George G. Kaufman
Professional Publications

Updated December 2013

 

 

 

 

 

 

Articles

Books

Monographs

Contributions to Books

Book Reviews

Miscellaneous

Congressional & Other Testimony

Papers Presented at Professional Meetings

Invited Seminars at Universities & Invited Other Presentations

Awards and Honors

ARTICLES

"Factors Determining Bank Deposit Growth by State: An Empirical Analysis," Journal of Finance, March 1965 (co‑author with Bruce C. Cohen).

 

"Is the Federal Reserve System Really Necessary?:  Comment," Journal of Finance, September 1965.  (Reprinted in Lawrence S. Ritter, ed., Money and Economic Activity, Houghton Mifflin, 1967.)

 

"Bank Market Structure and Performance: The Evidence from Iowa," Southern Economic Journal, April 1966.

 

"Near Banks and Local Savings," National Banking Review, June 1966 (co‑author with Cynthia M. Latta).

 

"The Demand for Money: Preliminary Evidence from Industrial Countries," Journal of Financial and Quantitative Analysis, September 1966 (co‑author with Cynthia M. Latta).

 

"Indicators of Monetary Policy: Theory and Evidence," National Banking Review, June 1967.

 

"The Sensitivity of Interest Rates to Changes in Money and Income," Journal of Political Economy, June 1968 (co‑author with William E. Gibson).

 

"Proposed Experiment in Monetary Policy," Financial Analysts Journal, December 1968.  (Reprinted in J. Boorman and T. Havrilesky, eds., Money Supply, Money Demand and Their Impacts on Macroeconomic Models, Allyn and Bacon, 1972.)  (Received a Graham and Dodd Award for outstanding article.)

 

"More on an Empirical Definition of Money," American Economic Review, March 1969.

 

"Financial Assets and Economic Activity," Southern Journal of Business, October 1969.

 

"Bank Employment: A Cross‑Section Analysis of the World's Largest Banks," Journal of Money, Credit, and Banking, February 1970.

 

"An Empirical Study of Interest Rate Determination: A Comment," Review of Economics and Statistics, August 1970 (co‑author with William E. Gibson).

 

"Implications of Federal Reserve Operations on Monetary Aggregates: The Evidence from the FRB‑MIT Model," Nebraska Journal of Economics and Business, Autumn 1970 (co‑author with Ann Marie Laporte and Robert D. Laurent).

 

"Simulating Policy Strategies on the FRB‑MIT Model Under Two Alternative Monetary Policy Regimes," Quarterly

        Review of Economics and Business, Winter 1970 (co‑author with Robert D. Laurent).

 

"The Strange Journey of Monetary Indicators," Journal of Financial and Quantitative Analysis, March 1972.

 

"The Thrift Institution Problem Reconsidered," Journal of Bank Research, Spring 1972.

 

"A Proposal for Eliminating Interest‑Rate Ceilings on Thrift Institutions," Journal of Money, Credit, and Banking, August 1972.

 

"Federal Reserve Inability to Control the Money Supply: A Self‑Fulfilling Prophecy," Financial Analysts Journal, September/October 1972.


"Deposit Variability and Bank Size," Journal of Financial and Quantitative Analysis, December 1972.

 

"Bond Price Volatility and Term to Maturity: A Generalized Respecification," American Economic Review, September 1973 (co‑author with Michael H. Hopewell).  (Reprinted in D. Farrar, J. Francis and C. F. Lee, eds., Readings in Invest­ments, McGraw‑Hill, 1980 and G. Hawawini, ed., Bond Duration and Immunization, Garland, 1982.)

 

"The Questionable Benefit of Variable Rate Mortgages," Quarterly Review of Economics and Business, Autumn 1973.

 

"The Case for the Long‑Term Zero Coupon Treasury Bond," The Bankers Magazine, Autumn 1973.

 

"The Cost of Inefficient Coupons on Municipal Bonds," Journal of Financial and Quantitative Analysis, March 1974 (co‑author with Michael H. Hopewell).

