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Postwar Changes in the American Financial Markets

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  • Benjamin M. Friedman

Abstract

The object of this essay is to gain an overview of developments in theAmerican financial markets since World War II, with particular attention to changes that have occurred either between the prewar and post-war years or within the past several decades. Inevitably such an effort must be selective. The primary emphasis here is on the interaction between the financial markets and the nonfinancial economy, in the sense of the demands that the nonfinancial economy has placed on the financial markets and the ways in which the financial markets have responded to these demands. In addition, much of this essay focuses on the evolving role of government in the financial markets and on the changes that it has brought about. Questions pertaining to the internal organization of financial markets and financial institutions, and to financial innovations per se, are also important, but they will receive less attention here.

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  • Benjamin M. Friedman, 1980. "Postwar Changes in the American Financial Markets," NBER Working Papers 0458, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:0458
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    Cited by:

    1. John H. Ciccolo, Jr. & Christopher F. Baum, 1985. "Changes in the Balance Sheet of the U.S. Manufacturing Sector, 1926-1977," NBER Chapters, in: Corporate Capital Structures in the United States, pages 81-116, National Bureau of Economic Research, Inc.
    2. Hume, Michael & Sentance, Andrew, 2009. "The global credit boom: Challenges for macroeconomics and policy," Journal of International Money and Finance, Elsevier, vol. 28(8), pages 1426-1461, December.
    3. Benjamin M. Friedman, 1986. "Increasing Indebtedness and Financial Stability in the United States," NBER Working Papers 2072, National Bureau of Economic Research, Inc.
    4. Benjamin M. Friedman, 1981. "Financing Capital Formation in the 1980s: Issues for Public Policy," NBER Working Papers 0745, National Bureau of Economic Research, Inc.
    5. Aarstol, Michael P., 2000. "Inflation and debt maturity," The Quarterly Review of Economics and Finance, Elsevier, vol. 40(1), pages 139-153.
    6. Stanley Fischer, 1982. "Adapting to Inflation in the United States Economy," NBER Chapters, in: Inflation: Causes and Effects, pages 169-188, National Bureau of Economic Research, Inc.
    7. Jeffrey K. MacKie-Mason, 1990. "Do Firms Care Who Provides Their Financing?," NBER Chapters, in: Asymmetric Information, Corporate Finance, and Investment, pages 63-104, National Bureau of Economic Research, Inc.
    8. John H. Ciccolo, Jr., 1981. "Changing Balance Sheet Relationships in the U.S. Manufacturing Sector, 1926-77," NBER Working Papers 0702, National Bureau of Economic Research, Inc.
    9. John H. Ciccolo, Jr., 1982. "Changing Balance Sheet Relationships in the U.S. Manufacturing Sector, 1926-77," NBER Chapters, in: The Changing Roles of Debt and Equity in Financing U.S. Capital Formation, pages 65-74, National Bureau of Economic Research, Inc.
    10. Benjamin M. Friedman, 1981. "Debt and Economic Activity in the United States," NBER Working Papers 0704, National Bureau of Economic Research, Inc.

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