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Gilbert: “Requiem for Regulation Q: What It Did and Why It Passed Away” Provides an excellent review of the implementation and effects of Regulation Q. The effects of interest rate ceiling on bank profits and on deposits at commercial banks and thrifts are included. The effects of the phase out of Regulation Q are addressed as well. Source: Economic Review of the Federal Reserve Bank of St. Louis, (Feb. 1986), pp. 22-37.
Amel & Jacowski: “Trends in Banking Structure since the Mid-1970s” Provides an excellent discussion of the structural changes affecting the banking industry since the mid-1970's. Includes an examination of the data documenting these changes at all levels (e.g. local) of firm activity. Source: Federal Reserve Bulletin, (March 1989), pp. 120-133.
Benson: “The Canadian Experience with Nationwide Banking” Examines the Canadian experience with nationwide banking to determine the potential effect s of a similar banking structure in the U.S. Concludes that the challenge for the U.S. is to achieve the benefits of nationwide banking while protecting itself from undesirable levels of concentrations. Source: Economic Review of the Federal Reserve Bank of Atlanta,(May 1983), pp. 60-65
Clair & Tucker: “Interstate Banking and the Federal Reserve” Examines the scope of interstate banking during the 1900's. Particular emphasis is placed on the Fed's evolving policy toward interstate banking. Concludes that continued increases in interstate banking will benefit the banking system. Source: Economic Review of the Federal Reserve Bank of Dallas, (November 1989), pp.1-20
King et al.: “Interstate Banking Developments in the 1980s” Provides and excellent survey of both the legislative evolution of interstate banking and the developments in interstate banking during the 1980's. Also discusses changes in the top-50 banking institutions and the policy implications of increased interstate banking activity. Source: Economic Review of the Federal Reserve Bank of Atlanta, (May/June 1989), pp. 32-51
Savage: “Interstate Banking Developments” Provides a summary of interstate banking developments. Includes an excellent discussion of the causes of and trentds in interstate banking. A variety of tables describing each state's experience is also included. Source: Federal Reserve Bulletin, (February 1987), pp. 79-92.
Shaffer: “Challenges to Small Banks’ Survival” Provides an excellent summary of the performance, by firm size, of the banking industry. Primary emphasis is on the ability of small banks to survive in the changing financial environment. Concludes that, while the number of small banks will likely fall as consolidation occurs, all small firms are not “doomed to disappear.'' Source: Business Review Federal Reserve Bank of Philadelphia, (Sept/Oct 1989).
Syron: “The ‘New England Experiment’ in Interstate Banking” Provides a legal and historical overview of interstate banking. Also examines the more recent New England experiment in interstate banking, concluding with a discussion about possible implications for national policy. Source: New England Economic Review, (March/April 1984), pp. 5-17.
Key: “Activities of International Banking Facilities” Discusses the development of the International Banking Facilities (IBF) proposal and summarizes the legal and regulatory framework for IBF operations. Concludes with a brief discussion of the early activites of IBF's. Source: Economic Perspectives of Federal Reserve Bank of Chicago, (1983), pp. 37-45
McCauley & Seth: “Foreign Bank Credit to U.S. Corporations” Examines the recent growth of bank loans to U.S. firms from banks outside the U.S., offering several explanations of this growth. The implications of this type of lending activity are also discussed. Source: FRBNY Quarterly Economic Review, (Spring 1992), pp. 52-65
Srinivasan: “Are There Cost Savings from Bank Mergers?” Reviews recent evidence and presents new evidence investigating the question of cost savings as a result of bank mergers. Small but significant reductions in costs are found. At the same time, the potential for reduced costs may occur only on a case-by-case basis. Source: Federal Reserve Bank of Atlanta Economic Review, (March/April 1992), pp. 17-82.
