Universal Banking in the United States: What Could We Gain? What Could We Lose? by Anthony Saunders

Universal Banking in the United States: What Could We Gain? What Could We Lose?

byAnthony Saunders, Ingo Walter

Hardcover | January 1, 1994

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In 1933 and 1956, the United States sharply limited the kinds of securities activities, commercial activities, and insurance activities banks could engage in. The regulations imposed on banks back then remain in place despite profound changes in the economic environment, in the structure ofthe national and international financial markets, and in technology. In this span of time many industries, especially those confronting global competition, have transformed themselves dramatically in their efforts to survive and prosper. Not so in the American financial services sector, banks havelargely remained stuck in an antiquated regulatory structure which has placed the burden of responding to the needs of market-driven structural change on the shoulders of the regulators and the courts in a constant search for loopholes in the law. The purpose of this book is to evaluate the case for and against eliminating the barriers that have so long existed between banking and other types of financial services in the United States. Universal Banking in the United States studies the consequences of bank regulation in the U.S. as itrelates to competition in international financial markets. Anthony Saunders and Ingo Walter examine universal banking systems in other countries, especially Germany, Switzerland, and the U.K., and how they work. They then apply the lessons to U.S. banking, paying particular attention to thebenchmarks of stability, equity, efficiency, and competitiveness against which the performance of national financial systems should be measured. In the end, the authors propose the outlines of a level playing field on which any number of forms of organization can grow in the financial servicessector, in which universal banking is one of the permitted structures, and where regulation is linked to function.

About The Author

Anthony Saunders and Ingo Walter are both at the Stern School of Business, New York University.

Details & Specs

Title:Universal Banking in the United States: What Could We Gain? What Could We Lose?Format:HardcoverDimensions:288 pages, 9.49 × 6.34 × 1.14 inPublished:January 1, 1994Publisher:Oxford University Press

The following ISBNs are associated with this title:

ISBN - 10:0195080696

ISBN - 13:9780195080698

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Extra Content

Table of Contents

1. Introduction: Banking Structure and Global Competition2. Measures of Competitive Performance in Global Financial Markets3. Economics of Scale and Scope Among the World's Largest Banks4. The Nature of Universal Banking5. The Risk of Nonbank Activities6. How Risky Would Universal Banks Be?7. Universal Banking and Reform of the Financial Safety Net8. Towards a Rational and Competitive Regulatory StructureAnnex: Summary of Laws Affecting Domestic Activities of Commercial Banks in Major Industrialized CountriesReferencesIndex

Editorial Reviews

"The authors provide a wide-ranging, detailed survey of institutional differences in regulation and business practices of banking systems in various countries... this is a commendable book full of useful information, which provides a wealth of careful and accessible analysis for public policymakers, scholars, and graduate students interested in bank regulatory reform."--Journal of Economic Literature