Comment on financial crises, payment system problems, and discount window lending

Journal of Money, Credit and Banking

Volumn 28, Issue 4, 1996, Pages 825-831

  Kaufman, George G ^a  

^a LOYOLA UNIVERSITY CHICAGO   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0039712840     PISSN: 00222879     EISSN: None     Source Type: Journal    
DOI: 10.2307/2077923     Document Type: Article

References (17)

1. Bagehot, Walter. Lombard Street, 11th ed. London: Kegan Paul, Trench, Trubner & Co., 1894.
2. Bank for International Settlements. Annual Report, 1993-1994. Basel, Switzerland, June 1994.
3. Committee on Banking, Finance and Urban Affairs, U.S. House of Representatives. "An Analysis of Federal Reserve Discount Window to Failed Institutions." Staff Report, Washington, D.C.: June 11, 1991.
4. Eisenbeis, Robert A. "Private Sector of Solutions to Payments System Fragility." Journal of Financial Services Research (December 1995), 327-50.
5. Flannery, Mark. "Financial Crises, Payment System Problems, and Discount Window Lending." Journal of Money, Credit, and Banking 28 (November 1996, Part 2).
6. Fox, Justin. "Fed Check Transport Hit by Democrats as Anticompetitive, Costly." American Banker, January 10, 1996, p. 2.
7. Goodfriend Marvin, and Robert G. King. "Financial Deregulation, Monetary Policy, and Central Banking." Federal Reserve Bank of Richmond Economic Review, (May/June 1988), 3-22.
8. Greenspan, Alan. "Remarks at Research Conference on Risk Measurement and Systemic Risk." Washington, D.C., November 16, 1995.
9. Kaufman, George G. "The Lender of Last Resort: A Contemporary Perspective." Journal of Financial Services Research (October 1991), 95-110.
10. _. "Bank Contagion: A Review of the Theory and Evidence." Journal of Financial Services Research (April 1994), 123-50.
11. _. "Bank Failure, Systemic Risk, and Bank Regulation." Working paper, Federal Reserve Bank of Chicago, January 1996.
12. See recent criticism of the Fed's role in the payments system by some members of the House Banking Committee (Fox, 1996).
13. George Benston has suggested that the Fed's current clearing operations can be easily privatized by spinning off ownership to its member banks proportionate to the banks' ownership of Fed stock. Privatization would, of course, reduce the Fed's employment and, thereby, some of its importance significantly.
14. Meltzer, Allan H. "Financial Failures in Financial Policies." In Deregulating Financial Services, edited by George G. Kaufman and Roger C. Kormendi, pp. 79-96. Cambridge, Mass.: Ballinger, 1986.
15. Richards, Heidi W. "Daylight Overdraft Fees and the Federal Reserve's Payment System Risk Policy." Federal Reserve Bulletin (December 1995), 1066-77.
16. Shadow Financial Regulatory Committee. "Federal Reserve Proposal for Pricing Daylight Overdrafts" (Statement No. 122, May 22, 1995). Journal of Financial Services Research (December 1995), 465.
17. Stevens, E. J. "How Much Is Daylight Credit Worth?" Federal Reserve Bank of Cleveland Economic Commentary. May 15, 1995.