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Unsettled Account "The Evolution Of Banking In The Industrialized World Since 1800"

The Evolution Of Banking In The Industrialized World Since 1800

Unsettled Account "The Evolution Of Banking In The Industrialized World Since 1800". The Evolution Of Banking In The Industrialized World Since 1800

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  • ISBN:9780691139050
  • Editorial: Princeton University Press
  • Fecha de la edición:
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  • Dimensiones: 0 cm x 0 cm
  • Nº Pág.:400
  • Idiomas:Ingles,Inglés

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Commercial banks are among the oldest and most familiar financial institutions. When they work well, we hardly notice; when they do not, we rail against them. What are the historical forces that have shaped the modern banking system? In "Unsettled Account", Richard Grossman takes the first truly comparative look at the development of commercial banking systems over the past two centuries in Western Europe, the United States, Canada, Japan, and Australia. Grossman focuses on four major elements that have contributed to banking evolution: crises, bailouts, mergers, and regulations. He explores where banking crises come from and why certain banking systems are more resistant to crises than others, how governments and financial systems respond to crises, why merger movements suddenly take off, and what motivates governments to regulate banks. Grossman reveals that many of the same components underlying the history of banking evolution are at work today. The recent subprime mortgage crisis had its origins, like many earlier banking crises, in a boom-bust economic cycle. Grossman finds that important historical elements are also at play in modern bailouts, merger movements, and regulatory reforms. "Unsettled Account" is a fascinating and informative must-read for anyone who wants to understand how the modern commercial banking system came to be, where it is headed, and how its development will affect global economic growth.

List of Illustrations
List of Tables
Preface
Chapter 1 Introduction 1
The Challenge of Intermediation 1
Banking and Economic Growth 5
Securities Markets, Banks, and Other Intermediators 10
The Scope of This Book 13
The Argument 16
Chapter Outline 27
Chapter 2 The Origins of Banking 28
Early Banking Functions 30
Credit Creation 32
Medieval Beginnings, Modern Prerequisites 35
Government Debt and the Beginnings of Government Banks 38
Government Banks 41
Private Banks 45
Commercial Banks 48
Chapter 3 Banking Crises 53
Financial Crises and Banking Crises 54
The Consequences of Banking Crises 59
The Causes of Banking Crises: Hypotheses 61
Evidence from before 1870 64
Evidence from 1870 to World War I 66
Evidence from the Interwar Period 74
A Durable Pattern 81
Chapter 4 Rescuing the Banking System: Bailouts, Lenders of Last Resort, and More Extreme Measures 83
Bailouts 86
Lenders of Last Resort 98
More Extreme Measures 104

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