This paper outlines the fundamental economic forces that have led to the decline in traditional banking, that is the process of making loans and funding them by issuing short-dated deposits. The declining competitiveness of traditional banking may threaten financial stability by increasing bank...

Prologue -- Using Tax Policy to Curb Speculative Short-Term Trading -- Commentary -- Stock Market Margin Requirements and Volatility: Implications for Regulation of Stock Index Futures -- Commentary -- Margin Requirements and Stock Volatility -- Volatility, Price Resolution, and the...