<p>The 1933 passage of the Glass-Steagall Act by Congress has profoundly effected the way banking has been conducted in the United States. Designed to prevent the kinds of bank failures that resulted from the Crash of 1929 and the Great Depression that followed, the Act made it illegal for commercial banks to engage in investment banking, and for investment banks to engage in commercial banking. This study explores the reasons for the passage of the Act, offers new insights into the forces that shaped the final legislation, and examines the possible consequences of repealing the Act--arguing that repeal will not result in the resumption of the problems that created a need for protective legislation.</p>

The Separation of Commercial and Investment Banking: The Glass-Steagall Act Revisited and Reconsidered

Business & Money

Benston, George J.

Economics

Oxford University Press

International accounting standards tend to converge, as do auditing, enforcement and corporate governance, whereas trading of equity shares remains essentially national. The book provides a thorough analysis of what information investors really need, how financial accounting systems developed and their current requirements in major commercial countries, and examines current issues, particularly the benefits and costs a single or multiple accounting standards, the bases for accounting standards, and limitations to accounting disclosure in financial statements.

Worldwide Financial Reporting: The Development and Future of Accounting Standards

Litan, Robert E.

Bromwich, Michael

Wagenhofer, Alfred

This study explains why financial services have for centuries been regulated to a greater extent than are most products that do not directly affect people's health or safety.

Regulating Financial Markets: A Critique and Some Proposals (Hobart Paper)

Inst of Economic Affairs

In this book five leading bank scholars explore the safety and soundness of the U.S. banking system in an economic environment where the likelihood of failures of individual banks has significantly increased.Banking is now, and always has been, a risky business. The key to success both in operating a bank and in supervising a banking system is appropriate risk management. Yet risk management has become increasingly difficult because of higher and more volatile interest rates, faster and cheaper transfer of funds and information, a movement toward deregulation, and subsidies for many institutions embedded in the flat-rate premium structure of the federal deposit insurance system. In this book five leading bank scholars explore the safety and soundness of the U.S. banking system in an economic environment where the likelihood of failures of individual banks has significantly increased.The book's ten chapters cover: the risks of the failure of individual banks and of the banking system; consequences of bank failure on other banks, financial markets, and economic activity; the role of government deposit insurance; alternative ways of resolving insolvencies; the role of lender of last resort; risk and organizational issues in the expansion of banking activities; market discipline as a means of limiting banking problems and failures; feasibility and desirability of permitting or requiring market-value reporting for financial institutions; risk rated premiums; the effectiveness of supervision and field and remote examinations; the effectiveness of centralization or decentralization of regulation, supervision, and examination in multiple federal and state agencies. Perspectives on Safe and Sound Banking is copublished with the American Bankers Association and is included in the Regulation of Economic Activity Series, edited by Richard Schmalensee.

Perspectives on Safe and Sound Banking: Past, Present, and Future (Regulation of Economic Activity) (M I T PRESS SERIES ON THE REGULATION OF ECONOMIC ACTIVITY)

Kaufman, George G.

Eisenbeis, Robert A.

Kane, Edward J.

Horvitz, Paul M.

Mit Pr

Regulating Financial Markets: A Critique and Some Proposals

AEI Press

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