Federal Reserve Bank of New York Economic Policy Review

Publication covering business, finance, and economic issues.

Articles from Vol. 6, No. 4, October

All the Answers Are Different
I want to begin by sharing a quick story about Albert Einstein at Princeton. Einstein was renowned throughout the campus for his teaching of postgrad physics, and particularly for the nature of his questions on the year-end exam, which were so cerebral...
Banking and Securities and Insurance: Economists' Views of the Synergies
PAPERS BY Anthony M. Santomero and David L. Eckles Randall S. Kroszner Cara S. Lown, Carol L. Osier, Philip E. Strahan, and Amir Sufi COMMENTARY BY Christopher T. Mahoney SUMMARY OF SESSION 1 PRESENTATIONS How do economists view the synergies...
Commentary
SANTOMERO AND ECKLES Anthony Santomero and David Eckles predict more consolidation in the financial services industry, but they remind us that there are still a number of obstacles that suggest that not every merger will necessarily be successful....
Keynote Address: The Changing Role of Banking Supervision
Good afternoon. My remarks today on the occasion of this timely conference will focus on the major developments occurring in the European financial sector. Specifically, I will offer my thoughts on how these developments are affecting the banking structure...
Opening Remarks
I am pleased to welcome you to our conference, "Specialization, Diversification, and the Structure of the Financial System: The Impact of Technological Change and Regulatory Reform." The topic is extremely timely and interesting for all of us, and...
Summary of Session 1 Presentations
How do economists view the synergies between the banking, securities, and insurance industries? This timely topic was examined by three papers; comments by an industry analyst followed. Overall, the presenters predicted further consolidation in the financial...
Summary of Session 2 Panel Discussion
The presenters were Till Guldimann, Senior Vice President at Sungard Data Systems, and Jim Marks, Director at Credit Suisse First Boston. The session was moderated by Lawrence J. Radecki, Assistant Vice President at the Federal Reserve Bank of New York....
Summary of Session 3 Panel Discussion
The presenters were Tony Candito, President and Chief Information Officer of NEF Information Services, a subsidiary of MetLife; Michael J. Castellano, Chairman of Merrill Lynch International Bank and Senior Vice President and Chief Control Officer of...
Summary of Session 4 Panel Discussion
The presenters were Leslie Rahl, President of Capital Market Risk Advisors; William Rutledge, Executive Vice President and Head of Bank Supervision at the Federal Reserve Bank of New York; and Petros Sabatacakis, Senior Risk Officer at Citigroup. The...
Technology Address: All the Answers Are Different
I want to begin by sharing a quick story about Albert Einstein at Princeton. Einstein was renowned throughout the campus for his teaching of postgrad physics, and particularly for the nature of his questions on the year-end exam, which were so cerebral...
Technology: Driving Specialization or Enabling Diversification (or Both)?
PRESENTERS Till Guldimann Jim Marks MODERATOR Lawrence J. Radecki SUMMARY OF SESSION 2 PANEL DISCUSSION The presenters were Till Guldimann, Senior Vice President at Sungard Data Systems, and Jim Marks, Director at Credit Suisse First...
The Changing Landscape of the Financial Services Industry: What Lies Ahead?
Bell & Howell Information & Learning Formula Omitted... The financial services industry has experienced significant changes over the past two decades. Hundreds of banks have been consolidated, restructured, or newly formed. In addition, deregulation...
The Changing Role of Banking Supervision
Good afternoon. My remarks today on the occasion of this timely conference will focus on the major developments occurring in the European financial sector. Specifically, I will offer my thoughts on how these developments are affecting the banking structure...
The Determinants of Success in the New Financial Services Environment: Now That Firms Can Do Everything, What Should They Do and Why Should Regulators Care?
1. INTRODUCTION The U.S. government enacted the Banking Act of 1933, commonly known as the Glass-Steagall Act, at least partially to calm fears stemming from bank failures during the Great Depression. While there has been recent debate concerning...
The Economics and Politics of Financial Modernization
The structure and regulation of a country's financial markets and institutions are the focus of considerable policy attention for a number of economic and political reasons. Banks and other financial institutions encourage and collect the savings that...
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