1930
1930 ,
1930
1930 1970
, 1990 1930
, ,
1
, ,
,
, ,
19
Populist Movement , 19 , 20
Progressive Movement
20 Robber Baron
,
1887 Interstate Commerce Act
Interstate Commerce Committee 1890
Sherman Antitrust Act
19 profit pools , trust ,
cartel , 20
,
Standard Oil , American Tobacco
1914 Clayton Act
Federal Trade Commission Act
19 20
2 The Second Bank of the United States National Banking Act
19 20
1930
, 1930
20 1906
, mutual funds pension funds
,
,
19 20
,
20
,
2
,
19 20 ,
, progressivism
The Wall Street
,
, , ,
19 20
3
, 4 ,
, , ,
,
Roe 1994, Chapter 4
2 Richard Hofstadter
Hofstadter 1955, p. 215 3 Woodrow Wilson
the money monopoly Roe 1994, p. 31
4
Roe 1994, p. 35
,
Carter Glass
1863 National Currency Act 1864 National Banking
Act 20
5 national
5 Studensky and Krooss 1952 , Sylla 1975 , White
charter
, national banknote
, 8
,
1920
state banks
19 20
6
, minimum
required capital 6,000 5 ,
6,000 50,000 10 , 5 20
surplus
fund , 20
1900 Gold Standard
Act 3,000 25,000
5 1983 , 1990
6 19 ,
1909
1910
3 4 292
1900
,
, ,
,
50 5
25
90 300
Sylla 1975 , Sushka and Barrett 1986
,
Studensky and Krooss 1952
Greenback
Movement Free Silver Movement
White 1983 , Eichengreen 1984 , Snowden 1987
66
1864 6 2
1866 1
10 , 1870 300 354
, 5
1864 467 1870 1,612 , 1900 3,731 , 1914
7,518 1914
1863 1,466
1866 297
1880 1914
14,512
,
White 1983, pp. 14 42
James 1976 , Sylla 1969
20 ,
,
,
Correspondent Banking System ,
1914
Federal Reserve System, ,
4.1.
19
19
information asymmetry
Baskin and Miranti 1997
19
J. P. Morgan , Kuhn, Loeb & Co. , Jay Cooke
private investment bank 1854 Junious S. Morgan
George Peabady
J. P. Morgan 2 J. P. Morgan, Jr.
J. P. Morgan 19 20
, J. P.
, , , 19
, , public utilities
7
19
2
Chandler 1977, 1990 1898 1902 merger
7 Carosso 1970 , Chernow 1990 , 1990
movement
, ,
, ,
, 19
8
J. P. , ,
utilities , Goldman & Sachs Lehman Brothers
20
J. P.
,
20 New York First National Bank
, Bank Trust, Guarantee Trust, National Bank of
Commerce Equitable Life, Mutual Life
Voting Trust 34
188 10 30
,
, ,
J. P.
8 2003
9 19 20 ,
J. P.
20 10 3 street
railway , U. S. Steel, General Electric, AT&T, International Harvester
4.2.
19 1930 J. P.
Guggenheim , Dupont , Vanderbilt
, U. S. Steel, General Electric, General Motors, Dupont, AT&T
1913 1895
Gold Standard , 1907
,
, ,
10
,
J. P. ,
,
9 Morganization
35,100
6 1 ,
Chernow 1990, p. 137
10 20
1 ,
, , 1920
Chernow 1990
1890
J. P. Rothschild
1895
,
, , J. P.
11
12
20
1901 William
McKinley Theodore
Roosevelt
J. P.
Northern Securities , 1904
20
,
11 J. P.
, 4004
1901 J. , D.
Chernow 1990, p. 155 12 Chernow 1990, p. 201
13 1905 Armstrong
,
1906 6
1907 19
interlocking
relationship ,
14
1910 1911
Blue Sky Law state bank commissioner
20 dealer
1911 William H. Taft
U. S. Steel International Harvester International Harvester
1912
J. P.
Charles A. Lindberg
13 Equitable Life Assurance Society
Roe 1994
14 Roe 1994 ,
,
Arsene P. Pujo 1912 11
J. P.
1913 12 Federal Reserve Board Act
1907
1913 ,
Louis D. Brandeis Other People’s Money-and How the Bankers Use It
1914
15
20 1930
1
1914
Benjamin Strong J. P.