 

"The Thrift Institution Problem Reconsidered: A Rejoinder," Journal of Bank Research, Spring 1974.

 

"Improving the Structure of Competitive Bidding Procedures for Municipal Bonds," Governmental Finance, August 1974.

 

"Costs to Municipalities of Selling Bonds by NIC," National Tax Journal, December 1974 (co‑author with Michael H. Hopewell).

 

"Optimal Bidding Constraints on Municipal Bonds Sold Competitive­ly by NIC," Governmental Finance, February 1975.

 

"Treasury Bill Auction Procedures: A Comment," Journal of Finance, June 1975 (co‑author with Henry N. Goldstein).

 

"The Case for Mortgage Rate Insurance," Journal of Money, Credit, and Banking, November 1975.

 

"The Municipal Bond Auction: Reply," National Tax Journal, March 1976 (co‑author with Michael H. Hopewell).

 

"State and Regional Effects on the Interest Cost of Municipal Bonds," Local Finance, June 1976.

 

"The Thrift Institution Problem Reconsidered: An Historical Oversight Corrected," Journal of Bank Research, Summer 1976.

 

"Variable Rate Mortgages: The Early Experience from California," Economic Review (Federal Reserve Bank of San Francisco), Summer 1976.

 

"Teaching the Basic Money and Financial Institutions Course," Journal of Financial and Quantitative Analysis, November 1976.

 

"Coping with the Risk of Interest‑Rate Fluctuations: A Note," Journal of Business, July 1977 (co‑author with G. O. Bierwag).  (Reprinted in G. Hawawini, ed., Bond Duration and Immunization, Garland, 1982.)

 

 "Consumer Attitudes Towards Residential Variable Rate Mortgages: A Survey Analysis," Federal Home Loan Bank Board Journal, August 1977 (co‑author with Gerald S. Albaum).  (Reprinted in the Mortgage Banker, November 1977.)


"Sharing Arrangements in an Electronic Funds Transfer System: Comment," Journal of Bank Research, Autumn 1977.

 

"Commercial Bank Bidding on Municipal Revenue Bonds: New Evidence," Journal of Finance, December 1977 (co‑author with Michael H. Hopewell).

 

"The Incidence of Excess Interest Costs Paid by Municipalities in the Competitive Sale of Bonds," Journal of Monetary Economics, April 1978 (co‑author with Michael H. Hopewell).

 

"Measuring Risk and Return for Bonds: A New Approach," Journal of Bank Research, Summer 1978.

 

"Bond Portfolio Strategy Simulations: A Critique," Journal of Financial and Quantitative Analysis, September 1978 (co‑author with G. O. Bierwag).

 

"Duration and Bond Portfolio Analysis: An Overview," Journal of Financial and Quantitative Analysis, November 1978 (co‑author with G. O. Bierwag and C. Khang).

 

"PIC:  An Alternative Approach to Accepting Bids on Local and State Government Bonds: Comment," Financial Management, Summer 1979 (co‑author with Michael H. Hopewell).

 

"The Mortgage Acquisition Process: A Comparison of VRM and FRM Borrowers," Journal of the American Real Estate and Urban Economics Association, Summer 1979 (co‑author with Gerald S. Albaum).

 

"Management Strategies for Savings and Loan Associations to Reduce Interest Risk," Conference on New Sources of Capital for the Savings and Loan Industry (Federal Home Loan Bank of San Francisco), December 1979 (co‑author with G. O. Bierwag and Alden Toevs).

 

"Duration, Planning Period, and Tests of the Capital Asset Pricing Model," Journal of Financial Research, Spring 1980.

 

"Standardizing Yields on Mortgages and Other Securities," Journal of the American Real Estate and Urban Economics Association, Summer 1980 (co‑author with George E. Morgan).

 

"The 'Oregon' Bond Project: Review and Evaluation," Municipal Finance Journal, Summer 1980.

 

"Municipal Bond Underwriting: Market Structure," Journal of Bank Research, Spring 1981.

