The restructuring of commercial banking has heightened interest in its economic consequences both for the economy as a whole and for those most likely to bear adverse consequences: small businesses, small banks, and rural areas. Most previous research on bank restructuring focuses on changes in...

Several theories of externalities and asymmetric information suggest a positive role for government programs to assist credit markets, though potential distortions by special interests carry attendant dangers. We examine the empirical association between funding by several federal government...

In the first quarter of 2001, Fannie Mae and Freddie Mac, the two largest government-sponsored enterprises (GSEs), began issuing subordinated debt as part of a set of voluntary initiatives announced in October 2000. However, both Enterprises suspended new issuance after public revelations of...

The recent experiences of U.S. financial institutions highlight the shortcomings of the capital regulatory regime that has evolved over the preceding three decades. That regime focuses on capital requirements and prompt corrective action (PCA) - escalating supervisory restrictions as a financial...

This report provides operating statistics for and describes structural changes in the Farm Credit System (FCS) banks and associations for 1986-91. In addition, statistics on FCS district loan portfolios are provided. The 1986-91 period was characterized by significant downsizing and...