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Why banks need commerce powers

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  • Randall J. Pozdena
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    File URL: http://www.frbsf.org/publications/economics/review/1991/91-3_18-31.pdf
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    Bibliographic Info

    Article provided by Federal Reserve Bank of San Francisco in its journal Economic Review.

    Volume (Year): (1991)
    Issue (Month): Sum ()
    Pages: 18-31

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    Handle: RePEc:fip:fedfer:y:1991:i:sum:p:18-31

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    Keywords: Investment banking ; Securities ; Banks and banking - Germany ; Banks and banking - Japan;

    References

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    1. Roger Craine and Douglas Steigerwald., 1988. "Raiders, Junk Bonds, and Risk," Economics Working Papers 8893, University of California at Berkeley.
    2. Lucas, Robert E, Jr, 1978. "Asset Prices in an Exchange Economy," Econometrica, Econometric Society, vol. 46(6), pages 1429-45, November.
    3. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    4. Kenneth R. French & James M. Poterba, 1990. "Were Japanese Stock Prices Too High?," NBER Working Papers 3290, National Bureau of Economic Research, Inc.
    5. G. B. Gorton & J. G. Haubrich, . "Bank Deregulation, Credit Markets and the Control of Capital," Rodney L. White Center for Financial Research Working Papers 8-86, Wharton School Rodney L. White Center for Financial Research.
    6. Greenwald, Bruce & Stiglitz, Joseph E & Weiss, Andrew, 1984. "Informational Imperfections in the Capital Market and Macroeconomic Fluctuations," American Economic Review, American Economic Association, vol. 74(2), pages 194-99, May.
    7. Diamond, Douglas W, 1984. "Financial Intermediation and Delegated Monitoring," Review of Economic Studies, Wiley Blackwell, vol. 51(3), pages 393-414, July.
    8. repec:fth:calaec:25-89 is not listed on IDEAS
    9. Ando, Albert & Auerbach, Alan J., 1988. "The cost of capital in the United States and Japan: A comparison," Journal of the Japanese and International Economies, Elsevier, vol. 2(2), pages 134-158, June.
    10. Randall Johnston Pozdena, 1987. "Tax policy and corporate capital structure," Economic Review, Federal Reserve Bank of San Francisco, issue Fall, pages 37-51.
    11. Hodder, James E. & Tschoegl, Adrian E., 1985. "Some Aspects of Japanese Corporate Finance," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 20(02), pages 173-191, June.
    12. James, Christopher, 1987. "Some evidence on the uniqueness of bank loans," Journal of Financial Economics, Elsevier, vol. 19(2), pages 217-235, December.
    13. Campbell, Tim S & Kracaw, William A, 1980. " Information Production, Market Signalling, and the Theory of Financial Intermediation," Journal of Finance, American Finance Association, vol. 35(4), pages 863-82, September.
    14. Benston, George J & Smith, Clifford W, Jr, 1976. "A Transactions Cost Approach to the Theory of Financial Intermediation," Journal of Finance, American Finance Association, vol. 31(2), pages 215-31, May.
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    Cited by:
    1. João A. C. Santos & Joseph G. Haubrich, 1999. "Banking and commerce: a liquidity approach," BIS Working Papers 78, Bank for International Settlements.
    2. Rabah Amir & Michael Troege, 2011. "On the effects of banks’ equity ownership on credit markets," Annals of Finance, Springer, vol. 7(1), pages 31-52, February.
    3. Santos, Joao A. C., 1999. "Bank capital and equity investment regulations," Journal of Banking & Finance, Elsevier, vol. 23(7), pages 1095-1120, July.
    4. John H. Boyd & Chun Chang & Bruce D. Smith, 1998. "Moral hazard under commercial and universal banking," Proceedings, Federal Reserve Bank of Cleveland, issue Aug, pages 426-471.
    5. Sun Bae Kim, 1991. "The use of equity positions by banks: the Japanese evidence," Economic Review, Federal Reserve Bank of San Francisco, issue Fall, pages 41-55.
    6. John Krainer, 1998. "The separation of banking and commerce," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue jul3.
    7. Mouldi Djelassi & Guillaume Colosiez, 1993. "La redécouverte des cycles financiers," Revue d'Économie Financière, Programme National Persée, vol. 26(3), pages 109-144.
    8. Santos, Joao A.C. & Rumble, Adrienne S., 2006. "The American keiretsu and universal banks: Investing, voting and sitting on nonfinancials' corporate boards," Journal of Financial Economics, Elsevier, vol. 80(2), pages 419-454, May.
    9. João A.C. Santos, 1998. "Banking and commerce: how does the United States compare to other countries?," Economic Review, Federal Reserve Bank of Cleveland, issue Q IV, pages 14-26.
    10. Ben Craig, 1996. "Competing currencies: back to the future?," Economic Commentary, Federal Reserve Bank of Cleveland, issue Oct.

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