The Invisible Hands of U.S. Commercial Banking Reform: Private Action and Public Guarantees
Margaret M. PolskiISBN: 140207462X;
In the late twentieth century a number of forces converged to create pressure for profound change in the U.S. commercial banking industry. Changes in the global economy created monetary pressures. A financially sophisticated baby boom generation fuelled the demand for investment alternatives to bank deposits and less expensive investment capital. Expanding local and cross-border economic activity stimulated demand for new financial products, services, organizational structures, and regulation. Finally, technological innovation made it possible to compete in financial services in novel ways, creating new competition and relentless pressure to improve performance. In response to these forces, the commercial banking industry in the United States has dramatically restructured. While concentration has increased, banks no longer dominate financial services. Instead, they have become part of holding companies that own a broad range of closely related financial services companies that are...
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