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Financing Prosperity in the Next Century, The Changing World of Banking: Setting the Regulatory Agenda

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  • James R. Barth
  • R. Dan Brumbaugh Jr.
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    Abstract

    Barth and Brumbaugh propose a series of reforms aimed at making bank regulations compatible with the changing financial system. They present evidence to support their contention that change in the market for financial services has reduced the importance of depositories as they have traditionally operated. A dramatic increase in nonbank competition has contributed to a substantial shrinkage in the proportion of total financial assets held by depository institutions. The authors assert that any reforms should take into account the dynamic nature of the financial marketplace. Effective reforms tackling bank regulation must pass a two-part test: They must protect the payments and credit mechanisms in order to promote systemic stability, and they must promote competition within the financial services industry

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    Paper provided by Levy Economics Institute in its series Economics Public Policy Brief Archive with number 8.

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    Handle: RePEc:lev:levppb:8

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    1. R. Dan Brumbaugh & Robert E. Litan, 1991. "Ignoring Economics In Dealing With The Savings And Loan And Commercial Banking Crisis," Contemporary Economic Policy, Western Economic Association International, vol. 9(1), pages 36-53, 01.
    2. Robert C. Merton & Zvi Bodie, 1992. "On the Management of Financial Guarantees," Financial Management, Financial Management Association, vol. 21(4), Winter.
    3. Mark J. Flannery, 1982. "Deposit insurance creates a need for bank regulation," Business Review, Federal Reserve Bank of Philadelphia, issue Jan/Feb, pages 17-31.
    4. Hyman P. Minsky & Dimitri B. Papadimitriou & Ronnie J. Phillips & L. Randall Wray, 1992. "Community Development Banks," Economics Working Paper Archive wp_83, Levy Economics Institute.
    5. Calomiris, Charles W., 1990. "Is Deposit Insurance Necessary? A Historical Perspective," The Journal of Economic History, Cambridge University Press, vol. 50(02), pages 283-295, June.
    6. Ronnie Phillips, 1992. "The 'Chicago Plan' and New Deal Banking Reform," Economics Working Paper Archive wp_76, Levy Economics Institute.
    7. Richard A. Posner, 1974. "Theories of Economic Regulation," NBER Working Papers 0041, National Bureau of Economic Research, Inc.
    8. George J. Stigler, 1971. "The Theory of Economic Regulation," Bell Journal of Economics, The RAND Corporation, vol. 2(1), pages 3-21, Spring.
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