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Keywords:Deposit insurance 

Journal Article
Reforming deposit insurance: lessons from the savings and loan crisis

A history of the collapse of the savings and loan industry. The authors contend that FSLICs institutional structures, established decades ago, made a thrift crisis inevitable. Poorly designed incentive structures strongly encouraged regulators and thrift managers to delay proper action when thrifts became insolvent. The authors present recommendations to prevent a recurrence of the crisis.
Economic Review , Volume 76 , Issue Mar , Pages 3-28

Journal Article
Reflections on deposit insurance

A crucial public policy issue is the need for reform of the nations deposit insurance system. This article discusses the role of deposit insurance and outlines some proposals for reform.
Economic Review , Volume 77 , Issue Jan , Pages 3-6

Journal Article
The future of deposit insurance: an analysis of the alternatives

Deposit insurance, while reducing the threat of bank runs, also lessens bankers incentives to control risks. Reforms of the deposit insurance system are necessary to discourage excessive risk taking such as characterized the recent S&L crisis. The adoption of market value accounting, early closing of failed banks, and exposing uninsured depositors and creditors to lossesall would give bankers less incentives to take excessive risks with insured deposits.
Economic Review , Volume 75 , Issue May , Pages 3-15

Report
Franchise value, ownership structure, and risk at savings institutions

This paper examines the relationship between asset risk and franchise values and between asset risk and ownership structure. Stock price data from publicly traded S&L is used to measure portfolio risk and franchise or charter values. The empirical results provide support for the moral hazard hypothesis. The standard deviation of equity returns is negatively related to S&L franchise values, as measured by the market-to-book asset ratio. This research also finds empirical support for models of managerial entrenchment in the thrift industry. We find evidence of a nonlinear relationship between ...
Research Paper , Paper 9632

Report
Information problems and deposit constraints at banks

Following the investment-cash flow literature, we test whether bank lending is constrained by the availability of insured deposits--a necessary condition for the existence of bank lending channel of monetary policy. We treat insured deposits as a type of "internal fund," similar to cash flows. We use a simple model to sort out the possible identification issues in interpreting a lending-deposit correlation, including reverse causality and omitted variable bias. To minimize the latter, we split the sample of banks by leverage and also use deposit flows at sister banks within a holding ...
Research Paper , Paper 9731

Report
Agency problems and risk taking at banks

The moral hazard problem associated with deposit insurance generates the potential for excessive risk taking on the part of bank owners. The banking literature identifies franchise value--a firm's profit-generating potential--as one force mitigating that risk taking. We argue that in the presence of owner/manager agency problems, managerial risk aversion may also offset the excessive risk taking that stems from moral hazard. Empirical models of bank risk tend to focus either on the disciplinary role of franchise value or on owner/manager agency problems. We estimate a unified model and find ...
Research Paper , Paper 9709

Report
A survey of the origins and purposes of deposit protection programs

Research Paper , Paper 9034

Report
The behavior of uninsured deposits market discipline or \\"too big to fail\\"?

Research Paper , Paper 9130

Report
Implications of narrow banking for monetary policy

Research Paper , Paper 9327

Speech
Managing crises without government guarantees—how do we get there?

Remarks at Banking Law Symposium 2011, Paris, France.
Speech , Paper 63

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Thomson, James B. 19 items

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