摘要:

Since most studies of the financial services industry have viewed the structure of the industry as fixed, there has been little discussion of its determinants. Events of the past few years make it clear that the structure of the financial services industry is changing much more rapidly than it did between the end of World War II and the mid 1960's. This paper categorizes and discusses the major factors affecting the structure of the financial services industry. The concept of supply and demand provides a useful framework for categorizing these factors. Demand is best analyzed in terms of the demand for various characteristics or attributes of financial services. These include: 1) yield; 2) liquidity; 3) safety; 4) convenience of access to the services, 5) financial advice or information. The demand for these various characteristics or attributes depends importantly on demographic and economic factorsThe supply of financial services is determined by the cost curves associated with those services which are in turn determined by the cost of the factors of production and the underlying production function. Three aspects of these cost curves have an important effect on the supply of financial services and the structure of the industry — economies of scale, economies of joint production and distribution, and the management of risk. The nature of the cost and production functions underlying the supply of financial services and the structure of the industry is affected by several exogenous factors. Foremost among them are the economy, technology, regulation, and the role of the Federal government in financial service marketsBased on the discussion of how the various exogenous factors affect the structure of the financial services industry, an attempt is made to predict how structure will change as deregulation occur

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1983.tb00752.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

摘要:

The purpose of this paper is to describe the primary factors that helped encourage the growth of savings and loan business and its development as the primary mortgage originating and investing intermediary. This will be followed by a discussion of how and why changes have been made to alter the sheltered environment of the business. Finally, the paper will focus on several options for the future structure of the savings and loan business and the implications each has on our mortgage delivery system and housingThe paper concludes that the country in general and its housing needs, in particular, would be best served by freeing up the asset and liability powers of thrifts. In order to meet the mortgage finance needs of the country, it is recommended that increased emphasis be put on making mortgages investment grade assets that will be able to compete with other investments for funds in the capital market generally. To do this, the government must refrain from price fixing (i.e., setting specific prepayment penalties, savings rates, etc.); establishing terms and conditions on mortgages (i.e., regulating mortgage forms); changing contractual provisions on mortgages (i.e., due‐on‐sale prohibitions), and avoiding noncompetitive behavior by government credit progr

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1983.tb00753.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

摘要:

Successful deregulation of financial institutions promotes flexibility and effeciency while avoiding the instabilities and abuses that characterized the financial system prior to the reform legislation of the 1930s. It is essential that deregulation nut undermine the efficacy of deposit insurance. The growth of money market funds has already resulted in a shift from insured to uninsured accounts. With deregulation there will be much larger shifts of funds to uninsured transactios accounts. In a deregulated world, it is essential that insurance be extended to cover transactions accounts, no matter who issues them, The paper also asserts that existing statutes are inadequate to deal with the conflicts of interest and anti‐competitive practices that are likely to occur with deregulation. Safeguards should be established before deregulation goes any further. Finally, it is argued that in a deregulated environment, most forms of money will pay interest, and required reserves will disappear. While these developments will not destroy the efficacy of monetary policy, they will affect it. Little work has been done an the issue of monetary policy in a deregulated world. The paper discusses existing studies and suggests some topics for future researc

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1983.tb00754.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY