Boyd, John H.; Gertler, Mark - In: Quarterly Review (1994) Win, pp. 2-21
This article argues that the poor performance of the U.S. banking industry in the 1980s was due mainly to the risk-taking of the largest banks, which was encouraged by the U.S. government's too-big-to-fail policy. The article documents the recent trend toward riskier bank portfolios and the...