The Savings and Loan Crisis: Lessons from a Regulatory Failure
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James R. Barth, Susanne Trimbath, Glenn Yago
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The Savings and Loan Crisis: Lessons from a Regulatory Failure
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Kluwer Academic Publishers
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9781402078989
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1
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CHF 107.40
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Volkswirtschaft
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English
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431
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DRM
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PC/MAC/eReader/Tablet
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PDF
"The Savings and Loan Crisis: Lessons from a Regulatory Failure" sets the record straight about what actually happened to our banking institutions in the 1980s. As is documented by the highly respected and diverse group of former regulators, scholars and practitioners contributing to this book, the collapse of this industry was caused by a confluence of adverse economic conditions and misguided regulatory decisions.
Poorly designed deposit insurance, faulty supervision, and restrictions on investments prevented savings and loans from adapting to a changing financial marketplace. Unable to use financial innovations, savings and loans could not hedge interest rate and credit risks. These factors blocked portfolio diversification and lay at the root of the crisis. The savings and loan crisis was an accident, but it was an avoidable one. Most of the factors responsible for causing and exacerbating the industry's problems were preventable, as is made clear in this volume.
This book also provides an insider's view of the transformation of the financial services industry in the United States since the 1980s: how the managers and owners make decisions about product offerings and investments; how the regulators monitor performance and enforce the rules; and how Congress and the Administration influence and are influenced by the financial services industry. Lastly, it focuses attention on the lessons that should have been learned from this difficult period in the history of U.S. banking, and that should help prevent future banking crises everywhere.
TABLE OF CONTENTS
8
NOTE FROM THE SERIES EDITORS
12
FOREWORD
16
ABOUT THE AUTHORS
20
INTRODUCTION
26
REFERENCES
38
WHAT HAVE WE LEARNED FROM THE THRIFT AND BANKING CRISES OF THE 1980S?
41
THE SAVINGS AND LOAN DEBACLE: A PERSPECTIVE FROM THE EARLY TWENTY-FIRST CENTURY
55
SOME HOPE FOR THE FUTURE, AFTER A FAILED NATIONAL POLICY FOR THRIFTS
71
REGULATORY REGIMES AND MARKETS: THE CASE OF SAVINGS AND LOANS
101
THE SAVINGS AND LOAN CRISIS: UNRESOLVED POLICY ISSUES
123
MACROECONOMIC SOURCES OF THE U.S. SAVINGS AND LOAN CRISIS
143
WHAT LESSONS MIGHT CRISIS COUNTRIES IN ASIA AND LATIN AMERICA HAVE LEARNED FROM THE SAVINGS AND LOAN MESS?
153
THE LESSONS OF U.S. SAVINGS AND LOAN INSTITUTIONS: AN INTERNATIONAL DEVELOPMENT PERSPECTIVE
173
THE LESSON OF LINCOLN: REGULATION AS NARRATIVE IN THE SAVINGS AND LOAN CRISIS
183
LINCOLN SAVINGS: A CODA
212
THE U.S. SAVINGS AND LOANCRISIS IN HINDSIGHT: 20 YEARS LATER
219
THE SAVINGS AND LOAN CRISIS: FIVE ILLUSTRATIVE CASE STUDIES
290
SUMMING UP: DO SAVINGS AND LOANS PROVIDE A USEFUL PERSPECTIVE?
341
A ROUNDTABLE ON THE SAVINGS AND LOAN CRISIS
355
REVIEW OF THE SAVINGS AND LOAN LITERATURE
383
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