Caskey & Zikmund: “Pawnshops: The Consumer’s Lender of Last Resort” Examines the role of the pawnbroking industry in providing credit to consumers. After discussing the business of pawnbroking, the regulation of the industry, and the characteristics of pawnshop loans, the authors examine the growth of the industry and discuss several policy issues about pawnbroking and consumer credit. Source: Federal Reserve Bank of Kansas City Economic Review,(March/April 1990), pp. 53-67
Moysich: “An Overview of the U.S. Credit Union Industry” Discusses the history, growth, regulation and insurance of credit unions and examines the current conditions of both the credit union industry and its insurance fund. Finally, the article summarizes the arguments for and against the tax-exempt status of these financial institutions. Source: FDIC Banking Review, 3(1), (Fall 1990), pp. 12-26
Remolona & Wulfekuhler: “Finance Companies, Bank Competition, & Niche Markets” Analyzes the growth of finance companies and explains differential performance of banks and finance compnies in common lending markets. Explains how finance compnaies took advantage of “niches'' in traditional markets and discusses the factors inhibiting bank entry into these markets. Source: FRBNY Quarterly Review, (Summer 1992), pp.25-38
Caskey: “Check-Cashing Outlets in the U.S. Financial System” Describes the services, fees, structure and recent growth of the check-cashing industry. Explains that this industry provides basic financial transaction services to low-income and moderate-income households. Also surveys the regulation of the industry and the industry's possible role in providing basic banking services. Source: Economic Review of the Federal Reserve BAnk of Kansas City, (November/December 1991), pp.53-67
Kopcke: “The Capitalization and Portfolio Risk of Insurance Companies” Discusses the role of insurance companies as financial intermediaries. Argues that these instituions must raise additional capital if they are to absorb the effects of recent adverse shocks to their portfolios. Source: New England Economic Review, (July/August 1992), pp. 43-57
Todd & Wallace: “SPDAs and GICs: Like Money in the Bank?” Documents the life insurance industry's shift towards nontraditional products like single premium deferred annuities and guarenteed investment contracts. Argues that the promised safety of money invested in these securities produces the same moral hazard problem associated with the S & L industry. Offers recommendations to reduce this moral hazard problem. Source: Federal Reserve Bank of Minneapolis Quarterly Review, (Summer 1992), pp. 2-17.
Sellon: “Changes in Financial Intermediation” Describes the rapid growth of pension and mutual funds and its impact on the financial system. Examines how the growth of these funds has enhanced or undermined the performance of traditional intermediaries. Concludes with a discussion of the implications for financial regulation. Source: Federal Reserve Bank of Kansas City Economic Review, (Third Quarter 1992), pp. 53-70.
Warshawsky: “Pension Plans: Funding, Assets, and Regulatory Environment” Provides an excellent introduction to the basic characteristics of pension funds. Trends in contributions and the investment strategies of these pension funds are also discussed. Source: Federal Reserve Bulletin, (November 1988), pp. 717-730.
Abken: “Globalization of Stock, Futures, and Options Markets” Examines automated trading systems of exchange for common stock, futures and options contracts. Also examines whether increased trading via these automated systems generates volatility and, therefore, has negative economic effects. Source: Federal Reserve Bank of Atlanta Economic Review, (July/August 1991), pp. 1-22.
Flood: “Microstructure Theory and the Foreign Exchange Market” Microstructure theory examines the behavior of participants in securites markets and the effects of information and institutional arrangements on these markets. The author uses this theory to examine the foreign exchange market is also included. Source: Federal Reserve Bank of St. Louis Economic Review, (November/December 1991), pp. 52-70
McAndrews: “Where Has All the Paper Gone?” Examines security depositories and how they are used in completing trades of securities. The role of depositories in reducing costs and risks of trading securities is also examined. Source: Business Review of the Federal Reserve Bank of Philadelphia, (November/December 1992), pp. 19-30
Chari & Weber: “How the U.S. Treasury Should Auction Its Debt” Describes the current auction procedures used by the U.S. Treasury and argues that a more efficient procedure to auction its debt should be used. The authors discuss how the recommended one-price auction procedure will yield a number of benefits. Source: Federal Reserve Bank of Minneapolis Quarterly Review, (Fall 1992), pp. 3-12
Reinhart: “An Analysis of Potential Treasury Auction Techniques” Includes an excellent review of alternative auction methods, putting the current U.S. Treasury practice in perspective. Also discusses the extent to whcih alternative mechanisms can be used to: (1) prevent behavior like the recent manipulation of the market; and (2) reduce borrowing costs. Source: Federal Reserve Bulletin, (June 1992), pp. 403-412
Rosengren: “Is There a Need for Regulation in Government Securities Market?” The need for the regulation of financial intermediaries is generally based on the fear of failure in financial markets and on the need to decrease the probability of fraud. In the government securities markets, the author argues that regulation is 5 unlikely to be needed to reduce market instability while probably necessary to prevent fraudulent activities. Source: New England Economic Review, (Sept/Oct), pp. 29-40.