 

"The Art of Risk Management in Bond Portfolios," Journal of Portfolio Management, Spring 1981 (co‑author with G. O. Bierwag, Robert Schweitzer and Alden Toevs). (Reprinted in P. Bernstein and F. Fabozzi, eds., Streetwise: The Best of the Journal of Porfolio Management, Princeton University Press, 1998)

 

"Improving Housing Finance in an Inflationary Environment: Alternative Residential Mortgage Instruments," Economic Perspectives (Federal Reserve Bank of Chicago), July/August 1981 (co‑author with Eleanor Erdevig).  (Reprinted in Bankers' Yearbook, 1982; T. Havrilesky and R. Schweitzer, eds., Contemporary Developments in Financial Institutions and Markets, Harlan Davidson, 1983, 1987; F. Schnidman and J. Silverman, eds., Housing:  Supply and Affordability, Urban Land Institute, 1983; and D. R. Fraser and P.S. Rose, eds., Financial Institutions and Markets in a Changing World, Business Publications, 1984.)

 

"Managing Thrift Institutions in an Inflationary Environment," Journal of Credit Union Management and Economics, Summer 1981.

 

 

"Banking As a Line of Commerce: The Changing Competitive Environment," The Future of the Financial Services Industry (Federal Reserve Bank of Atlanta), 1981. (Reprinted in Issues in Bank Regulation, Autumn 1981 and T. Havrilesky and R. Schweitzer, eds., Contemporary Developments in Financial Institutions and Markets, Harlan Davidson, 1983, 1987).

 

"The Depository Institutions Deregulation and Monetary Control Act of 1980: What Has Congress Wrought?" Journal of the Midwest Finance Association, 1981 and Fourth West Coast Academic/Federal Reserve Economic Research Seminar, (Conference Supplement, Economic Review), Federal Reserve Bank of San Francisco, November 1981.

 

"Single Factor Duration Models in a Discrete General Equilibrium Framework," Journal of Finance, May 1982 (co‑author with G. O. Bierwag and Alden Toevs).

 

"The Fed's Post‑October 1979 Technical Operating Procedures Under Lagged Reserve Requirements:  Reduced Ability to Control Money," Financial Review, November 1982.

 

"Search Theory and the Prohibition Against Commercial Bank Underwriting of Municipal Revenue Bonds," Journal of Financial Research, Winter 1982.

 

"The Tax Treatment of Municipal Discount Bonds: Rebuttal and Expansion," Financial Management, Winter 1982.

 

"Bond Portfolio Immunization and Stochastic Process Risk," Journal of Bank Research, Winter 1983 (co‑author with G. O. Bierwag and Alden Toevs).

 

"Monetarism and Federal Reserve Accountability," Journal of Contemporary Studies, Winter 1983.

 

"Immunization Strategies for Funding Multiple Liabilities," Journal of Financial and Quantitative Analysis, March 1983 (co‑author with G. O. Bierwag and Alden Toevs).

 

"Implications of Deregulation for Product Lines and Geographical Markets of Financial Institutions," Journal of Bank Research, Spring 1983 (co‑author with Larry Mote and Harvey Rosenblum).

 

"Home Equity Conversion: Increasing the Private Incomes of the Elderly," Real Estate Issues, Summer 1983 (co‑author with Jon Paulsen).

 

"Duration:  Its Development and Use in Bond Portfolio Management," Financial Analysts Journal, July/August 1983 (co‑author with G. O. Bierwag and Alden Toevs).  (Received a Graham and Dodd Award for outstanding article.)

 

"Measuring and Managing Interest Rate Risk at Commercial Banks: A Primer," Economic Perspectives (Federal Reserve Bank of Chicago), January/February 1984.  (Reprinted in T. Havrilesky, R. Schweitzer and J. Boorman, Dynamics of Banking, Harlan Davidson, 1985, D. J. Juttner and T. Valentine, eds., The Economics and Management of Financial Institutions, Longman‑Cheshire [Australia], 1987, and C. W. Calomiris, Readings in Money, the Financial System and the Economy, Addison-Wesley, 1994.)

 

"Interest Rate Effects of Commercial Bank Underwriting of Municipal Revenue Bonds: Additional Evidence," Journal of Banking and Finance, March 1984 (co‑author with G. O. Bierwag and Paul Leonard).

