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On the Obsolescence of Commercial Banking

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  • Geoffrey P. Miller

Abstract

This paper considers the obsolescence of commercial banking from the perspective of economic history. As a result of the enormous growth in money markets, it is now possible to operate a payments system in which liabilities payable on demand are backed by a diversified portfolio of liquid securities. Such a payments system, sometimes known as "mutual fund banking," is theoretically preferable to traditional commercial banking because it is not subject to the risk of runs or panics. The advantages of mutual fund banking are now being demostrated in the US marketplace, with the impressive growth of money market mutual funds with checking privileges.

Suggested Citation

  • Geoffrey P. Miller, 1998. "On the Obsolescence of Commercial Banking," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 154(1), pages 1-61, March.
  • Handle: RePEc:mhr:jinste:urn:sici:0932-4569(199803)154:1_61:otoocb_2.0.tx_2-2
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    Citations

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    Cited by:

    1. Gunter Franke & Jan Pieter Krahnen, 2007. "Default Risk Sharing between Banks and Markets: The Contribution of Collateralized Debt Obligations," NBER Chapters,in: The Risks of Financial Institutions, pages 603-634 National Bureau of Economic Research, Inc.
    2. Jank, Stephan & Wedow, Michael, 2015. "Sturm und Drang in money market funds: When money market funds cease to be narrow," Journal of Financial Stability, Elsevier, vol. 16(C), pages 59-70.
    3. Malte Krueger, 2012. "Money: A Market Microstructure Approach," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44(6), pages 1245-1258, September.
    4. Hackethal Andreas, 2001. "How Unique are US-Banks?. The Role of Banks in Five Major Financial Systems / Wie „einzigartig“ sind US-Banken?. Die Bedeutung von Banken in fünf Finanzsystemen," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 221(5-6), pages 592-619, October.
    5. Jan Pieter Krahnen, 2005. "Der Handel von Kreditrisiken: Eine neue Dimension des Kapitalmarktes," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 6(4), pages 499-519, November.
    6. Schmidt, Reinhard H. & Hackethal, Andreas & Tyrell, Marcel, 1999. "Disintermediation and the Role of Banks in Europe: An International Comparison," Journal of Financial Intermediation, Elsevier, vol. 8(1-2), pages 36-67, January.

    More about this item

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services

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