LaRoche: “Bankers Acceptances” Defines and discusses the role of bankers acceptances. Examines the Fed's influence on this market and explainns how recent developments have reduced the importance of bank acceptances. Source: Federal Reserve Bank of Richmond Economic Quarterly, 79/1, (Winter 1993), pp. 75-85
Explains recent changes in the municipal bond market. Also includes an excellent overview of the characteristics of the municipal bond market. Particular emphasis is ;laced on the effects of changes in tax legislation on this market. Source: New England Economic Review, (September/October 1991), pp. 13-36
Garfinkel: “The Causes and Consequences of Leveraged Buyouts” Provides an overview of leveraged buyouts (LBO's), summarizing the theory and evidence of their economic effects. Prliminary evidence suggests that LBO's may have net benefits indicating that proposals to limit LBO's may be harmful. Source: Economic Review of the Federal Reserve Bank of St. Louis, (September/October 1989), pp. 23-34
Henderson: “The Emergence of the Venture Capital Industry” Analyzes the causes and effects of the recent growth of the venture capital market. Venture capital's growth is argued to be a response the the needs of businesses expecially in the technology-oriented industries. Concludes that further research is needed to determine which sources of capital have been displaced as a result of the growth in ventue capital. Source: New England Economic Review, (July/August 1989), pp. 20-32
Rosengren: “The Case for Junk Bonds” Discusses the evolution of the junk bonds market, arguing that junk bonds are a natural innovation resulting from changes in financial markets. Also examines the substitutability between junk bonds and bank loans concluding that further regulation is unlikely to be needed to reduce market instability while probably necessary to prevent fraudulent activites. Source: New England Economic Review, (May/June 1990), pp. 40-49
Becketti: “The Prepayment Risk of Mortgage-Backed Securities” Discusses the mortgae pass-through securites and examines the risks incurred by financial institutions which invest in these securitis, highlighting the role of prepayment risk. Describes how portfolion managers can limit exposure to prepayment risk. Source: Economic Review of the Federal Reserve Bank of Kansas City, (Feb. 1989), pp. 43-57.
Ryding: “Housing Finance and the Transmission of Monetary Policy” Provides an excellent summary of the effects of recent innovations in the mortgage market and financial system on housing finance. The effects of these changes are then examined to determine any changes in the interest rate sensitivity of housing investment and, subsequently, the transmission of monetary policy. Source: Federal Reserve Bank of New York Quarterly Review, (Summer 1990), pp. 42-55.
Sellon & VanNahmen: “The Securitization of Housing Finance” Discusses the nature of housing finance prior to 1970 and the role of goverment in the process. The development of mortgage-backed securities and their effect on housing finance are discussed. The article concludes with a discussion of the policy implications of the securitization of housing finance. Source: Economic Review of the Federal Reserve Bank of Kansas City, (July/August 1988), pp. 3-20.
Abken: “Beyond Plain Vanilla: A Taxonomy of Swaps” Discusses the features and applications of interest rate, commodity, currency and equity swaps. Provides an excellent introduction to this tool which is used for financial risk management. Source: Federal Reserve Bank of Atlant Economic Review, (March/April 1991), pp. 12-29.
Behoff: “Reducing Credit Risk in Over-the-Counter Derivatives” Discusses the costs and benefits of methods to reduce credit risk through the use of over-the-counter derivatives. Source: Federal Reserve Bank of Chicago Economic Perspectives, (Jan/Feb 1992), pp. 21-31.
Hunter & Stowe: “Path-Dependent Options” Provides an overview of path-dependent options. Reviews the origins, attractiveness and features of this new class of derivative financial instruments. Source: Federal Reserve Bank of Atlanta Economic Review, (March/April 1992), pp. 29-34
Kuprianov: “Money Market Futures” Provides an excellent overview of futures markets. Particular emphasis is placed on an examination of money market futures. A variety of numerical examples are included. Source: Federal Reserve Bank of Richmond Economic Review, (November/December 1992), pp. 19-3
Napoli: “Derivative Markets and Competitiveness” Examines the impact of the expansion of derivative markets during the 1980's. Particular emphasis is placed on exchange competition and its effects on transaction costs and liquidity. Source: Federal Reserve Bank of Chicago Economic Perspective, (July/August 1992), pp.13-24
Wall & Pringle: “Interest Rate Swaps: A Review of the Issues” Provides an overview of the growth in th einterest rate swaps market. Also includes a discussion of the reasons for the use of interest rate swaps, the risks and pricing of swaps and the regualtions of this market. Source: Economic Review of the Federal Reserve Bank of Atlanta, (Dec. 1988), pp. 22-40.
Belongia & Santoni: “Hedging Interest Rate Risk with Financial Futures” Describes how changes in interest rates affect the market value of depository institutions. Subsequently, demonstrates how financial futures contracts can be used to hedge some of this interest rate risk. Useful numerical examples are included. Source: Economic Review of the Federal Reserve Bank of St. Louis, (Oct. 1984), pp. 15-25.
Wall et al.: “Capital Requirements for Interest and Foreign Exchange Hedge” Discusses the instruments used to hedge foreign exchange and interest rate risk and reviews existing capital requirements for interest rate and foregn exchange instruments. Proposes an alternative treatment of these instruments which is less cumbersome and potentially more cost effective. Source: Economic Review of the Federal Reserve Bank of Atlanta, (May/June 1990), pp. 14-28.
