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On the Obsolescence of Commercial Banking

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  • Geoffrey P. Miller
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    Abstract

    This paper considers the obsolescence of commercial banking from the perspective of economic history. As a result of the enormous growth in money markets, it is now possible to operate a payments system in which liabilities payable on demand are backed by a diversified portfolio of liquid securities. Such a payments system, sometimes known as "mutual fund banking," is theoretically preferable to traditional commercial banking because it is not subject to the risk of runs or panics. The advantages of mutual fund banking are now being demostrated in the US marketplace, with the impressive growth of money market mutual funds with checking privileges.

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    Bibliographic Info

    Article provided by Mohr Siebeck, Tübingen in its journal Journal of Institutional and Theoretical Economics.

    Volume (Year): 154 (1998)
    Issue (Month): 1 (March)
    Pages: 61-

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    Handle: RePEc:mhr:jinste:urn:sici:0932-4569(199803)154:1_61:otoocb_2.0.tx_2-2

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    Cited by:
    1. Krueger, Malte, 2008. "Money: A Market Microstructure Approach," MPRA Paper 18416, University Library of Munich, Germany.
    2. Günter Franke & Jan Pieter Krahnen, 2005. "Default risk sharing between banks and markets: the contribution of collateralized debt obligations," CoFE Discussion Paper 05-04, Center of Finance and Econometrics, University of Konstanz.
    3. Jan Pieter Krahnen, 2005. "Der Handel von Kreditrisiken: Eine neue Dimension des Kapitalmarktes," Working Paper Series: Finance and Accounting 152, Department of Finance, Goethe University Frankfurt am Main.
    4. Schmidt, Reinhard H. & Hackethal, Andreas & Tyrell, Marcel, 1999. "Disintermediation and the Role of Banks in Europe: An International Comparison," Journal of Financial Intermediation, Elsevier, vol. 8(1-2), pages 36-67, January.
    5. Jank, Stephan & Wedow, Michael, 2008. "Sturm und Drang in money market funds: when money market funds cease to be narrow," Discussion Paper Series 2: Banking and Financial Studies 2008,20, Deutsche Bundesbank, Research Centre.

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