Universal banking in historical perspective

Article Abstract:

Universal banking involves a mix of commercial deposit and loan businesses and investment banking. Universal banking took off in the 19th century, and conditions became more difficult in the 2oth century. This is because there have been exogenous political shocks and macro-economic instability during the 20th century. The wider institutional context is important for universal banking, and this includes central bank support. The context has been less favorable in the 20th century. Globalization has also had an impact on the banking industry.

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The 'battle of the systems.'(comment on paper by Richard Tilly)

Article Abstract:

Richard Tilly has provided an excellent analysis of universal banking, but there are unresolved issues relating to his presentation of market-oriented financial systems and universal banking systems. There are more similarities between the two systems than is generally appreciated. The importance of the London stock market and the way it influences the British financial system may have been misunderstood, and the stockmarket could have developed as an historical accident, rather than as part of the banking system.

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Universal banking

Article Abstract:

Asymmetric information characterizes the banking environment, and this leads to instability. Economists, lawyers and historians need to cooperate to understand the issue of asymmetric information. Richard Tilley's link between universality of banking systems and backwardness of industry is contentious, and his subdivision of historical periods can be challenged, as can his comparisons between specialized and universal banks. The issues of universality and backwardness have yet to be fully explained.

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