Studies in Financial Institutions [antikvár]

INTRODUCTION This book contains reprints of articles that have been previously published in the Journal of Financial Economics, the Journal of Finance, the Journal of Monetary Economics, the American Economics Review, the Journal of Political Economy, the Review of Economic Studies, the Journal of Money, Credit and Banking, the Journal of Financial and Quantitative Analysis, the Journal of Real Estate Finance and Economics, the American Real Estate and Urban Economics Association Journal, and Financial Management. These papers address many of the topics that are frequently discussed in courses examining the commercial banking industry. The array of journals from which this collection of articles is drawn reflects the broad range of material relevant for such courses. By bringing together these papers, we focus attention on the progress that has been achieved in deriving a more basic understanding of the function of banks and the role of the banking industry in capital markets. We have used these papers in our courses and believe that they provide a productive core body of knowledge in this area. We have tried to structure the book so it can fill various roles. In an advanced course on commercial banking or financial institutions, it can provide the basis for organizing the entire course. It can be employed as a valuable supplement in a lower-division commercial banking course or a course in financial institutions and markets, it can also be useful in a money and banking course in which the instructor wants to emphasize micro banking issues. Finally, it can be used with its companion book, Studies In Financial Institutions: Nonbank Intermediaries, in a broader financial institutions course at either the advanced undergraduate or MBA levels. We have organized the readings into five parts. At the beginning of each is an introduction that provides a brief summary of the papers in the section as well as references to related papers that are not in this book. We show the readings in this book in bold, while related readings are not highlighted. All references in these section introductions appear at the end of the book. We would like to acknowledge the assistance that all the authors and publishers gave us in producing this book of readings. We hope it will help to extend the knowledge contained in these papers to a broader cross-section of students in financial economics. Christopher M. James Clifford W. Smith, Jr. ix