 

"The Securities Activities of Commercial Banks: A Legal and Economic Analysis," Tennessee Law Review, Spring 1984 (co‑author with Thomas Fischer, William Gram and Larry Mote).

 

"Consequences of Deregulation for Commercial Banking," Journal of Finance (co‑author with Larry Mote and Harvey Rosenblum), July 1984.

 

"The Role of Traditional Mortgage Lenders in Future Mortgage Lending: Problems and Prospects," Housing Finance Review, July 1984.

 

"The Academic Preparation of Economists Employed by Commercial and Investment Banks," Journal of Money, Credit, and Banking, August 1984.

 

"Rankings of Finance Departments by Faculty Representation on Editorial Boards of Professional Journals: Note," Journal of Finance, September 1984.

 

"Integrating Asset/Liability Management to Finance Mortgage Portfolios," Conference on Solving the Mortgage Menu Problem (Federal Home Loan Bank of San Francisco), December 1984.

 

"Implications of Large Bank Problems and Insolvencies for the Banking Industry and Economic Policy," Issues in Bank Regulation, Winter 1985.

 

"Duration Gap for Financial Institutions," Financial Analysts Journal, March/April 1985 (co‑author with G. O. Bierwag).

 

"Federal Bank Regulatory Policy," Journal of Business, January 1986.

 

"Banking Deregulation in the United States," Irish Banking Review (special issue on banking deregulation in major countries), Autumn 1986.

 

"Bank Capital Forbearance and Public Policy," Contemporary Policy Issues, January 1987.

 

"Usefulness of Duration:  Response to Critics," Journal of Portfolio Management, Winter 1987 (co‑author with G. O. Bierwag, Cynthia M. Latta and Gordon Roberts).

 

"Could Thrifts Be Profitable? Theoretical and Empirical Evidence: Comment," Carnegie‑Rochester Conference Series on Public Policy, Spring 1987.

 

"Bond Portfolio Immunization: Tests of Maturity and One- and Two-Factor Duration Matching Strategies," Financial Review, May 1987 (co-author with G. O. Bierwag and Cynthia M. Latta).

 

"The Federal Safety Net: Not For Banks Only," Economic Perspectives (Federal Reserve Bank of Chicago), November/December 1987.

 

"Securities Activities of Commercial Banks: Recent Changes in the Economic and Legal Environments," Journal of Financial Services Research, January 1988.  (Reprinted in Corporate Finance Journal, Winter 1988 and Donald Chew, ed., New Developments in Commercial Banking, Basil Blackwell, 1991.)

 

"Bank Runs: Causes, Benefits, and Costs," Cato Journal, Winter 1988.

 

"Durations of Nondefault-Free Securities," Financial Analysts Journal, July/August 1988 (co-author with G. O. Bierwag).  (Reprinted as monograph by the Institute of Chartered Financial Analysts, 1989).

 

"Duration Models: A Taxonomy," Journal of Portfolio Management, Fall 1988 (co-author with G. O. Bierwag and Cynthia M. Latta). (Reprinted in P. Bernstein and F. Fabozzi, eds., Streetwise: The Best of the Journal of Porfolio Management, Princeton University Press, 1998).

 

"Thrift Deregulation and Federal Deposit Insurance: Comments," Journal of Financial Services Research, September 1988.

 

"The Increase in Noninsured Commercial Banks," Economic Perspectives (Federal Reserve Bank of Chicago), November/December 1988 (co-author with Nancy Andrews and Larry Mote).

 

"Framework For the Future: Resurrecting and Legitimizing the Thrift Industry," Conference on the Future of the Thrift Industry (Federal Home Loan Bank of San Francisco), 1988.

 

"Banking and Finance in 1987," Americana Annual/Encyclopedia Year Book, 1988, Grolier, 1988.

 

"Duration As a Measure of Basis Risk: The Wrong Answer At Low Cost?, Rejoinder," Journal of Portfolio Management, Summer 1989 (co-author with G. O. Bierwag and Cynthia M. Latta and Gordon Roberts).

