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Conference Paper
Managerial incentives, merger premiums, and bank acquisitions
Journal Article
OPEC, inflation, and monetary policy
Journal Article
Economies of scale and continuing consolidation of credit unions
This Economic Letter shows that, in contrast to banks, larger credit unions, on average, have decidedly lower average costs and higher net incomes, as we might expect in the presence of important economies of scale. It further notes that these economies of scale put pressure on the credit union industry to continue consolidating into fewer, larger credit unions. It also describes how some recent legislation may have further added to the pressures on both the banking and credit union industries to consolidate.
Journal Article
Consumer sentiment and consumer spending
This Economic Letter reviews research on whether measures of consumer attitudes improve forecasts of consumer spending.
Journal Article
Credit unions, conversions, and capital
While credit unions have been able to convert their charters more easily since the late 1990s, two conversions of very large credit unions--over $1 billion in assets each--in 2006 have put the issue on the front burner for the industry. ; This Economic Letter outlines some costs and benefits to their member-owners of credit unions' converting to stock thrifts and describes one way to reform the process in order to spread the benefits of conversion more broadly to credit union members.
Journal Article
Credit union failures and insurance fund losses: 1971-2004
Over the past few decades, assets in the credit union industry have grown considerably and have grown relative to banking. As with banking, the credit union industry has experienced considerable structural change that, in part, involved failures. While the data on failures in the banking industry have been analyzed at length, the same has not been true for credit unions, so far. ; This Economic Letter presents newly produced data on losses in the federal insurance program for credit union shares and on the rates at which federally insured credit unions (FICUs) failed. (Shares in credit unions ...
Journal Article
Credit union mergers: efficiencies and benefits
Mergers tend to improve credit union cost efficiency. When the acquirer is much larger than the target credit union, target members benefit in terms of lower loan rates and higher deposit rates, while acquirer members see little change. When merger partners are more equal in size, these benefits are shared more evenly. Over time, credit union mergers have shifted from, on average, only benefiting targets to also benefiting acquirers to some extent.
Conference Paper
Domestic and international capital standards and bank assets