This paper presents a balance sheet approach to understanding the reform of the financial system to include narrow banking. It was prepared for a conference at the Jerome Levy Economics Institute of Bard College, June 23-28, 1991

In recent statements, federal bank regulators from the OCC, FDIC, the Board of Governors of the Federal Reserve and Federal Reserve Banks have called for a new approach to bank examinations. The essence of the new approach to bank examinations is what Comptroller of the Currency Eugene Ludwig...

Since the earliest troubadours, traveling from town to town to perform has been the primary way that musicians have made a living. In the 21st century, the rise of the Internet and digital music has meant a decline in recording royalties and touring has become increasingly important to a...

The long-standing barriers between commercial and investment banking have eroded, both with and without the help of Congress and the federal bank regulators. The restrictions were originally put into place in the 1930s in response to fears that merging the activities would, and did, lead to...

It is widely recognized that small business is not only an important source of employment but is the genesis of virtually all successful large enterprises. Given their size and characteristic opaqueness, Small and Medium Enterprises (SMEs) tend to be more financially constrained than large firms...

The National Banking System, established in 1864, required the backing of currency by government debt. There was considerable debate at the time about the proposed legislation. This paper looks back at the key features of the financial system as it existed in the latter half of the nineteenth...

Though there is a long tradition of band members quitting the group or taking a hiatus, the rock group as an organization to produce music continues to be both popular and economically viable. The research question addressed in this paper is whether or not it is a good idea to quit or take a...

We estimate the pricing determinants for 35,098 payday loans originated in Colorado between 2000 and 2006, and generate a number of results with implications for public policy. We find evidence consistent with classical price competition early in the sample, but as time passed these competitive...

In this paper, we discuss the nature of the university-industry relationship and recommend specific policies to help achieve the goal of greater economic growth. We argue that state-supported research universities can be used to integrate entrepreneurship into state economic development and...

We offer a novel explanation of underwriting volatility in property-liability insurance markets in terms of private uncertainty over public regulatory policy. Underwriting involving random losses to policyholders is one source of risk to the equity value of insurance firms. Solvency regulations,...