 

"Making FDIC Insurance Redundant," Challenge Magazine, January/February 1990.

 

"Understanding the Savings and Loan Debacle," Public Interest, Spring, 1990 (co-author with George J. Benston).  (Reprinted in H. Lena, ed., Contemporary Issues in Society, McGraw Hill, 1992 and ShareDebate International, first half 1991).

 

"Glass-Steagall:  Repeal by Regulatory and Judicial Reinterpretation," Banking Law Journal, September/October 1990 (co-author with Larry Mote).

 

"Computing Durations for Bond Portfolios," Journal of Portfolio Management, Fall 1990 (co-author with G. O. Bierwag and Charles Corrado).

 

"Are Some Banks Too Large To Fail?  Myth and Reality," Contemporary Policy Issues, October 1990.  (Reprinted in Thomas Cargill, ed., Readings in Money, the Financial System, and Monetary Policy, Prentice-Hall, 1991.)

 

"Expected Bond Returns and Duration: A General Model," Financial Analysts Journal, January/February 1991 (co-author with G. O. Bierwag).

 

"The U. S. S&L Debacle: Who Is To Blame and Where Did All the Money Go?” Global Asset Manager, Winter 1990/91.

 

"Too Large To Fail Is Too Costly To Continue," Consumer Finance Law Quarterly Report, Spring 1991.

 

"Lender of Last Resort: A Contemporary Perspective," Journal of Financial Services Research, October 1991(Reprinted in Charles Goodhart and Gerhard Illing, eds., Financial Crisis, Contagion, and the Lender of Last Resort, Oxford: Oxford University Press, 2002)

 

"Duration Gaps With Futures and Swaps For Managing Interest Rate Risk At Depository Institutions," Journal of Financial Services Research, February 1992 (co-author with G. O. Bierwag).  (Reprinted in S. Nawalkha and D Chambers, eds., Interest Rate Risk: Measurement and Management, Institutional Investor, 2000)

 

"Bank Capital: Past, Present and Future," Journal of Financial Services Research, April 1992.

 

"Commercial Bank Securities Activities: What Really Happened in 1902," Journal of Money, Credit, and Banking, August 1992 (co-author with Larry Mote).

 

"Durations For Bond Portfolios Priced on Different Term Structures," Journal of Banking and Finance, August 1992 (co-author with G.O. Bierwag and Charles Corrado).

 

"Purpose and Operation of the Shadow Financial Regulatory Committee," Journal of Financial Services Research, August 1992 (Pt.2).

 

"Some Shortcomings of Analyzing Deposit Insurance as a Put Option,"  Journal of Financial Engineering, December 1992.

 

"The Federal Deposit Insurance Corporation," New Palgrave Dictionary of Money and Finance (Macmillan Press), 1992.

 

"The Federal Home Loan Bank System," New Palgrave Dictionary of Money and Finance (Macmillan Press), 1992.

 

"The Federal Savings and Loan Insurance Corporation," New Palgrave Dictionary of Money and Finance (Macmillan Press), 1992.

 

"Commercial Banking," Encyclopedia Americana (Grolier), 1992.

 

"Incentive Conflict in Deposit Institution Regulation:  Evidence From Australia," Pacific-Basin Finance Journal, March 1993, (co-author with Edward J. Kane).

 

"Deposit Insurance Reform: A Functional Approach: A Comment," Carnegie-Rochester Conference Series, June 1993, (co-author with George J. Benston). (Reprinted in Maximilian Hall, ed., The Regulation and Supervision of Banks, Edward Elgar, Vol.2, 2001.)

 

"FDICIA:  Renaissance or Requiem?" FDICIA:  An Appraisal, Federal Reserve Bank of Chicago, May 1993.  (Reprinted in C.W. Calomiris, Money, the Financial System and the Economy, Addison-Wesley, 1994).

 

"Deposit Insurance," Fortune Encyclopedia of Economics (Warner Books), 1993. (Also in the Concise Encyclopedia of Economics (Liberty Fund), 2002.)

