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Interprets the evolution of Chinese politics during the years 1972-82. This book provides a detailed study of the end of the Maoist era, demonstrating Mao's continuing dominance even as his ability to control events ebbed away.
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The Evolution of US Finance: v. 2: Restructuring Institutions and Markets
Authors: Jane W. D'Arista Publisher: Taylor and Francis Publication date: 2015 Publication language: Angielski Number of pages: 526 Publication formats: EAN: 9781317456988 DOI: 10.4324/9781315699813 ISBN: 9781317456988 Category: Financial services industry Publisher's index: 9781315699813 Bibliographic note: -
TOC
- Cover 2
- Half Title 3
- Title Page 5
- Copyright Page 6
- Dedication 7
- Table of Contents 9
- List of Tables and Figures 13
- Acknowledgments 17
- Preface 19
- Introduction 25
-
Part I: The Framework for Financial Structure and Regulation
69
-
1 The Current Debate on Regulatory Policy
71
- Introduction 71
- The Issue of Financial Consolidation 72
- Reorganizing the Regulatory Framework 73
-
1 The Current Debate on Regulatory Policy
71
- Cover 2
- Half Title 3
- Title Page 5
- Copyright Page 6
- Dedication 7
- Table of Contents 9
- List of Tables and Figures 13
- Acknowledgments 17
- Preface 19
- Introduction 25
-
Part I: The Framework for Financial Structure and Regulation
69
-
1 The Current Debate on Regulatory Policy
71
- Introduction 71
- The Issue of Financial Consolidation 72
- Reorganizing the Regulatory Framework 73
- Eliminating Special Treatment for Banks 75
- The Limits to Deregulation 76
- The Impact of Financial Structure and Regulation on Economic Activity 78
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2 Issues in the Evolution of Federal Regulation
84
- Introduction 84
- Commercial and Investment Banking in the United States 85
- The Emerging Trend toward Financial Consolidation 93
- Financial Restructuring in the 1980s 98
- An Alternative Model: The German Universal Banking System 101
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3 The Changing Financial Environment
112
- Introduction 112
- The Monetary and Fiscal Environment 114
- The Interaction of Macroeconomic and Financial Developments in the 1970s 115
- Technological Change 117
- The Internationalization of Financial Institutions and Markets 123
- Changes in Demands for Financial Services 128
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Part II: The Goals of Regulation
135
- Introduction 137
-
4 Access to Capital and Credit
141
- Introduction and Summary 141
- An Overview of the Federal Government's Role in Financial Markets 145
- The Effects of Interest Rate Deregulation on Credit Flows 150
- Product and Structural Changes That Altered Financial Flows 156
- The Absence of Market Innovations to Facilitate Capital Formation 163
- Summary of Policy Concerns 165
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5 Balancing Competition and Soundness: The Debate on Bank Regulation
174
- Introduction 174
- Soundness Regulation and Competitive Restraints 176
- Deregulation and Risk 179
- Interdependence and Systemic Risk 183
- Substituting Market Forces for Direct Regulation 185
- Regulating in a Deregulated Environment 189
- Managing Liquidity 192
- A Summary of Policy Concerns 197
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6 Promoting Competition and the Impartiality of Credit Decisions
207
- Introduction: Specialization and Diversity versus Consolidation 207
- Consolidation as an Impediment to Impartiality 212
- Consolidation and Financial Stability: The Role of Banks 216
- Conflicts of Interests 218
- Cross-Selling and Tying Financial Services 228
- The Concentration of Financial Resources 231
- Summary of Policy Concerns 248
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7 Preserving the Economic Functions of Financial Markets
262
- Introduction: An Overview of Financial "Missions" 262
- Capital Investment Trends in the United States 266
- Developments in U.S. Capital and Credit Markets in the 1980s 269
- Changes in the Structure and Economic Functions of Capital Markets in the 1980s 282
- Summary of Policy Concerns 299
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Part III: Protecting Customers of Financial Institutions
315
- Introduction and Summary 317
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8 Regulation to Ensure Soundness and Fiduciary Responsibility
320
- Introduction: Objectives and Problems 320
- Differences in Regulatory Approaches 324
- The Proliferation of Regulatory Disparities 328
- Disparities between State and Federal Regulation 339
- Summary and Policy Concerns 347
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9 Investor Protection
357
- Introduction: The Role of Disclosure 357
- Disclosure Requirements for Depository Institutions 359
- The Implications of the Internationalization of Capital Markets for Investor Protection 368
- The SEC's Expanding International Role 374
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10 Financial Guaranty Insurance Programs
380
- An Overview of Financial Guaranty Insurance Programs 380
- Erosion of the Rationale for Differences in Protection 384
- The Adequacy of Financial Guaranty Insurance Programs 385
- The Conflicting Goals of Deregulation and Insurance Protection 398
- Proposals to Reconcile Deposit Insurance Protection and Market Discipline 401
- Summary of Policy Concerns 406
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Part IV: Proposals for Reform
415
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11 Reforming Financial Guaranty Programs
417
- Introduction and Summary 417
- Recent Proposals for Reform 420
- The Need to Reframe Reform Proposals 424
- An Alternative Proposal for Protecting Savings 426
- Protecting Transactions Balances 429
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12 Providing Uniform Regulation
435
- Introduction and Summary 435
- The Development of a Parallel Banking System 440
- Banks' Role in Promoting the Parallel System 448
- Structure and Operations of Finance Companies 455
- Problems Confronting Finance Companies 460
- Public Policy Concerns 462
- The Need for Uniform Regulation 471
- Appendix A: Credit Allocation in the 1970s 481
- Appendix B: Some Effects of International Capital Flows on U.S. Credit Markets 487
- References 491
- Index 505
- About the Author 527
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11 Reforming Financial Guaranty Programs
417
-
1 The Current Debate on Regulatory Policy
71