Technological and Regulatory Forces in the Developing Fusion of Financial-Services Competition
AbstractProductlines of traditionally heterogeneous financial institutions are rapidly fusing into a homogeneous blend, institutions and market structures are reshaping themselves to lower the cost of serving customer demand for financial services.This paper contends that contemporary adaptations exploit scope economies rooted in technological change and deposit-insurance subsidies to innovative forms of risk-bearing. As they reorient work flows, financial firms are simultaneously restructuring their organizations to lower net burdens from government regulation. Alternative state and federal regulatory and legislative bodies compete vigorously for the regulatory business of developing institutional hybrids. Evolution of Federal Reserve policy toward "nonbank banks" exemplifies the process.
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Bibliographic InfoArticle provided by American Finance Association in its journal Journal of Finance.
Volume (Year): 39 (1984)
Issue (Month): 3 (July)
Other versions of this item:
- Edward J. Kane, 1984. "Technological and Regulatory Forces in the Developing Fusion of Financial-Services Competition," NBER Working Papers 1320, National Bureau of Economic Research, Inc.
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