 

"Bank Runs," Fortune Encyclopedia of Economics (Warner Books), 1993. (Also in the Concise Encyclopedia of Economics (Liberty Fund), 2002. Revised, second edition (forthcoming).

 

"The Geographic Distribution of Financial Institutions in Chicago," Economic Perspectives (Federal Reserve Bank of Chicago), January/February 1994 (co-author with Larry Mote).

 

"Is Banking a Declining Industry?"  Economic Perspectives (Federal Reserve Bank of Chicago), May/June 1994 (co-author with Larry Mote) (Reprinted in Peter Rose, ed., Readings in Financial Institutions and Markets, 7th ed., Richard Irwin, 1995 and The Community Banker, First Quarter 1995).

 

"Bank Contagion:  A Review of the Theory and Evidence," Journal of Financial Services Research, April 1994.

 

"In Defense of FDICIA," Golembe Reports, Vol. 1994-7, (co-author with George Benston).

 

"FDICIA:  The Early Evidence," Challenge Magazine, July/August 1994.

 

"Exploring the Real Interest Rate Puzzle," Quarterly Review of Economics and Finance, Winter 1994 (co-author with Elijah Brewer).

 

"The U.S. Banking Debacle of the 1980s: A Lesson in Government Mismanagement," The Freeman, April 1995.

 

"The U.S. Banking Debacle of the 1980s: An Overview and Lessons," The Financier, May 1995.

 

"FDICIA and Bank Capital," Journal of Banking and Finance, June 1995.

 

"The Role of Economists in Economic Policy Making," Quarterly Review of Economics and Finance, Summer 1995.

 

"Is the Banking and Payments System Fragile?" Journal of Financial Services Research, December 1995 (co-author with George J. Benston). (Reprinted in Maximilian Hall, ed., The Regulation and Supervision of Banks, Edward Elgar, Vol.1, 2001.)

 

"Managing Interest Rate Risk with Duration Gaps to Achieve Multiple Targets," Journal of Financial Engineering,

        March 1996, (co-author with G.O. Bierwag).

 

"The Appropriate Role of Bank Regulation," Economic Journal, May 1996, (co-author with George Benston). (Reprinted in Maximilian Hall, ed., The Regulation and Supervision of Banks, Edward Elgar, Vol.1, 2001 and in Beijing Center for Study of Investment Order, Investment Order Review: The New Point of View of Financial Revolution, N.D.)

 

"Bank Failures, Systemic Risk, and Bank Regulation," Cato Journal, Spring/Summer 1996. (Reprinted in Executive Finance, (Mexico) June 1997 and in Benton E. Gup, ed., Bank Failures in Major Countries, Quorum Books, 1998.)

 

"Financial Crises, Payment System Problems and Discount Window Lending: Comment," Journal of Money, Credit and Banking, November 1996.

 

"Preventing Banking Crises in the Future: Lessons From Past Mistakes," Independent Review, Summer 1997 and Review of Monetary and Financial Studies (Japan), November 1997.

 

"FDICIA After Five Years," Journal of Economic Perspectives, Summer 1997, (co-author with George Benston). (Reprinted in Maximilian Hall, ed., The Regulation and Supervision of Banks, Edward Elgar, Vol.1, 2001.)

 

"The New Depositor Preference Act: Time Inconsistency in Action," Managerial Finance, Vol. 23, No. 11, 1997.

 

"Designing an Efficient, Incentive Compatible, Government-Provided Deposit Insurance for Developing and Transitional Economies," Review of Pacific Basin Financial Markets and Policies, March 1998.

 

"FDICIA: The Experience to Date," Economic Perspectives (Federal Reserve Bank of Chicago), Second Quarter
        1998 (co-author with George Benston).

     

"Helping to Prevent Banking Crises: Taking the 'State' Out of State Banks," Review of Pacific Basin Financial Markets and Policies, March 1999.

 

"The Subsidy Provided by the Federal Safety Net: Theory and Measurement: Comments," Journal of Financial Services Research, September/December 1999.

