In this volume, Jeremy Taylor focuses on the recent changes in
the U.S. banking system, analyzing the underlying reasons for these
changes and proposing solutions to problems currently faced by the
industry. Arguing that the banking industry is the medium through
which pressures are transmitted from one part of the economy to
another, Taylor shows that public lack of confidence in
banking--brought on by crises such as the bailout of the savings
and loan industry--can translate into a serious lack of confidence
in the economy as a whole. He fully examines the current banking
crisis against the background of historical changes in U.S.
banking, demonstrating that banking change in this country is most
often crisis driven--due primarily to the failure of the
legislature and the government to solve major problems before they
become major crises. The considerable influence of politics on the
U.S. banking system is also explored in depth.
Divided into three parts, the book begins by examining the
process of change in American banking. Taylor explores the role and
significance of change in banking, offers a historical overview of
the five major banking crises that have occurred since 1779, and
discusses the theory of banking change. In the second section, the
author looks at the problems caused by banking change. Particular
attention is given to the present banking crisis and the insolvency
of southern savings and loan institutions. Finally, Taylor
addresses possible solutions to the problems of banking change.
Before offering his own proposals, he demonstrates the relevance of
Alexander Hamilton's ideas on banking to the present-day situation
and compares the U.S. banking system with other major international
banking centers. He concludes by calling for the creation of a new
financial instrument that would allow investors to share in the
ownership of bank loans, for amending the Glass-Steagal Act, and
for the creation of debt-reduction summits for the m jor debtor
nations of the Third World. Students of banking, policymakers, and
banking executives will find Taylor an important new voice in
debates about the causes of and solutions to the current banking
crisis.
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