The Diversification Benefits of Universal Banking
We find that both the aggregate issuance of bonds, and the volume of commercial and industrial loans outstanding in the US, respond to fluctuations in industrial production and interest rates, but in opposite directions. This empirical result suggests that universal banks can reduce the cyclical fluctuations of their income, by jointly providing direct lending and security underwriting services.
|Date of creation:||Jul 2010|
|Date of revision:||Jul 2010|
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