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- W2496804979 abstract "Although bank supervision under the National Banking System exercised a light hand and panics were frequent, the cost of bank failures was minimal. Double liability induced shareholders to carefully monitor bank managers and voluntarily liquidate banks early if they appeared to be in trouble. Inducing more disclosure, marking assets to market, and ensuring prompt closure of insolvent national banks, the Comptroller of the Currency reinforced market discipline. The arrival of the Federal Reserve weakened this regime. Monetary policy decisions conflicted with the goal of financial stability and created moral hazard. The appearance of the Fed as an additional supervisor led to more “competition in laxity” among regulators and “regulatory arbitrage” by banks. When the Great Depression hit, policy-induced deflation and asset price volatility were misdiagnosed as failures of competition and market valuation. In response, the New Deal shifted to a regime of discretion-based supervision with forbearance. 100 th Anniversary of the Jekyll Island Conference Federal Reserve Bank of Atlanta Eugene N. White Rutgers University and NBER Department of Economics New Brunswick, NJ 08901 USA Phone: 732-932-7363 Fax: 732-932-7416 white@economics.rutgers.edu" @default.
- W2496804979 created "2016-08-23" @default.
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- W2496804979 date "2013-03-25" @default.
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- W2496804979 title "“To Establish a More Effective Supervision of Banking”" @default.
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- W2496804979 doi "https://doi.org/10.1017/cbo9781139005166.002" @default.
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