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The New Case for Functional Separation in Wholesale Financial Services
2009
Social Science Research Network
This paper reexamines the separation of commercial and investment banking in the context of modern wholesale financial environment, dominated by a small cohort of "systemic" institutions. The paper traces the pathology of regulation and deregulation from the watershed events of the 1930s to the systemic financial failures of the recent past. It then considers the structure, conduct and performance of the wholesale financial industry and how firms that cannot be allowed to collapse get that way.
doi:10.2139/ssrn.1442148
fatcat:jpws5i664jdnhhxwx5lrxbmzw4