J. P.
1913 4.3.
19
15 a , b
, c tie-ins exclusive dealing ,
d interlocking directorates
, , ,
brokerage firm 20
private investment banking house
1902 comptroller of currency
,
security affiliates 1903
First National Bank The First Trust and Savings Bank of Chicago
state-chartered corporations
1906
trust company 1890
1914
, ,
1920 1
Liberty bonds
10
Citibank National City Bank of New York Chase
Manhattan Chase National Bank
,
1909
1924 11
, 9 1927 McFadden
Act
1920 bank holding company
chain banks group banks 20
19 20
,
1930
19
1920
1929
1929 10
Caldwell and Company
, 120
1930 12 Bank of the United States
1931 Credit Anstalt
2 1932 1933
3
bank run 1932
10 bank holiday
1933 3
1930
1929 6 24,504 1933 3 11,878 ,
490 230 3
20
1929 1930
, ,
Ferdiand Pecora , ,
16
Carter Glass
, ,
Benston 1990
Carosso 1970, p. 334 National City Company
Charles E. Michell
1929 ,
,
National City Company
16 Pecora National City Bank ,
Charles E. Michell
Chase National Bank Albert H. Wiggin
, White 2000, p. 764
25,000 20
J. P
1931 1932
,
1933 1935 The Banking Acts
1930
1933 Federal Deposit Insurance Corporation: FDIC ,
17 1933
, ,
, ,
,
National City Bank , Chase and First Bank of
Boston First Boston Corporation J. P. Morgan
, Morgan Stanley
& Co.
17 ,
2,500 1935
, 5,000
1933 1935
1930
1935
free banking ,
19
McFadden Act ,
,
, bank holding company
, J. P.
1930 ,
J. P.
, 1
18
18 1933 11 19 Chernow 1990, p. 637
1930
19 Ron Chernow
,
, Chernow 1990, p. 628
1930 ,
universal banking , , , ,
relationship banking
, , branch banking
, ,
, 1930
20
19 Ramirez and De Long 2001 ,
,
20 1930
Calomiris 1993 , Ramirez 2003 , Mitchener 2006
Calomiris 2000, Chapter 3
6.1.
1930
conflict of
interest 21 1933
1930
1930
,
, Perkins 1971
,
Wicker 1996
White 1986 1933
,
21
,
, ,
Fohlin 1999 Calomiris 2000
5,000
1930 ,
10 ,
, ,
,
,
22
1920
22 Wigmore 1985 1929 Chase
National Bank General Theaters and Equipment GTE
1,500 ,
Chase Security Company 5,300 GTE ,
GTE
Chase Security Company 3,000
GTE , GTE 2
Kroszner and Rajan 1994
,
23 Puri 1994
24
Puri 1996 1933
25
rational-adaptation thesis
discount ,
, Kroszner
Rajan
,
6.2.
23 Kroszner Rajan
matched-security method 1 Moody’s
Poor’s , 2 6 , 3 ,
4 , 5 , 6 Kroszner and Rajan 1994, p. 816
24 Kroszner Rajan
Puri
25 Gompers and Lerner 1999 1970 80 initial public
offerings
,
affiliation
Stiglitz and Weiss 1981 , Diamond 1984 , Fazzari, Hubbard, and Petersen 1988 , Webb 1991 , Rajan 1992
Fazzari, Hubbard, and Petersen 1988 , Hoshi, Kashyap, and Scharfstein 1991
,
, ,
,
time-inconsistency
Calomiris 2000, Chapter 4 26
economies of scope
White 1986
27
1933 , ,
Carlos Ramirez
Ramirez 1995 J. P. Morgan
Ramirez 1999
1933 1933
28 1933
1930 ,
26 De Long 1991 20 J. P. Morgan
30
27 1
,
2 , 3
Fohlin 1999 , Calomiris 2000
28 , trust company , ,
4 7 , economies of scope 1930
, Ramirez 1999, p. 393
19
20 ,
1930 20
,
20
20
20
29
1950 1960 1930
29 Dymski 1999
Bank Holding Company
1956 Bank Holding Company Act 1960 Bank
Merger Act
1963 Philadelphia National Bank PNB
1966 Bank Merger and Bank Holding Company Act
,
1968
8
Bank Holding Company
1970 1956 Bank Holding Company Amendments
1956
1960
1970
1970 1930
1980
1960 1930
,
1950
1960 ,
1961 CD 10
,
1970 5 Penn Central
, Euromarkets
1970
1971 Bretton Woods
, 1970
1980
Citibank Bank of America ,
30
1970
,
1980 The Depository Institution
Deregulation and Monetary Control Act
1982 Garn-St Germain Act
, ,
,
1982 1984
, 1980 1982
, deposit insurance funds 1982
Herfindahl-Hirschman Index:
HHI 31 1984
, banking market
30 1982
,
Continental Illinois ,
Citibank BankAmerica
31 HHI 1,000
, HHI 1,800
new learning
Demsetz 1974 , Baumol, Panzar, and Willig 1982 , Landes and Posner 1981
1980
1992 Horizontal Merger Guidelines
,
1980
interstate banking 1994
Riegle-Neal Interstate Banking Act
,
,
1930
1970 Regulation Y Amendments
, 1990
, , ,
1998 Citibank Saloman Smith Barney
Travelers Citigroup 32 1999 11
, , 66
,
19 20 J. P.
