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Article: Unregulated Banking: Chaos or Order?
- Article from:
- Business History
- Article date:
- July 1, 1992
- Author:
CopyrightCOPYRIGHT 1992 Frank Cass & Company Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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This book contains the papers and prepared discussions of a conference hosted by the Midland Montagu Centre for Financial Markets of the City University Business School. In their introduction the editors pose two questions: 'Is there a role for bank regulation? And is a lender of last resort necessary?'. In their view -- and in those of some but not all of the contributors -- 'regulation seems to bring very few benefits, and is costly' (ibid.). The answer to the second question is less clear-cut. Several of the participants believe that a lender of last resort is necessary, although some pointed out that institutional innovations such as nationwide branching could reduce the ...
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