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The Financial Services Revolution

Policy Directions for the Future

  • Book
  • © 1988

Overview

Editors:
  1. Catherine England
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  2. Thomas Huertas
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Part of the book series: Innovations in Financial Markets and Institutions (IFMI, volume 1)

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Table of contents (19 chapters)

  1. Front Matter

    Pages I-VI
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  2. The Financial Services Revolution: Introduction

    1. The Financial Services Revolution: Introduction

      • Catherine England, Thomas F. Huertas
      Pages 1-5

  3. The History of Banks and Bank Regulation

    1. Front Matter

      Pages 7-7
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    2. The Truth About Bank Runs

      • George G. Kaufman
      Pages 9-40

    3. The Big Bust: The 1930–33 Banking Collapse—Its Causes, Its Lessons

      • Bert Ely
      Pages 41-67

    4. Was the Establishment of a Canadian Central Bank in 1935 Necessary?

      • Michael D. Bordo, Angela Redish
      Pages 69-86

    5. A Public Choice Perspective of the Banking Act of 1933

      • F. William Shughart II
      Pages 87-105

    6. New Deal Monetary Legislation for the Welfare of the Government

      • Richard H. Timberlake
      Pages 107-111

    7. The Evolving Role of Regulation in the Savings and Loan Industry

      • James R. Barth, Martin A. Regalia
      Pages 113-161

  4. A Regulatory System in Need of Repair

    1. Front Matter

      Pages 163-163
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    2. Deposit Insurance in Theory and Practice

      • Gerald P. O’Driscoll Jr.
      Pages 165-179

    3. Toward a Sound Financial System

      • William S. Haraf
      Pages 181-185

    4. Financial Stability and FDIC Insurance

      • Roger W. Garrison, Eugenie D. Short, Gerald P. O’Driscoll Jr.
      Pages 187-207

    5. The Role of the Federal Reserve in Reserve Requirement Regulation

      • Mark Toma
      Pages 209-226

    6. Federal Reserve Interest Rate Smoothing

      • Marvin Goodfriend
      Pages 227-234

    7. The FSLIC is “Broke” in More Ways than One

      • Gillian Garcia
      Pages 235-249

    8. Nonbank Banks Are Not the Problem: Outmoded Regulations Are

      • Catherine England
      Pages 251-265

  5. The Future of Financial Services

    1. Front Matter

      Pages 267-267
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    2. Reuniting Investment and Commercial Banking

      • Robert E. Litan
      Pages 269-287

    3. Can Banking and Commerce Mix?

      • Thomas F. Huertas
      Pages 289-307
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About this book

In Chapter 5, William Shughart also considers the part that politics played in banking legislation during the 1930s, but he looks at the banking legislation passed in the United States. Shughart draws par­ ticular attention to the provisions in the Banking Act of 1933 that required the separation of commercial and investment banking activ­ ities. Applying a public choice analysis, Shughart asks who gained from the provisions, and he concludes that the commercial banking industry, the investment banking industry, and the U. S. Treasury Department can all be said to have benefited in the years immedi­ ately following the passage of the act. Richard Timberlake, in his comment, extends Shughart's analysis to show how the federal gov­ ernment manipulated the monetary policy of the 1930s for its own benefit. The history of the regulation of the savings and loan industry is the subject of Chapter 6. James Barth and Martin Regalia examine the way in which regulation of the industry has evolved since the first savings and loan was established in the 1830s. They conclude that the stated purpose of regulation appears to have changed, even while the regulations themselves often have not. Barth and Regalia provide some important insights into the contribution of thrift regu­ lation to the current problems facing the indusb-y as well as some suggestions about the direction reform should-and should not­ take.

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