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1、RevisionJanuary30,2009ForthcominginTheOxfordHandbookofBankingEds.AllenBerger,PhilMolyneuxandJohnS.WilsonOxfordUniversityPress,2009THEACCELERATINGINTEGRATIONOFBANKSANDMARKETSANDITSIMPLICATIONSFORREGULATION***ArnoudW.A.BootandAnjanV.ThakorABSTRACTThebankinglandscapeisinflux.Financial
2、institutionsandmarketshavebecomedeeplyintertwinedandcompetitivepressureshaveintensified.Stabilityissueshavebecomeparamount,aptlyillustratedbythecreditcrisisof2007-2009.Inthispaperwereviewtheexistingliteraturetoanalyzethevariousimplicationsofthesedevelopmentsandwhattheyportendforban
3、kregulation.Webeginbydiscussingtheeconomicsofbankingtobetterunderstandthefundamentalforcesdrivingthefinancialservicesindustry.Wediscusshowbankschoosebetweenrelationshipandtransactionlending,theroleofdebtversusequityinstruments,andtheeconomicfunctionsofbanks.Weconcludethatbanksandma
4、rketshavebecomeincreasinglyintegratedandco-dependent,andthatthisisattherootofthe2007-2009creditcrisis.Inthiscontext,wealsofocusoncreditratingagenciesandnewintermediarieslikeprivateequityfirms,whichonecouldinterpretasintermediationdrivenfromtheequityside,andexaminetheirimpactonfinan
5、cialfragility.Weaddresstheregulatorychallengecomingfromfinancialfragility,andfocusonthisinthecontextofthe“mushrooming”ofthefinancialsectorwithgreaterdiversityininstitutionsandanincreasinglyblurreddistinctionbetweenintermediariesandfinancialmarkets.*ProfessorofCorporateFinanceandFin
6、ancialMarkets,AmsterdamCenterforLaw&Economics(ACLE),FacultyofEconomicsandBusiness,UniversityofAmsterdam,Roetersstraat11,1018WBAmsterdam,TheNetherlands.E-mail:a.w.a.boot@uva.nl.**JohnE.SimonProfessorofFinanceandSeniorAssociateDean,OlinBusinessSchool,WashingtonUniversityinSt.Louis,Ca
7、mpusBox1133,OneBrookingsDrive,St.Louis,MO63130-4899,USA.E-mail:thakor@wustl.edu.1INTRODUCTIONThefinancialsectorhasevolvedrapidlyoverthelastdecade,withtheimpetusforchangeprovidedbyderegulationandadvancesininformationtechnology.Competitionhasbecomemoreintense.Interbankcompetitionwith
8、indomesticmarketsaswellasa
