Financial Structures and Regulation: A Comparison of Crises in the UK, USA and Italy

1. Front Matter

   Pages i-xviii

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2. Some Introductory Remarks about Banks, Financial Structures, Crises and Their Cost

   1. Some Introductory Remarks about Banks, Financial Structures, Crises and Their Cost

      • Alessandro Roselli

      Pages 1-6

3. The Interwar Period

   1. Front Matter

      Pages 7-7

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   2. Financial Depth in Three Economies: The UK, the US, Italy

      • Alessandro Roselli

      Pages 9-13

   3. The Great Depression and Britain

      • Alessandro Roselli

      Pages 14-28

   4. The United States: Boom and Depression

      • Alessandro Roselli

      Pages 29-53

   5. Italy: Finance in a Fascist State

      • Alessandro Roselli

      Pages 54-67

4. Financial Stability and Evolution in the Postwar Decades (A “Golden Age”?)

   1. Front Matter

      Pages 69-69

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   2. Financial Deepening in the Three Economies

      • Alessandro Roselli

      Pages 71-77

   3. The United Kingdom: Not So Stable

      • Alessandro Roselli

      Pages 78-103

   4. The United States: Big Government and Big Bank

      • Alessandro Roselli

      Pages 104-118

   5. Italy’s Recovery

      • Alessandro Roselli

      Pages 119-135

5. The Recent Period

   1. Front Matter

      Pages 137-137

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   2. The Broad Framework

      • Alessandro Roselli

      Pages 139-144

   3. Financial Structure of the Three Economies: Never So Deep

      • Alessandro Roselli

      Pages 145-149

   4. Growth and Collapse of the Shadow Banking System in the United States

      • Alessandro Roselli

      Pages 150-194

   5. A Severe Test for London as World Financial Centre

      • Alessandro Roselli

      Pages 195-212

   6. Italy: Financially More Stable, but Structural Problems Persist

      • Alessandro Roselli

      Pages 213-226

   7. Conclusion

      • Alessandro Roselli

      Pages 227-236

6. Back Matter

   Pages 237-280

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A survey of past financial crises, starting with the great banking collapses of the interwar period. The current turmoil has prompted a number of questions regarding both its origins and ways to avoid its repetition. The historical background and the evolving institutional framework of banking and financial systems are at the center of this book.

• bank
• banking
• depression
• growth
• Italy

'Dr. Roselli's book is essential reading for all who wish to understand the recent crisis and make reoccurrence less likely. It combines understanding of history with economic analysis and the experience and knowledge of a practicing central banker. This is political economy at its best readable, well informed, and thoughtful.'

- Geoffrey Wood, Professor Emeritus of Economics, Cass Business School, UK and Professor Emeritus of Monetary Economics, University of Buckingham, UK

'Alessandro Roselli's book offers an insightful and timely study of financial regulation. It is a storehouse of valuable information and sound analysis. The historical perspective and the comparative approach make the book a unique contribution to the literature on banking. The book casts much needed light to the understanding of the recent crisis. Practitioners in both the legal and the economic profession, policy-makers, academics and students will greatly benefit from reading this book.'

- Rosa Maria Lastra, Professor in International Financial and Monetary Law, Queen Mary, University of London, UK

ALESSANDRO ROSELLIis Visiting Fellow at Cass Business School, City University, London. He has written extensivelyon banking, finance and economic history. Among his books: La finanza Americana; Il governatore Azzolini; Italy and Albania: Financial Relations in the Fascist Period and, with Carlo Gola, The UK Banking System and Its Regulatory and Supervisory Framework.

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