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Mutual Funds as an Alternative Banking System

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  • Kenneth E. Scott

Abstract

The paper examines some of the drawbacks of the existing banking system, from the standpoint of both the industry and the taxpayer, and the considers the possible role that mutual funds might play in an alternative banking system. In particular, the characteristics of money market funds are described, and they are evaluated as an alternative basis for a transaction account and payments transfer system.

Suggested Citation

  • Kenneth E. Scott, 1998. "Mutual Funds as an Alternative Banking System," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 154(1), pages 1-86, March.
    • Handle: RePEc:mhr:jinste:urn:sici:0932-4569(199803)154:1_86:mfaaab_2.0.tx_2-j
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    Cited by:

    1. Bengtsson, Elias, 2013. "Shadow banking and financial stability: European money market funds in the global financial crisis," Journal of International Money and Finance, Elsevier, vol. 32(C), pages 579-594.
    2. David E. Allen & Jerry T. Parwada, 2004. "Effects of Bank Funds Management Activities on the Disintermediation of Bank Deposits," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 31(7‐8), pages 1151-1170, September.
    3. Patrick E. McCabe, 2010. "The cross section of money market fund risks and financial crises," Finance and Economics Discussion Series 2010-51, Board of Governors of the Federal Reserve System (U.S.).
    4. Mirakhor, Abbas & Krichene, Noureddine, 2009. "The Recent Crisis: Lessons for Islamic Finance," MPRA Paper 56022, University Library of Munich, Germany.

    More about this item

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • K2 - Law and Economics - - Regulation and Business Law

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