简介
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 of the 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 have largely 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 it relates 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 the benchmarks 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 services sector, in which universal banking is one of the permitted structures, and where regulation is linked to function.
目录
Contents 10
1. Introduction: Banking Structure and Global Competition 14
Activity Limits and the National Interest 15
Activity Limits and Global Markets 18
An Outline of the Book 20
2. Measures of Competitive Performance in Global Financial Markets 24
Stylized Process of Financial Intermediation 25
Alternative Modes of Financial Contracting 27
Financial System Benchmarks 28
Strategic Positioning and Competitive Performance 31
Indicators of Competitive Performance 33
Determinants of Competitive Performance 66
Conclusion 79
3. Economics of Scale and Scope Among the World's Largest Banks 80
Growth Rate Tests 82
Cost Function Tests 83
The Random Effects Models 88
The Data 89
Results 90
Conclusion 93
4. The Nature of Universal Banking 95
Federal Republic of Germany 97
Switzerland 115
United Kingdom 124
Universal Banking and European Financial Integration 130
Some Further Controversies 136
Conclusion 137
5. The Risk of Nonbank Activities 138
Background 139
Banks and Life Insurance 144
Banks and Property and Casualty Insurance 157
Securities and Investment Banking Activities 173
Conclusion 192
6. How Risky Would Universal Banks Be? 194
Expected Returns and Risks of a Universal Bank 194
Universal Bank Return-Risk Simulations Using U.S. Data 197
Synthetic Minimum Risk Combinations Using Industry Averages 206
Synthetic Merger Combinations Using Industry Averages 209
Merger Simulation Using Firm Data 210
Conclusion 215
Appendix 216
7. Universal Banking and Reform of the Financial Safety Net 219
Evolution of Federal Safety Net 220
Safety Nets in Countries with Universal Banking 225
Required Reforms in the United States 227
Bank Subsidiaries and Universal Banking 229
Measurement of Capital and Universal Banking 230
Too Big to Fail and Universal Banking 231
Potential Failure Resolution for Large Universals 233
Reform of Payment, Clearance, and Settlement Systems 234
Other Required Reforms Under Universal Banking 235
Conclusion 237
8. Towards a Rational and Competitive Regulatory Structure 239
Overview 241
Implications for Policy 244
Annex: Summary of Laws Affecting Domestic Activities of Commercial Banks in Major Industrialized Countries 248
References 260
Index 276
A 276
B 277
C 277
D 278
E 279
F 279
G 281
H 281
I 281
J 282
K 282
L 282
M 282
N 283
O 283
P 283
Q 284
R 284
S 285
T 286
U 286
V 287
W 287
Y 287
Z 287
1. Introduction: Banking Structure and Global Competition 14
Activity Limits and the National Interest 15
Activity Limits and Global Markets 18
An Outline of the Book 20
2. Measures of Competitive Performance in Global Financial Markets 24
Stylized Process of Financial Intermediation 25
Alternative Modes of Financial Contracting 27
Financial System Benchmarks 28
Strategic Positioning and Competitive Performance 31
Indicators of Competitive Performance 33
Determinants of Competitive Performance 66
Conclusion 79
3. Economics of Scale and Scope Among the World's Largest Banks 80
Growth Rate Tests 82
Cost Function Tests 83
The Random Effects Models 88
The Data 89
Results 90
Conclusion 93
4. The Nature of Universal Banking 95
Federal Republic of Germany 97
Switzerland 115
United Kingdom 124
Universal Banking and European Financial Integration 130
Some Further Controversies 136
Conclusion 137
5. The Risk of Nonbank Activities 138
Background 139
Banks and Life Insurance 144
Banks and Property and Casualty Insurance 157
Securities and Investment Banking Activities 173
Conclusion 192
6. How Risky Would Universal Banks Be? 194
Expected Returns and Risks of a Universal Bank 194
Universal Bank Return-Risk Simulations Using U.S. Data 197
Synthetic Minimum Risk Combinations Using Industry Averages 206
Synthetic Merger Combinations Using Industry Averages 209
Merger Simulation Using Firm Data 210
Conclusion 215
Appendix 216
7. Universal Banking and Reform of the Financial Safety Net 219
Evolution of Federal Safety Net 220
Safety Nets in Countries with Universal Banking 225
Required Reforms in the United States 227
Bank Subsidiaries and Universal Banking 229
Measurement of Capital and Universal Banking 230
Too Big to Fail and Universal Banking 231
Potential Failure Resolution for Large Universals 233
Reform of Payment, Clearance, and Settlement Systems 234
Other Required Reforms Under Universal Banking 235
Conclusion 237
8. Towards a Rational and Competitive Regulatory Structure 239
Overview 241
Implications for Policy 244
Annex: Summary of Laws Affecting Domestic Activities of Commercial Banks in Major Industrialized Countries 248
References 260
Index 276
A 276
B 277
C 277
D 278
E 279
F 279
G 281
H 281
I 281
J 282
K 282
L 282
M 282
N 283
O 283
P 283
Q 284
R 284
S 285
T 286
U 286
V 287
W 287
Y 287
Z 287
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