Fragile by Design

Fragile by Design

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Why are banking systems unstable in so many countriesa€”but not in others? The United States has had twelve systemic banking crises since 1840, while Canada has had none. The banking systems of Mexico and Brazil have not only been crisis prone but have provided miniscule amounts of credit to business enterprises and households. Analyzing the political and banking history of the United Kingdom, the United States, Canada, Mexico, and Brazil through several centuries, Fragile by Design demonstrates that chronic banking crises and scarce credit are not accidents. Calomiris and Haber combine political history and economics to examine how coalitions of politicians, bankers, and other interest groups form, why they endure, and how they generate policies that determine who gets to be a banker, who has access to credit, and who pays for bank bailouts and rescues. Fragile by Design is a revealing exploration of the ways that politics inevitably intrudes into bank regulation.Indeed, the first government-owned special-purpose banks were not even set up to provide home mortgage credit: they were part of the earlier bank bargain, and their subsidies were targeted instead at agrarian populists. ... These institutions were also successors to the efforts of the Hoover administration in 1932, which set up federal home loan banks, government-organized credit cooperatives that were capitalized by their member banks (commercial banks, thrifts, and credit unions).


Title:Fragile by Design
Author: Charles W. Calomiris, Stephen H. Haber
Publisher:Princeton University Press - 2014-02-23
ISBN-13:

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