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U.S. Commercial Banking: Trends, Cycles, and Policy

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Author Info
John H. Boyd
Mark Gertler

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Abstract

This paper pinpoints sources of recent problems in U.S. commercial banking. The objective is to provide a context for evaluating policy options. There are three parts. The first documents how increased competition and financial innovation made banking less stable in the 1980s. The second part identifies the specific sources of the industry's difficulties over this decade. We find that the poor ex post performance by large banks provided the main stress on the system. From a variety of evidence, we conclude that this poor performance was the product of increased competition for the industry and a regulatory system that provides greater subsidies to risk-taking by large banks relative to the industry mean. The third part analyzes recent policy reforms and on-going policy options. in the light of our evidence on the main sources of problems in banking.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 4404.

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Date of creation: Jul 1993
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Handle: RePEc:nbr:nberwo:4404

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Find related papers by JEL classification:
E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
G2 - Financial Economics - - Financial Institutions and Services

References listed on IDEAS
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  1. Summers, Lawrence H, 1985. " On Economics and Finance," Journal of Finance, American Finance Association, vol. 40(3), pages 633-35, July. [Downloadable!] (restricted)
  2. Merton, Robert C. & Bodie, Zvi, 1993. "Deposit insurance reform: a functional approach," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 38(1), pages 1-34, June. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Rebecca S. Demsetz & Philip E. Strahan, 1995. "Diversification, size, and risk at bank holding companies," Research Paper 9506, Federal Reserve Bank of New York. [Downloadable!]
  2. Frederic S. Mishkin, 1999. "Financial Consolidation: Dangers and Opportunities," NBER Working Papers 6655, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. Stephen D. Williamson, 1998. "Discount Window Lending and Deposit Insurance," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(1), pages 246-275, January. [Downloadable!] (restricted)
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  4. Joe Peek & Eric S. Rosengren, 1996. "Derivatives activity at troubled banks," Working Papers 96-3, Federal Reserve Bank of Boston. [Downloadable!]
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  5. Jesús Saurina-Salas, 1998. "Determinantes de la morosidad de las cajas de ahorro españolas," Investigaciones Economicas, Fundación SEPI, vol. 22(3), pages 393-426, September. [Downloadable!]
  6. Chakraborty, Suparna & Allen, Linda, 2007. "Revisiting the Level Playing Field: International Lending Responses to Divergences in Japanese Bank Capital Regulations from the Basel Accord," MPRA Paper 1805, University Library of Munich, Germany. [Downloadable!]
  7. Frederic S. Mishkin, 2000. "Prudential Supervision: Why Is It Important and What are the Issues?," NBER Working Papers 7926, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  8. Dario Focarelli & Fabio Panetta & Carmelo Salleo, 1999. "Why Do Banks Merge?," Temi di discussione (Economic working papers) 361, Bank of Italy, Economic Research Department. [Downloadable!]
  9. Timothy J. Yeager, 2004. "Economies of integration in banking: an application of the survivor principle," Supervisory Policy Analysis Working Papers 2004-04, Federal Reserve Bank of St. Louis. [Downloadable!]
  10. Warren Tease & Jenny Wilkinson, 1993. "The Provision of Financial Services - Trends, Prospects and Implications," RBA Research Discussion Papers rdp9315, Reserve Bank of Australia. [Downloadable!]
  11. Patrick Honohan, 1998. "Diagnosing Banking System Failures in Developing Countries," Papers WP093, Economic and Social Research Institute (ESRI). [Downloadable!]
  12. Frederic S. Mishkin, 1997. "The causes and propagation of financial instability : lessons for policy makers," Proceedings, Federal Reserve Bank of Kansas City, pages 55-96. [Downloadable!]
  13. John H. Boyd & Mark Gertler, 1994. "Are banks dead? Or are the reports greatly exaggerated?," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Sum, pages 2-23. [Downloadable!]
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  14. Deep, Akash & Schaefer, Guido, 2004. "Are Banks Liquidity Transformers?," Working Paper Series rwp04-022, Harvard University, John F. Kennedy School of Government. [Downloadable!]
  15. Armah, Bernard K.N. & Park, Timothy & Lovell, C.A. Knox, 1998. "Evaluating The Performance Of Agricultural Bank Management: The Impact Of State Regulatory Policies," Faculty Series 16660, University of Georgia, Department of Agricultural and Applied Economics. [Downloadable!]
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  16. Ugo Albertazzi & Leonardo Gambacorta, 2006. "Bank Profitability and Taxation," Computing in Economics and Finance 2006 364, Society for Computational Economics. [Downloadable!]
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  17. Christina D. Romer & David H. Romer, 1994. "Credit Channel or Credit Actions? An Interpretation of the Postwar Transmission Mechanism," NBER Working Papers 4485, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  18. Katherine A. Samolyk, 1994. "U.S. banking sector trends: assessing disparities in industry performance," Economic Review, Federal Reserve Bank of Cleveland, issue Q II, pages 2-17. [Downloadable!]
  19. Franklin R. Edwards & Frederic S. Mishkin, 1995. "The decline of traditional banking: implications for financial stability and regulatory policy," Economic Policy Review, Federal Reserve Bank of New York, issue Jul, pages 27-45. [Downloadable!]
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