TAILIEUCHUNG - Financial Markets and Financial Crises

As recent weather events have illustrated, coastal areas in both developing and more industrialized economies face a range of risks related to climate change (IPCC 2007a). Anticipated risks include an accelerated rise in sea level of up to meters or more by 2100, a further rise in sea surface tempera- tures by up to 3° C, an intensification of tropical and extra tropical cyclones, larger extreme waves and storm surges, altered precipitation and run- off, and ocean acidification (Nicholls et al. 2007). The Intergovernmental Panel for Climate Change Fourth Assessment Report (IPCC 2007a) points to a range of outcomes under different. | This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title Financial Markets and Financial Crises Volume Author Editor R. Glenn Hubbard editor Volume Publisher University of Chicago Press Volume ISBN 0-226-35588-8 Volume URL http books glen91-1 Conference Date March 22-24 1990 Publication Date January 1991 Chapter Title The Origins of Banking Panics Models Facts and Bank Regulation Chapter Author Charles W. Calomiris Gary Gorton Chapter URL http chapters c11484 Chapter pages in book p. 109 - 174 4 The Origins of Banking Panics Models Facts and Bank Regulation Charles w. Calomiris and Gary Gorton Introduction The history of . banking regulation can be written largely as a history of government and private responses to banking panics. Implicitly or explicitly each regulatory response to a crisis presumed a model of the origins of banking panics. The development of private bank clearing houses the founding of the Federal Reserve System the creation of the Federal Deposit Insurance Corporation the separation of commercial and investment banking by the Glass-Steagall Act and laws governing branch banking all reflect beliefs about the factors that contribute to the instability of the banking system. Deposit insurance and bank regulation were ultimately successful in preventing banking panics but it has recently become apparent that this success was not without costs. The demise of the Federal Savings and Loan Insurance Corporation and state-sponsored thrift insurance funds and the declining competitiveness of . commercial banks have had a profound effect on the debate over proper bank regulatory policy. Increasingly regulators appear to be seeking to balance the benefits of banking stability against the apparent costs of bank regulation. This changing focus has provided some of the impetus for the reevaluation Charles w. Calomiris is an assistant professor of economics at Northwestern

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