Regulation, deregulation, reregulation : the future of the banking, insurance, and securities industries

목차 (Table of Contents)

• CONTENTS
• Introduction = 1
• PART ONE. OVERVIEW AND HISTORY OF FINANCIAL REGULATION = 11
• 1 The Financial Services industry = 13
• Diversification and Regulation = 16
• Deregulation = 16
• Distribution Systems = 19
• Mergers, Acquisitions, and Demutualizations = 20
• Technological Change = 21
• Banks and Insurance = 22
• Trends = 23
• Problems in the Financial Services Industry = 24
• Prognosis = 29
• 2 History of Bank Regulation = 31
• The Depression and Financial History = 33
• The New Deal Legislation = 37
• Miscellaneous Commentary = 55
• 3 Securities and Investment Regulation, 1940-1979 = 59
• Investment Company Act of 1940 = 59
• Investment Advisers Act of 1940 = 60
• The Bank Holding Company Act (1956) and the Douglas Amendment = 60
• Branch Banking Outside the United States = 61
• Bank Merger Act of 1960 = 62
• 1966 Amendment to the Bank Holding Company Act = 63
• Interest Rate Control Act of 1966 = 63
• 1970 Amendment to the Bank Holding Company Act = 64
• Fine and Hunt Commissions = 65
• National Credit Union Administration (1970) = 71
• Consumer Protection Regulation: Social Responsibility Laws of the 1960s, 1970s, and 1980s = 72
• Regulatory Reform in the Securities Industry = 74
• Securities Investor Protection Corporation Act of 1970 = 75
• Securities Acts Amendments of 1975 = 76
• 4 Mainframe Bank Deregulation = 81
• The Depository Institutions Deregulation and Monetary Control Act of 1980 = 81
• SEC Rule 415: Shelf Registration = 83
• The Garn-St. Germain Depository Institutions Act of 1982 = 84
• "Nonbank Banks" = 86
• 1986 Tax Reform Act = 87
• The Compctitive Equality Banking Act of 1987 = 88
• Financial Institutions Reform, Recovery, and Enforcement Act of 1989 = 89
• Securities Enforcement Remedies Act of 1990 = 94
• The Comprehensive Deposit Insurance Reform and Taxpayer
• Protection Act of 1991 and the RTC Refinancing, Restructuring, and Improvement Act of 1991 = 94
• Comments on the Deposit Insurance Reform and Taxpayer Protection Act of 1991 = 97
• 5 Regulation of the Insurance Industry = 103
• Background = 103
• Insurance Regulators Mount Attack = 108
• Possible Dingell and Metzenbaum Legislation = 109
• Risk-Based Capital Requirements = 112
• Other Issues = 113
• Worldwide Regulatory Trends = 113
• PART TWO. FINANCIAL DEREGULATION AND CONTEMPORARY FINANCIAL ISSUES = 115
• 6 Contemporary Banking Issues = 117
• Bank Capital Issues = 117
• History of Bank Capital Standards = 118
• Risk-Based Capital Standards = 120
• Comments on Interstate Banking and Merger Activity = 130
• Stimulus for Regulatory Reform = 131
• Decline in Role of Banking in the U.S. Financial System = 131
• Loan Guarantees = 132
• Expanding Bank Activities = 133
• E. G. Corrigan: Banking Commerce Controversy = 133
• Universal Banking = 137
• Other Types of Banking Entities = 139
• Source-of-Strength Policy and the Double Umbrella = 139
• Multiple Regulatory Agencies = 140
• Issues of Payment System Safety = 143
• 7 Deposit Insurance and Bank Failures = 147
• Bank Early Warning Models = 147
• Too Big to Fail: Double Standard = 154
• Bank Accounting Systems = 157
• What Happens When an Insured Bank Fails? = 158
• Failures at Continental Illinois and the Bank of New England = 159
• The Potential Failures = 163
• Good Bank, Bad Bank = 166
• Deposit Insurance = 167
• Excessive Risk Taking = 173
• Potential Solutions = 174
• PART THREE. INDUSTRY TRENDS AND STRUCTURAL CHANGE = 179
• 8 Structural Change in the Insurance Industry = 181
• Life Insurance = 181
• Property and Casualty insurance = 184
• Consumer Confidence in the Industry = 187
• Mutual Benefit Life and Executive Life = 190
• Downgrades in Ratings for Life Insurers = 195
• Other Troubled Life Insurance Companies = 198
• Salient Issues = 205
• Exploring Some of the Problems = 206
• The Thrift Industry-Insurance Industry Analogy = 240
• Conclusions = 243
• 9 The Investment Banking and Securities Industry = 249
• Early Investment Bankers = 251
• Consequences of Glass-Steagall and the Securities Acts = 252
• Role in Underwriting Syndicates = 253
• Rise of Salomon Brothers and Merrill Lynch = 253
• Going Public = 255
• Foreign Partners, Globalization, Financial Conglomerates, and Consolidation = 256
• The Rise and Fall of Drexel Burnham Lambert = 258
• Salomon Brothers Scandal of 1991 = 259
• Money Market Mutual Funds = 263
• Discount Brokerage = 264
• Consequences of Shelf Registration on Underwriting Spreads = 265
• Money Management = 265
• Corporate Finance = 266
• Venture Capital and Real Estate = 268
• The Shifting Role of Research Departments = 268
• Diversification Efforts = 270
• Structural Strains and Consolidation = 271
• Quality of Management = 272
• Other Managerial Issues = 273
• Investment Banking and MBAs = 275
• Securities Industry Structure = 276
• Classification and Strategies of Securities Firms = 276
• Shifts in Sources of Revenue = 277
• Technological Change = 281
• Where Is the Industry Headed? = 283
• 10 Structural Change in the Banking industry = 289
• Balance Sheet Changes = 291
• Bank Returns on Assets and Equity = 303
• Foreign Competition in U.S. Banking Markets = 307
• Shift from Relationship Banking to Price Banking = 315
• Banking's Role in Securitization = 318
• 11 The Consolidation of the Banking Industry = 321
• Regulatory Changes = 323
• What Does the Future Hold? = 324
• The Era of Consolidation = 326
• A Megamerger: Chemical Bank-ing Corporation = 328
• Why Should Mergers Work? = 330
• Another Megamerger: BankAmerica and Security Pacific = 331
• Other Money-Center Banks = 333
• Impact of Mergers = 338
• The Rise of the Superregionals = 339
• Superregionals and Investment Banking Activity = 353
• Merger Activity and Other Potential Mergers = 353
• Foreign Banking Mergers = 356
• Financial Conglomerates or "Boutiques" = 356
• Specialized Banking = 357
• PART FOUR. PROSPECTS FOR REREGULATION AND DEREGULATION IN THE FINANCIAL SERVICES INDUSTRY = 361
• 12 What Do the Experts Say About Reforming the Banking Industry? = 363
• Michael Jacobs = 364
• Jeremy F. Taylor = 365
• Schumer Plan = 365
• Pierce Plan = 366
• McCormick Prescription = 366
• Bryan's Blueprint = 368
• Federal Reserve Board Governor John LaWare = 369
• Charles T. Fischer = 369
• Irving Leveson = 370
• David Rogers = 371
• 13 Where Are We Headed? = 375
• The Rest of the Nineties = 376
• An Agenda for Reregulation = 382
• Conclusion = 385
• Appendix. Major Legislation Affecting U.S. Depository institutions = 387
• Glossary = 391
• Bibliography = 403
• Index = 407