In this paper we use insights from organizational economics and financialregulation to study the optimal architecture of supervision. We suggest that thenew architecture should revolve around the following principles: (i) banking,securities and insurance supervision should be further integrated;...

[...]This paper examines some of the potential consequences ofGLB for the structure of the U.S. financial services industry. Init, we ask how the industry may evolve as this new legislationinteracts with the consolidation trend already under way, whattypes of mergers are most likely to occur,...

Traditional theories of the origins of the welfare state have emphasized the financial weakness of Britain’s largest provider of mutual insurance in the late 19th century, the friendly societies. These theories share common implications with contemporary theories of institutional change...