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The Legacy of Deposit Insurance: The Growth, Spread, and Cost of Insuring Financial Intermediaries

In: The Defining Moment: The Great Depression and the American Economy in the Twentieth Century

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  • Eugene N. White

Abstract

Without the Great Depression, the United States would not have adopted deposit insurance. While the New Deal's anti-competitive barriers have largely collapsed become" deeply rooted. This paper examines how market and political competition for deposits raised the level of coverage and spread insurance to all depository institutions. A comparison of the cost of federal insurance with a counterfactual of an insurance-free system shows that federal insurance ultimately imposed a" higher cost but achieved political acceptance because of the distribution of the burden.

(This abstract was borrowed from another version of this item.)

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This chapter was published in:

  • Michael D. Bordo & Claudia Goldin & Eugene N. White, 1998. "The Defining Moment: The Great Depression and the American Economy in the Twentieth Century," NBER Books, National Bureau of Economic Research, Inc, number bord98-1, July.
    This item is provided by National Bureau of Economic Research, Inc in its series NBER Chapters with number 6889.

    Handle: RePEc:nbr:nberch:6889

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    Cited by:
    1. Laeven, Luc, 2004. "The political economy of deposit insurance," Policy Research Working Paper Series 3247, The World Bank.
    2. Demirguc-Kunt, Asli & Kane, Edward J. & Laeven, Luc, 2006. "Determinants of deposit-insurance adoption and design," Policy Research Working Paper Series 3849, The World Bank.

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