Grossman, Richard S. 　著

内容

目次

List of Illustrations xiii List of Tables xv Preface xvii CHAPTER1: Introduction 1 The Challenge of Intermediation 1 Banking and EconomicGrowth 5 Securities Markets, Banks, and Other Intermediators 10 The Scopeof This Book 13 The Argument 16 CHAPTER Outline 27 CHAPTER 2: TheOrigins of Banking 28 Early Banking Functions 30 Credit Creation 32Medieval Beginnings, Modern Prerequisites 35 Government Debt and theBeginnings of Government Banks 38 Government Banks 41 Private Banks 45Commercial Banks 48 CHAPTER 3: Banking Crises 53 Financial Crises andBanking Crises 54 The Consequences of Banking Crises 59 The Causes ofBanking Crises: Hypotheses 61 Evidence from before 1870 64 Evidence from1870 to World War I 66 Evidence from the Interwar Period 74 A DurablePattern 81 CHAPTER 4: Rescuing the Banking System: Bailouts, Lenders ofLast Resort, and More Extreme Measures 83 Bailouts 86 Lenders of LastResort 98 More Extreme Measures 104 Making the Cure Less Costly than theDisease 107 CHAPTER 5: Merger Movements 110 Consequences of Mergers 111The Urge to Merge 112 Evidence 115 Matching Evidence with Explanations 120CHAPTER 6: Regulation 128 Motives for Regulation 129 Entry Regulation134 The Emergence of Charters 134 Banking Codes versus Corporation Law 141Capital Requirements 145 The Role of Capital 145 Market CapitalRequirements 147 Explaining Government Capital Requirements 150 The Impactof Government Capital Requirements 155 Other Regulations 157 UniversalBanking 157 Identity of the Banking Supervisor 162 Summary 167 CHAPTER7: Banking Evolution in England 169 The Bank of England and BritishGovernment Finance 170 Private Banking in London and the Provinces 173Joint Stock Banking Regulation, 1826-57 175 Mergers 183 Crises andResponses 189 Fiscally Driven Evolution 195 CHAPTER 8: BankingEvolution in Sweden 197 The Riksbank and the Beginnings of Swedish Banking198 Bank Politics and Legislation: Enskilda Banks 202 The Emergence ofModern Banking 207 Mergers, Crises, and Government Intervention, 1903-39 209Universal Banking 215 Sweden in a Nordic Context 217 CHAPTER 9:Banking Evolution in the United States 221 The First and Second Banks of theUnited States, 1791-1836 222 From Chartered to Free Banking, 1837-62 229The National Banking Era, 1863-1913 230 The Crisis of 1907 and the Foundingof the Federal Reserve 243 The Great Depression 245 Summary 249CHAPTER 10: Constrained and Deregulated Banking in the Twentieth Century andBeyond 251 Constrained Banking 251 The Era of Deregulation Begins 260Crises and Rescues 266 Herstatt and Franklin National 267 The U.S. Savingsand Loan Crisis 269 The Nordic Crises 272 Japan's "Lost Decade" 276 Crisesand Rescues: Summary 281 Mergers 282 Regulation 284 APPENDIXESAppendix to Chapter 2 291 Appendix to Chapter 3 297 Appendix to Chapter 5317 Bibliography 321 Index 375