The U.S. banking system is unique in the industrialized world because it lacks nationwide banks. Historically, interstate banking was associated with other issues, such as monopolistic power and excessive political influence. This perception fueled public distaste for national banking. A more...

a speech at the Fourth ECB Central Banking Conference, Frankfurt, Germany

A history of the changes in the theory of the role of the lender of last resort--as a source of solvency versus liquidity support--and a discussion of the distinction between necessity and convenience (the American and European versions of lender of last resort theory) in mounting rescue...