  

"The Merton and Scholes Nobel Prize Acceptance Lectures: The Sources Cited," Financial Practice and Education, Fall/Winter 1999.

 

"How Real is the Risk of Massive Banking Collapse?" Regulation, Vol. 23, No. 1, 2000.

 

"Banking and Currency Crises and Systemic Risk: A Taxonomy and Review," Financial Markets, Institutions and Instruments, May 2000. (Reprinted in DNB Staff Reports, No. 48, Bank of the Netherlands, 2000)

 

"Banking and Currency Crises and Systemic Risk: Lessons From Recent Events," Economic Perspectives (Federal Reserve Bank of Chicago), Third Quarter 2000. (Reprinted in H. Peter Gray and John R. Dilyard, eds., Globalization and Economic and Financial Stability, Edward Elgar, 2006)

 

"Banking Policy: Comments on Wood and Benston," Journal of Financial Services Research, December 2000.

 

"The New Safety-Net," Regulation, Summer 2001 (co-author with Peter Wallison).

 

"The Regulation and Supervision of Banks Around the World: Comment " Brookings-Wharton Papers on Financial Services, 2001.

 

"Emerging Economies and International Financial Centers" Review of Pacific Basin Financial Markets and Policies December 2001.

 

"Post-Resolution Treatment of Depositors at Failed Banks: Implications for the Severity of Banking Crises: Systematic Risk, and Too Big to Fail,” Economic Perspectives (Federal Reserve Bank of Chicago), Second Quarter 2002 (co-author with Steven Seelig). (Reprinted in E. Klein, ed., Global Banking Issues, Nova Science, 2005 and D. Hoelscher, ed., Bank Restructuring and Resolution, Palgrave, 2006).

 

"Too Big to Fail in Banking: What Remains", Quarterly Review of Economics and Finance, Summer 2002.

 

"The Effect of Credit Risk on Bank and Bank Holding Company Bond Yields: Evidence from the Post-FDICIA Period," Journal of Financial Research, Winter 2002 (co-author with Julapa Jagtiani and Catherine Lemieux).

 

"What is Systemic Risk and Do Bank Regulators Retard or Contribute to it? ", Independent Review, Winter 2003 (co-author with Kenneth Scott).

 

"The Use of Economic Analysis and Principles to Affect Public Economic Policy: The Case of the Shadow Financial Regulatory Committee, " Business Economics, January 2003.

 

"Banking Relationships During Financial Distress: The Evidence from Japan," Economic Perspectives (Federal Reserve Bank of Chicago), Third Quarter 2003 (co-author with Elijah Brewer and Hesna Genay).

 

"Does the Japanese Stock Market Price Bank Risk: Evidence from Financial Firm Failures," Journal of Money, Credit and Banking, August 2003 (co-author with Elijah Brewer, Hesna Genay, and W. Curt Hunter).

 

"The Value of Banking Relationships During a Financial Crisis: Evidence from the Failure of Japanese Banks, " Journal of the Japanese and International Economies, September 2003 (co-author with Elijah Brewer, Hesna Genay, and W. Curt Hunter).

 

"Bank Procyclicality, Credit Crunches and Asymmetric Monetary Policy Effects: A Unifying Model," Journal of Applied Finance Fall/Winter 2003 (co-author with Robert Bliss).

 

"Depositor Liquidity and Loss-Sharing in Bank Failure Resolutions," Contemporary Economic Policy, April 2004.

 

"Banking Regulation and Foreign Owned Banks," Bulletin (Reserve Bank of New Zealand), June 2004.

 

"FDIC Losses in Bank Failures: Has FDICIA Made a Difference?" Economic Perspectives (Federal Reserve Bank of Chicago), 3rd Quarter, 2004.

 

"Macroeconomic Stability, Bank Soundness, and Designing Optimum Regulatory Structures," Multinational Finance Journal December 2004.

 

"Basel vs. PCA: Which Is Best for Public Policy?" Financial markets, Institutions, and Instruments, December 2005. (Reprinted in Global Risk Regulator, January 2006.)

