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

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Eugene N. White

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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.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 6063.

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Date of creation: Jun 1997
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Publication status: published relationship to a non-chapter. This should not happen. Please contact NBER.
Handle: RePEc:nbr:nberwo:6063

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Find related papers by JEL classification:
N22 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: 1913-
G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages

References listed on IDEAS
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. Lawrence J. White, 1989. "The reform of Federal Deposit Insurance," Proceedings, Federal Reserve Bank of Chicago, pages 575-604.
  2. Friedman, Milton & Schwartz, Anna J., 1986. "Has government any role in money?," Journal of Monetary Economics, Elsevier, vol. 17(1), pages 37-62, January. [Downloadable!] (restricted)
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  3. Charles W. Calomiris & Eugene N. White, 1994. "The Origins of Federal Deposit Insurance," NBER Chapters, in: The Regulated Economy: A Historical Approach to Political Economy, pages 145-188 National Bureau of Economic Research, Inc. [Downloadable!]
  4. Robert M. Feinberg & Seth Kaplan, 1993. "Fishing Downstream: The Political Economy of Effective Administered Protection," Canadian Journal of Economics, Canadian Economics Association, vol. 26(1), pages 150-58, February. [Downloadable!] (restricted)
  5. Kennickell, Arthur B & Kwast, Myron L & Starr-McCluer, Martha, 1996. "Households' Deposit Insurance Coverage: Evidence and Analysis of Potential Reforms," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 28(3), pages 311-22, August. [Downloadable!] (restricted)
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  6. White, Lawrence J, 1989. "The Reform of Federal Deposit Insurance," Journal of Economic Perspectives, American Economic Association, vol. 3(4), pages 11-29, Fall. [Downloadable!] (restricted)
  7. Hoekman, Bernard M. & Leidy, Michael P., 1992. "Cascading contingent protection," European Economic Review, Elsevier, vol. 36(4), pages 883-892, May. [Downloadable!] (restricted)
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(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. 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. [Downloadable!]
    Other versions:
  2. Laeven, Luc, 2004. "The political economy of deposit insurance," Policy Research Working Paper Series 3247, The World Bank. [Downloadable!]
    Other versions:
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