Can a return to Glass-Steagall provide financial stability in the US financial system?
AbstractIn the immediate aftermath of the current financial crisis in the United States the response has been to resolve small and medium size banks, while large banks experiencing financial trouble have been given both direct and indirect government support. This, however, has resulted in a number of larger banks absorbing smaller ones, creating an even smaller number of even larger banks that dominate the financial system. This article deals first with a comparison of the problems created by â€œtoo big to failâ€ financial institutions. The second section deals with the possible restoration of Glass-Steagall type legislation as a means of restoring single-function financial institutions. It concludes that alternatives to separation of functions will have to be found to deal with multifunction financial institutions since most lending activity requires securities markets activities.
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Bibliographic InfoArticle provided by Economia civile in its journal PSL Quarterly Review.
Volume (Year): 63 (2010)
Issue (Month): 252 ()
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Web page: http://www.economiacivile.it
Find related papers by JEL classification:
- E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
- G01 - Financial Economics - - General - - - Financial Crises
- G20 - Financial Economics - - Financial Institutions and Services - - - General
- F30 - International Economics - - International Finance - - - General
- N22 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: 1913-
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- Ferguson, Thomas, 1984. "From Normalcy to New Deal: industrial structure, party competition, and American public policy in the Great Depression," International Organization, Cambridge University Press, vol. 38(01), pages 41-94, December.
- Hyman P. Minsky & L. Randall Wray, 2008. "Securitization," Economics Policy Note Archive 08-2, Levy Economics Institute, The.
- Alessandro Roncaglia, 2010. "Introduction," PSL Quarterly Review, Economia civile, vol. 63(252), pages 3-5.
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