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The Financial Services Revolution

Policy Directions for the Future

  • Editors
  • Catherine England
  • Thomas Huertas

Part of the Innovations in Financial Markets and Institutions book series (IFMI, volume 1)

Table of contents

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

    1. Catherine England, Thomas F. Huertas
      Pages 1-5
  3. The History of Banks and Bank Regulation

    1. Front Matter
      Pages 7-7
    2. George G. Kaufman
      Pages 9-40
    3. Michael D. Bordo, Angela Redish
      Pages 69-86
    4. F. William Shughart II
      Pages 87-105
    5. James R. Barth, Martin A. Regalia
      Pages 113-161
  4. A Regulatory System in Need of Repair

    1. Front Matter
      Pages 163-163
    2. Gerald P. O’Driscoll Jr.
      Pages 165-179
    3. William S. Haraf
      Pages 181-185
    4. Roger W. Garrison, Eugenie D. Short, Gerald P. O’Driscoll Jr.
      Pages 187-207
    5. Marvin Goodfriend
      Pages 227-234
    6. Gillian Garcia
      Pages 235-249
  5. The Future of Financial Services

    1. Front Matter
      Pages 267-267
    2. Robert E. Litan
      Pages 269-287
    3. Thomas F. Huertas
      Pages 289-307
    4. Robert A. Eisenbeis
      Pages 309-315
    5. A. James Meigs
      Pages 345-348
  6. Back Matter
    Pages 349-361

About this book

Introduction

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.

Keywords

Investment banking investment banking monetary policy

Bibliographic information

  • DOI https://doi.org/10.1007/978-94-009-3277-7
  • Copyright Information Springer Science+Business Media B.V. 1988
  • Publisher Name Springer, Dordrecht
  • eBook Packages Springer Book Archive
  • Print ISBN 978-94-010-7971-6
  • Online ISBN 978-94-009-3277-7
  • Buy this book on publisher's site
Industry Sectors
Finance, Business & Banking