Housing and the economic recovery
Remarks at the New Jersey Bankers Association Economic Forum, Iselin, New Jersey.
Bank securities powers: are there diversification gains?
Is securities brokerage the future of banking?
Equity underwriting risk
Bank relationships and underwriter competition: evidence from Japan
Foreign bank lending and bond underwriting in Japan during the lost decade
We examine foreign intermediation activity in Japan during the so-called "lost decade" of the 1990s, contrasting the behavior of lending by foreign commercial banks and underwriting activity by foreign investment banks over that period. Foreign bank lending is shown to be sensitive to domestic Japanese conditions, particularly Japanese interest rates, more so than their domestic Japanese bank counterparts. During the 1990s, foreign bank lending in Japan fell, both in overall numbers and as a share of total lending. However, there was marked growth in foreign underwriting activity in the ...
Uniting investment and commercial banking