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Technological and Regulatory Forces in the Developing Fusion of Financial-Services Competition

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  • Edward J. Kane

Abstract

Productlines of traditionally heterogeneous financial institutions are rapidly fusing into a homogeneous blend, institutions and market structures are reshaping themselves to lower the cost of serving customer demand for financial services.This paper contends that contemporary adaptations exploit scope economies rooted in technological change and deposit-insurance subsidies to innovative forms of risk-bearing. As they reorient work flows, financial firms are simultaneously restructuring their organizations to lower net burdens from government regulation. Alternative state and federal regulatory and legislative bodies compete vigorously for the regulatory business of developing institutional hybrids. Evolution of Federal Reserve policy toward "nonbank banks" exemplifies the process.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 1320.

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Date of creation: Nov 1984
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Publication status: published as Kane, Edward J. "Technological and Regulatory Forces in the Developing Fusion of Financial-Services Competition." Journal of Finance, Vol. 39, No. 3 , (July 1984), pp. 759-772.
Handle: RePEc:nbr:nberwo:1320

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Cited by:
  1. Kenneth A. Carow & Edward J. Kane, 2001. "Event-Study Evidence of the Value of Relaxing Longstanding Regulatory Restraints on Banks, 1970-2000," NBER Working Papers 8594, National Bureau of Economic Research, Inc.
  2. Thomson, Di & Abbott, Malcolm, 2001. "Banking regulation and market forces in Australia," International Review of Financial Analysis, Elsevier, vol. 10(1), pages 69-86.
  3. Huang, Rocco R., 2008. "Evaluating the real effect of bank branching deregulation: Comparing contiguous counties across US state borders," Journal of Financial Economics, Elsevier, vol. 87(3), pages 678-705, March.
  4. Carow, Kenneth A. & Heron, Randall A., 2002. "Capital market reactions to the passage of the Financial Services Modernization Act of 1999," The Quarterly Review of Economics and Finance, Elsevier, vol. 42(3), pages 465-485.
  5. Carow, Kenneth A., 2001. "Citicorp-Travelers Group merger: Challenging barriers between banking and insurance," Journal of Banking & Finance, Elsevier, vol. 25(8), pages 1553-1571, August.
  6. Edward J. Kane, 1984. "Regulatory Structure in Futures Markets: Jurisdictional Competition Among the SEC, the CFTC, and Other Agencies," NBER Working Papers 1331, National Bureau of Economic Research, Inc.
  7. Estrella, Arturo, 2001. "Mixing and matching: Prospective financial sector mergers and market valuation," Journal of Banking & Finance, Elsevier, vol. 25(12), pages 2367-2392, December.
  8. Hilary Ingham & Steve Thompson, 1993. "Structural deregulation and market entry: the case of financial services," Fiscal Studies, Institute for Fiscal Studies, vol. 14(1), pages 1-15, February.
  9. Catherine England, 1994. "Regulatory Restructuring: Resolving the Fed's Conflicting Roles," Cato Journal, Cato Journal, Cato Institute, vol. 13(3), pages 367-385, Winter.
  10. Richard Herring, 2010. "How Financial Oversight Failed & What it May Portend for the Future of Regulation," Atlantic Economic Journal, International Atlantic Economic Society, vol. 38(3), pages 265-282, September.
  11. Carolyn Currie, 2003. "Towards a General Theory of Financial Regulation: Predicting, Measuring and Preventing Financial Crises," Working Paper Series 132, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
  12. Monica Keneley & Margaret McKenzie, 2006. "An Evaluation of Privatisations in Australian Banking and Insurance," Economics Series 2006_09, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance.
  13. Kane, Edward J., 1999. "Implications of superhero metaphors for the issue of banking powers," Journal of Banking & Finance, Elsevier, vol. 23(2-4), pages 663-673, February.
  14. Arnoud Boot & Silva Dezõelan & Todd Milbourn, 1999. "Regulatory Distortions in a Competitive Financial Services Industry," Journal of Financial Services Research, Springer, vol. 16(2), pages 249-259, December.
  15. Narayanan, Rajesh P. & Rangan, Nanda K. & Sundaram, Sridhar, 2002. "Welfare effects of expanding banking organization opportunities in the securities arena," The Quarterly Review of Economics and Finance, Elsevier, vol. 42(3), pages 505-527.

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