tellus Institute James Goldstein Senior Fellow Tellus Institute Katie Grace Analyst Tellus Institute and Staff Associate Initiative for Responsible Investment Harvard Kennedy School Acknowledgments Senior Advisers John K. Stutz . Senior Fellow and Vice President Tellus Institute Allen White . Senior Fellow and Vice President Tellus Institute Expert Advisory Panel Dean Baker . Co-Director Center for Economic and Policy Research Richard Freeman . Herbert Ascherman Professor of Economics Harvard University Research Associate National Bureau of Economic Research Senior Research Fellow Centre for Economic Performance London School of Economics Peter Kinder . Senior Adviser RiskMetrics Group David Wood . Director Initiative for Responsible Investment Harvard Kennedy School Additional Thanks This paper benefited from data information and advice provided by numerous organizations and individuals including Dan Apfel and Cheyenna Weber Responsible Endowments Coalition Appleseed Inc. Jim Bildner Center for Applied Philanthropy Richard S. Bookbinder TerraVerde Capital Management LLC Boston Redevelopment Authority Commonfund Institute Harvard Student Labor Action Movement SLAM Peter Hasegawa Matthew Keenan ProxyDemocracy MIT Student-Worker Alliance Mark Orlowski Sustainable Endowments Institute William Page Essex Investment Management Company LLC Rich Rosen Tellus Institute Eric Schildge Dartmouth Students .

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