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Journal Article
Financial development and growth

Poor performance by the financial sector can be costly for society. On the other hand, a healthy banking sector has been thought by some to contribute to the growth of the economy. Recently, though, economists have begun to analyze new elements of the linkages between the financial and real sides of the economy. ; This article provides an illustrative model that is meant to capture current thinking about the ways in which financial intermediaries affect growth. The model shows how households, firms, and financial intermediaries interact to determine equilibrium growth rates and various ...
Economic Review , Volume 82 , Issue Q 4 , Pages 46-62

Journal Article
Credit union issues

In February 1998 the U.S. Supreme Court partially settled a long-running controversy about the concept and extent of common bond limits on credit union membership, interpreting the Federal Credit Union Act as limiting membership to individuals sharing a single common bond. The ensuing debate has extended, quite naturally, to credit union tax status. Meanwhile, the U.S. House of Representatives and Senate have overwhelmingly passed and the President has signed a bill that would substantially annul the Supreme Court decision. ; This article attempts to provide a basis for thinking about current ...
Economic Review , Volume 83 , Issue Q 3 , Pages 32-41

Journal Article
Mergers of publicly traded banking organizations revisited

In more than 3,844 mergers and acquisitions between 1989 and 1999, acquiring institutions purchased more than $3 trillion in assets. A number of reasons have been advanced for such a surge in acquisitions, including the need to consolidate to achieve cost savings and operational efficiencies, to be better able to compete in the global marketplace, or to provide for the controlled exit of inefficient firms from the financial services industry. ; This article explores the question of whether the various expected performance and earning benefits of mergers are in fact realized. It adds to the ...
Economic Review , Volume 84 , Issue Q4 , Pages 26-37

Journal Article
Reserve requirements: A modern perspective

The discussion in many money and banking textbooks would suggest that the Federal Reserve requires depository institutions to hold a minimum level of non-interest-earning reserves because (1) reserve requirements are a monetary policy tool that allows the Fed to expand the money supply and lower interest rates, and (2) reserve requirements improve the safety and soundness of depository institutions. This article argues that this "conventional wisdom" view is too narrow. ; The Fed often uses reserve requirement changes, the authors contend, to achieve non-monetary-policy objectives, as it ...
Economic Review , Volume 87 , Issue Q4 , Pages 41-52

Journal Article
How much do we really know about growth and finance?

During the past twenty-five years, development economists have made a major shift toward a more mainstream, market-oriented approach to the financial sector. Economists now take for granted that a well-developed financial sector contributes to economic growth. But until recently there was surprisingly little solid evidence to support this view. ; This article assesses the econometric evidence about the finance-growth relationship. The author first describes the regression framework that has become the standard for assessing this relationship. He outlines some methodological reservations about ...
Economic Review , Volume 88 , Issue Q1 , Pages 33-47

Journal Article
Financial intermediation and growth

Economics Update , Issue Jan , Pages 4

Journal Article
Regulators respond to market developments, Guynn says

Financial Update , Volume 11 , Issue Oct , Pages 4

Journal Article
Credit unions: What's the fuss?

Financial Update , Volume 11 , Issue Oct , Pages 4

Journal Article
Business Checking Freedom Act

Financial Update , Volume 16 , Issue Q 2

Journal Article
Conference explores relationship of markets, institutions

Roger Ferguson, then vice chairman of the Federal Reserve Board of Governors, spoke at an Atlanta Fed conference that explored the dynamics of the financial marketplace. Ferguson discussed reasons behind decades of relative U.S. economic stability.>
Financial Update , Volume 19 , Issue Q 2

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