Abstract
For most of the past 60 years, fragmentation has been the defining structure of US financial institutions and markets. Beginning in the 1930s, US financial regulation splintered the capital formation process into separate functions performed by specialised financial institutions. Deposit-taking banks would make loans. Securities firms would underwrite stocks and bonds. Investment companies and other savings intermediaries would invest in securities on behalf of small savers.
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© 1997 Palgrave Macmillan, a division of Macmillan Publishers Limited
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Garten, H.A. (1997). Financial Reform, the United States and the New World Order in International Finance. In: Underhill, G.R.D. (eds) The New World Order in International Finance. International Political Economy Series. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-25315-9_13
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DOI: https://doi.org/10.1007/978-1-349-25315-9_13
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