金融防火墙在金融集团中的作用

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1、TheRoleofFirewallsinUniversalBanks:EvidencefromCommercialBankSecuritiesActivitiesbeforetheGlass-SteagallActRandallS.KrosznerandRaghuramG.Rajan,UniversityofChicagoThissummaryexcludesallfootnotes,mosttables,andmuchtextofthecompletepaper,whichisavailableonreques

2、tfromtheauthors.Pleasedonotciteorquotethissummary.I.IntroductionBefore1933commercialbanks,eitherthroughtheirsecuritiesdepartmentsorthroughseparatelyincorporatedsecuritiesaffiliates,competeddirectlywithinvestmentbanksinoriginatingandunderwritingsecuritiesissue

3、s.TheGlass-SteagallActof1933endedthiscompetitionbylegislatingtheseparationofcommercialandinvestmentbankingintheU.S.Thecommercialbankswereaccusedofsuccumbingtotheconflictsofinterestinherentintheirdualcapacityasunderwriterandlender,andhence,ofsystematicallymisr

4、epresentingthequalityofsecuritiestoagulliblepublic.Recentstudies,however,havefoundnoevidencethatsuchsystematicfoolingdidindeedtakeplace(e.g.,KrosznerandRajan1994).AnumberofeconomistsandpolicymakershavearguedthatsincetherationalesforGlass-SteagallActdonotappea

5、rtobejustified,itshouldberepealed.SupportforrepealisgrowingintheFederalReserveBoardandtheOfficeoftheComptrolleroftheCurrency(seeGreenspan1988andBenston1990).Thepolicyfocushasbeguntoshiftawayfromthemeritsofablanketprohibitionontheunderwritingofcorporatesecurit

6、iesbycommercialbankstodebatinghowtostructureunderwritingactivitiesbycommercialbankssuchthatthepotentialforconflictsofinterestandmisuseofpublictrustisminimized.Concernsabout"conflictsofinterestandlossofpublicconfidence"haveledtheregulatorstorequireextensive"fi

7、rewall"separationstoprovide"aninsulatingframework"betweenacommercialbankanditssecuritiesactivities(Greenspan1988).CommercialbanksintheUnitedStates,beforetheGlassSteagallAct,underwroteboththroughseparatelycapitalizedaffiliatesandthroughin-housedepartments.Wean

8、alyzetheconsequencesoftheorganizationalstructurechosenbythecommercialbanksfortheirsecuritiesbusinesses.Morespecifically,weexaminehowtherelativeindependenceofthesecuritiesandcommerciallend