U.S. Bank Deregulation in Historical Perspective: The costs of rejecting universal banking: American finance in the German mirror

  title={U.S. Bank Deregulation in Historical Perspective: The costs of rejecting universal banking: American finance in the German mirror},
  author={Charles W. Calomiris},
Introduction The American financial system has been an outlier internationally in virtually every important respect for the past century. It has been the most geographically fragmented and the most susceptible to financial crises (Calomiris and Gorton 1991; Calomiris 1993). It has been among the most restrictive of combinations of financial services within intermediaries, although in recent years some of these restrictions have begun to be relaxed (Kaufman and Mote 1989, 1990). The American… 
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