| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16825 |
| 来源ID | Working Paper 16825 |
| \"To Establish a More Effective Supervision of Banking\": How the Birth of the Fed Altered Bank Supervision | |
| Eugene N. White | |
| 发表日期 | 2011-02-25 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | Although bank supervision under the National Banking System exercised a light hand and panics were frequent, depositor losses were minimal. Double liability induced shareholders to carefully monitor bank managers and voluntarily liquidate banks early if they appeared to be in trouble. Inducing more disclosure, marking assets to market, and ensuring prompt closure of insolvent national banks, the Comptroller of the Currency reinforced market discipline. The arrival of the Federal Reserve weakened this regime. Monetary policy decisions conflicted with the goal of financial stability and created moral hazard. The appearance of the Fed as an additional supervisor led to more "competition in laxity" among regulators and "regulatory arbitrage" by banks. When the Great Depression hit, policy-induced deflation and asset price volatility were misdiagnosed as failures of competition and market valuation. In response, the New Deal shifted to a regime of discretion-based supervision with forbearance. |
| 主题 | Macroeconomics ; Monetary Policy ; Financial Economics ; Financial Institutions ; History ; Macroeconomic History ; Financial History |
| URL | https://www.nber.org/papers/w16825 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574500 |
| 推荐引用方式 GB/T 7714 | Eugene N. White. \"To Establish a More Effective Supervision of Banking\": How the Birth of the Fed Altered Bank Supervision. 2011. |
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| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16825.pdf（220KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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