19
1 1920
1930
1930 ,
1930 1930
, ,
32 Citigroup Travellers
Economist 1999
1970
1990 1930
,
,
Fogel 2000
19 20
3 The Third Great
Awakening Movement 20
4 The Fourth Great Awakening Movement
,
1930 1930
Economist 1999 1930
1920
,
20
, ,
19 20
20
, 1930 10
1970
1930
1970 ,
1970
151 746 599
02 880 6396 02 886 4231 E-mail: [email protected]
1990 19 20
, , 14
2003 ,
, 42 119 164
Baskin, J. B., and P. J. Miranti, Jr.(1997): A History of Corporate Finance, Cambridge.
Baumol, William, John C. Panzar, and Robert D. Willig(1982): Contestable Markets and the Theory of Industrial Structure, New York, Harcourt Brace Jovanovich.
Benston, George J.(1990): The Separation of Commercial and Investment Banking: The Glass-Steagal Act Revisited and Reconsidered, New York, Oxford University Press.
Calomiris, Charles W.(1993): “Corporate Finance Benefits from Universal Banking: Germany and the United States, 1870 1914,” NBER Working Paper, No. 4408.
Calomiris, Charles W.(2000):U. S. Bank Deregulation in Historical Perspective, Cambridge, University of Cambridge Press.
Carosso, Vincent P.(1970): Investment Banking in America: A History, Cambridge, MA, Harvard University Press.
Chandler, Alfred D.(1977):The Visible Hand, Cambridge, MA, Belknap.
_______ (1990): Scale and Scope, Cambridge, MA, Belknap.
Chernow, Ron(1990): The House of Morgan, , J. P. , .
De Long, J. Bradford(1991): “Did J. P. Morgan’s Men Add Value? An Economist’s Perspective on Financial Capitalism,” In Inside the Business Enterprise, edited by Peter Temin, 205-236, Chicago, University of Chicago Press.
Demsetz, Harold(1974): “Two Systems of Belief About Monopoly,” In Harvey Goldschmid, H.
Michael Mann, and J. Fred Weston(eds.), Industrial Concentration: The New Learning, Boston, Little Brown.
Diamond, Douglas(1984): “Financial Intermediation and Delegated Monitoring,”Review of Economic Studies,51, 393-414.
Dymski, Gary A.(1999): The Bank Merger Wave, M. E. Sharpe.
Economist(1999): “The Wall Falls,”Economist(Oct. 28th.).
Eichengreen, Barry(1984): “Mortgage Interest Rates in the Populist Era,”American Economic Review,74, 995-1015.
Fazzari, Steven, R., Glenn Hubbard, and B. Petersen(1988): “Financing Constraints and Corporate Investment,”Brookings Papers on Economic Activity,1, 141-195.
Fogel, Robert W.(2000): The Fourth Great Awakening,Chicago, University of Chicago Press.
Fohlin, Caroline M.(1999): “Universal Banking in Pre-World War I Germany: Model or Myth?,”
Explorations in Economic History,36, 305-343.
Gompers, Paul, and Josh Lerner(1999): “Conflict of Interest in the Issurance of Public Securities:
Evidence from Venture Capital,”Journal of Law and Economics,42, 1-28.
