This paper reexamines the separation of commercial and investmentbanking in the context of modern wholesale financial environment,dominated by a small cohort of “systemic” institutions. Thepaper traces the pathology of regulation and deregulation from thewatershed events of the 1930s to the...

This paper reexamines the separation of commercial and investmentbanking in the context of modern wholesale financial environment,dominated by a small cohort of “systemic” institutions. Thepaper traces the pathology of regulation and deregulation from thewatershed events of the 1930s to the...

The financial services industry is "special" in a variety of ways, including the fiduciary nature of the business, its role at the center of the payments and capital allocation process with all its static and dynamic implications for economic performance, and the systemic nature of problems that...