Dwyer & Gilbert: “Bank Runs and Private Remedies” Examines the history of U.S. banking prior to the establishment of the Fed and the theory of bank runs. The effects of bank runs are discussed with evidence suggesting that runs have limited adverse effects on economic activity. The authors conclude that the effects are reduced via private remedies develped by banks. Source: Economic Review of the Federal Reserve Bank of St. Louis, (May/June 1989), pp.43-61
Parthemos: “The Federal Reserve Act of 1913 in U.S. Monetary History” Provides an excellent discussion of the evolution of the U.S. monetary system prior to the Federal Reserve Act of 1913. Uses this overview to explain what factors resulted in the development of the Federal Reserve System. Source: Economic Review of the Federal Reserve Bank of Richmond, (July-August 1988), pp. 19-28
Tallman: “Some Unanswered Questions About Bank Panics” Examines the macroeconomic effects of bank panics. Also includes several suggestions about further analysis of bank panics. Source: Federal Reserve Bank of Atlanta Economic Review, (Nov/Dec), pp. 2-21.
Abken: “Corporate Pensions and Government Insurance” Analyzes the operation of the Pension Benefit Guaranty Corporation which provides federal goverment insurance of privat pension plans. Discusses the simiarities and differences between the problems of federally provided pension insurance and deposit insurance. Source: Federal Reserve BAnk of Atlant Economic Review, (March/April 1992), pp. 1-16.
Alfriend: “International Risk-Based Capital Standard: History & Explanation” Describes the historical evolution of attempts to measure capital adequacy. Particular emphasis is place on how cpital measures of U.S> banks would change under the new risk-based capital standards. Source: Federal Reserve BAnk of Richmond Economic Review, (Nov./Dec. 1988), pp. 28-34.
Becketti: “Can Losses of Federal Financial Programs Be Reduced?” Describes major federal financial programs and explains why programs suffered losses. Concludes that risks responsible for losses cannot be reduced without reducing the benefits offered by these programs. Source: Federal Reserve Bank of Kansas City Economic Review,(July/Aug. 1991), pp. 5-20.
Bovenzi & Murton: “Resolution Costs of Bank Failures” Summarizes FDIC's objectives and its approaches for handling bank failures. Provideds information on and explains the facots which determine costs of bank failure-resolution transactions Source: FDIC Banking Review, (Fall 1988), pp. 1-13
Schreft: “Credit Controls: 1980” Provides a brief review of the use of credit controls prior to 1980 and includes an excellent review of the 1980 experience. Argues that the 1980 credit control program exacerbated the effects of the 1980 recession. Source: Economic Review of the Federal Reserve Bank of Richmond, (Nov/Dec 1990), pp. 25-55.
Goodfriend: “A Model of Money Stock Determination” Presents a model of the determiniation of the money stock which takes into account the ffects of both loan demand and the banks' balance sheet constraints. The effects of alternative Fed operating procedures on the money supply are examined.Finally, the effects of various economic shocks on the money stock are examined. Source: Economic Review of the Federal Reserve Bank of Richmond, (January/February 1982), pp. 3-16
Englander: “Optimal Monetary Policy Design: Rules versus Discretion Again” Reviews and examines recent literature on optimal monetary policy. Examines the intuition embedded in the models of this lterature and considers whether th eempirical implications are obtained in practice. Concludes that insights obtained from this more recent research differ only slightly from those of the earlier literature. Source: Federal Reserve Bank of St. Louis Review, (January/February 1993), pp.3-34
Hetzel: “Monetary Policy in the Early 1980s” Provides and excellent discussion of monetary policy since 1979. The analysis indicates that operating procedures were not implementd consistently after October, 1979. These new procedures are argued to have contributed to the variability in interest rates. Source: Economic Review of the Federal Reserve Bank of Richmond, (March/April 1992), pp. 29-34
Roberds: “Money and the Economy: Puzzles from the 1980s’ Experience” Discusses the changing relationship between money and the economy during the 1980's. Also includes various explainations for this change in velocity. Concludes with a summary of the policy implications of these changes. Source: Economic Review of the Federal Reserve Bank of Atlanta, (September/October 1989)
Syron: “Are We Experiencing a Credit Crunch?” First provides a definition of a credit crunch. The author then explains how developments in real and financial sectors resulted in a reduction in credit availability, noting how these problems were particularly troublesome in New England. Concludes with some observations and recommendations about future credit conditions. Source: New England Economic Review, (July/August 1991), pp.3-10.
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