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Working Paper No. 94Productivity, Private and Public Capital, and Real Wage in the United States, 1948–1990
No further information available. -
Working Paper No. 93
Finance and Stability
Once again the United States economy is facing a crisis, resolution of which first requires the realization that there are many types of capitalism: Solutions implemented in the past, therefore, may or may not be an appropriate solution today, as they could have been implemented as an answer to a problem posed within the context […] -
Working Paper No. 92
The Current State of Banking Reform
Banking reform has always been a part of the political agenda, although policy tends to focus on the specific concerns of the public at the time of crisis; as times (and crises) change, so does the direction of public policy. The result has often been that change instituted in answer to one crisis has precipitated […] -
Public Policy Brief No. 6A Path to Community Development
The establishment of a system of federally regulated, for-profit community development banks (CDBs) would help to fill the financial gap in areas inadequately served by traditional banks, requirements of the Community Reinvestment Act (CRA) notwithstanding. These organizations would be charged with delivering credit, payment, and savings opportunities and providing basic financing to households and small […] -
Public Policy Brief No. 6
A Path to Community Development
Η δημιουργία ενός εθνικού συστήματος τραπεζών κοινοτικής ανάπτυξης θα βοηθούσε να καλυφθεί το χρηματοδοτικό κενό σε περιοχές που δεν εξυπηρετούνται επαρκώς από τις παραδοσιακές τράπεζες παρά τις απαιτήσεις της Πράξης Κοινοτικής Επανεπένδυσης (CRA). Οι οργανισμοί αυτοί θα είχαν την ευθύνη να προσφέρουν πίστωση, υπηρεσίες πληρωμών και αποταμίευσης καθώς και βασική δανειοδότηση σε νοικοκυριά και μικρές […] -
Public Policy Brief No. 5
The Limits of Prudential Supervision
According to Bernard Shull, although the recent round of banking legislation—most notably the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) and the Federal Deposit Insurance Corporation Improvement Act (FDICIA)—did take steps toward preventing financial crises, it did not go far enough in the area of unifying the regulatory structure. Shull proposes unifying federal bank […] -
Working Paper No. 91
A Comparison of Proposals to Restructure the US Financial System
This paper illustrates the potential for risk diversification through the common ownership of a hypothetical bank and nonbanking firm. The illustration has several implications for proposals for restructuring the financial system. Banks are not necessarily made safer by requiring that all nonbanking activities be conducted through separate subsidiaries. On the contrary, banks may be less […] -
Working Paper No. 90
Narrow Banks
Recent banking problems have prompted a variety of proposals for reforming deposit insurance and the banking system. Nearly all of these proposals, however, suffer from a common flaw—they would fail to create a banking system that is both stable and free to respond to market forces and financial developments. Narrow banking offers a possible means […] -
Working Paper No. 89
Profits for Economists
There is no single best estimate of profits because different purposes require measures. For example, profits in national income should be different than profits in financial statements. But given these differences, there are certain economic standards that should apply to all profit measures. These standards are described and then used to evaluate the appropriateness of […] -
Working Paper No. 88
Limits of Prudential Supervision
Bank supervision typically receives little if any attention when banks are operating without difficulty. But when banks fail in large numbers, or large banks fail, and the system itself is threatened, supervision becomes a focal point for criticism and reform (see, for example, Conference Report, 1998, Title I, IX; Pecchioli, 1987, pp. 11 ff.; and […] -
Working Paper No. 87
The Psychology of Risk
Risk is commonly defined in negative terms-the probability of suffering a loss or factors and actions involving uncertain dangers or hazards. On the other hand, the term risk as used in the social sciences relies on simply the degree of uncertainty: It merely addresses how much variance exists among the possible outcomes associated with a […] -
Working Paper No. 86
The Origins of Money and the Development of the Modern Financial System
The origins of money and banking are explained in nearly every introduction money and banking course, but Wray proposes an alternative approach that emerges from a comparative analysis of economic institutions. Orthodox theory suggests that barter replaced self-sufficiency and increased efficiency by fostering specialization- subsequently, establishing some object as a medium of exchange permits greater […]