Hofstadter, Richard(1955): The Age of Reform.
Investment: Evidence from Japanese Industrial Groups,”Quarterly Journal of Economics,106, 33- 60.
James, John(1976): “Banking Market Structure, Risk, and the Pattern of Local Interest Rates in the United States, 1893~1911,”Review of Economics and Statistics,58, 453-462.
Kroszner, Randall S., and Raghuram G. Rajan(1994): “Is Glass-Steagall Act Justified? A Study of the U. S. Experience with Universal Banking Before 1933,”American Economic Review,84, 810-832.
Landes, W. M., and Richard A. Posner(1981): “Market Power in Antitrust Cases,”Harvard Law Review,94, 937-996.
Perkins, E. J.(1971): “The Divorce of Commercial and Investment Banking: A History,”Banking Law Journal,88, 483-528.
Puri, Manju(1994): “The Long-Term Default Performance of Bank Underwritten Security Issues,”
Journal of Banking and Finance,18, 397-418.
_______ (1996): “Commercial Banks in Investment Banking: Conflict of Interest or Certification Role?,” Journal of Financial Economics,40, 373-401.
Ramirez, Carlos D.(1995): “Did J. P. Morgan’s Men Add Liquidity? Corporate Investment, Cash Flow, and Financial Structure at the Turn of the Twentieth Century,”Journal of Finance,50, 661- 678.
_______ (1999): “Did Glass-Steagall Increase the Cost of External Finance for Corporate Investment?:
Evidence from Bank and Insurance Company Affiliations,”Journal of Economic History,59, 372- 396.
_______ (2002): “Did Bank’s Security Affiliates Add Value? Evidence from the Commercial Banking Industry during the 1920s,”Journal of Money, Credit, and Banking,34, 393-411.
_______ (2003): “Did Branch Banking Restrictions Increase Bank Failure? Evidence from Virginia and West Virginia in the Late 1920s,”Journal of Economics and Business,55, 331-352.
Ramirez, Carlos D., and Bradford De Long(2001): “Understanding America’s Hesitant Step Toward Financial Capitalism: Politics, the Depression, and the Separation of Commercial and Investment Banking,”Public Choice,106, 93-116.
Rajan, Raghuram(1992): “Insiders and Outsiders: The Choice Between Informed and Arm’s Length Debt,”Journal of Finance,47, 1367-1400.
Roe, Mark(1994):Strong Managers, Weak Owners, Princeton.
Snowden, Kenneth A.(1987): “Mortgage Rates and American Capital Market Development in the Late-Nineteenth Century,”Journal of Economic History,47, 671-691.
Stiglitz, Joseph, and Andrew Weiss(1981): “Credit Rationing in Markets with Imperfect Capitalism,”
American Economic Review,71, 393-410.
Studensky, Paul, and Herman E. Krooss(1952): Financial History of the United States, McGraw-Hill.
Sushka, Marie E., and W. Brian Barrett(1986): “Banking Structure and the National Capital Market, 1869 1914,”Journal of Economic History,44, 463-478.
Sylla, Richard(1969): “Federal Policy, Banking Market Structure and Capital Mobilization in the United States, 1863 1913,”Journal of Economic History,29, 657-686.
_______ (1975):The American Capital Market, 1846 1914: A Study of the Effect of Public Policy on Economic Development, Arno Press.
Webb, David(1991): “Long-Term Financial Contracts Can Mitigate the Adverse Selection Problem in Project Financing,”International Economic Review,32, 305-320.
White, Eugene(1983): The Regulation and Reform of the American Banking System, 1900 1929, Princeton, NJ, Princeton University Press.
_______ (1986): “Before the Glass-Steagall Act: An Analysis of the Investment Banking Activities of National Banks,”Explorations in Economic History,23, 33-55.
_______ (2000): “Banking and Finance in the Twentieth Century,” in Engerman, Stanley, and Robert Gallman(eds.),The Cambridge Economic History of the United States, 3, Cambridge University Press.
Wicker, Elmus(1996): The Banking Panics of the Great Depression, Cambridge, Cambridge University Press.
Wigmore, Barrie(1985): The Crash and Its Aftermath: A History of Securities Markets in the United States,1929 1933, Westport, CT: Greenwood Press.