 

"Bank Crisis Resolution and Foreign Owned Banks" Economic Review (Federal Reverse Bank of Atlanta), (Co-Author with Robert Eisenbeis) 4th quarter, 2005 (Reprinted in Pratt's Journal of Bankruptcy Law, March 2006.)

 

"Derivatives and Systemic Risk: Netting, Collateral, and Closeout,” Journal of Financial Stability April, 2006 (Co-author with Robert Bliss).

 

 "U.S. Corporate and Bank Insolvency Regimes: An Economic Comparision and Evaluation," Economic Perspectives (Federal Reserve Bank of Chicago), 2nd Quarter 2006 (Co-Author with Robert Bliss).

"Using Efficient Bank Insolvency Resolution to Solve the Deposit Insurance Problem" Journal of Banking Regulation, October 2006, (Reprinted in David Mayes et. al. eds., Deposit Insurance, London: Palgrave, 2007.

 

 "Duration: What is All the Disagreement About," Journal of Applied Finance, Fall/Winter 2006.

"Some Further Thoughts About the Road to Safer Banking," Economic Review (Federal Reserve Bank of Atlanta), 1st and 2nd quarters , 2007.

"U.S. Corporate and Bank Bankruptcy Regimes: A Comparison and Evaluation," Virginia Law and Business Review (Co-author with Robert Bliss), Spring 2007.

"A Bank by Any Other Name…," Economic Perspectives (Federal Reserve Bank of Chicago), 4th Quarter 2007 (co-author with Christian Johnson). (Reprinted in Spanish by CEMLA in Boletin, forthcoming).

"A Proposal for Efficiently Resolving Out-of-the-Money Swap Positions at Large Insolvent Banks," Journal of Banking Regulation November 2007.

"Deposit Insurance: The Wrong Policy For Minimizing The Costs of Bank Failures", Journal of Economic Asymmetries December 2007.

"Cross-Border Banking and Financial Stability in the EU," Journal of Financial Stability (co-author with Robert Eisenbeis), (forthcoming).

“Bank Capital Ratios Across Countries: Why Do They Vary?,” Journal of Financial Services Research (co-author with Elijan Brewer and Larry Wall), December 2008.

“Resolving Insolvent Large Complex Financial Institutions: A Better Way,” The Banking Law Journal (co-author with Robert Bliss), April 2011.

“Asset Price Bubbles: Lessons from the Recent Financial Crisis,” World Financial Review, September/October, 2012, (Co-author with Douglas Evanoff and A.G. Malliaris).


 

Back to the top

BOOKS:

Monetary Economics:  Readings on Current Issues (McGraw‑Hill), 1971 (co‑editor with William E. Gibson).

 

Money, the Financial System, and the Economy (Rand McNally/ Houghton Mifflin), 1973, 1977, 1981.

 

Money and the Financial System:  Fundamentals (Rand McNally), 1975.

 

The U. S. Financial System:  Money, Markets, and Institutions (Prentice-Hall), 1980, 1983, 1986, 1989, 1992, 1995;

        Chinese edition, 2001.

 

The Property Tax Revolt:  The Case of Proposition 13 (Ballinger Press), 1981 (co‑editor with Kenneth Rosen).

 

Efficiency in the Municipal Bond Market:  Use of Tax‑Exempt Bonding to Finance "Private" Activities (JAI Press), 1981 (editor).

 

Innovations in Bond Portfolio Management:  Duration Analysis and Immunization (JAI Press), 1983 (co‑editor with G. O. Bierwag and Alden Toevs).

 

Perspectives on Safe and Sound Banking:  Past, Present, and Future (MIT Press), 1986 (co‑author with George J. Benston, Robert Eisenbeis, Paul Horvitz, and Edward Kane).

 

Deregulating Financial Services: Public Policy in Flux (Ballinger Press), 1986 (co‑editor with Roger Kormendi).

 

Research in Financial Services: Private and Public Policies (Annual) (JAI/Elsevier Press), Vols. 1 (1989), 2 (1990), 3 (1991), 4 (1992), 5 (1993), 6 (1994) 7 (1995), 8 (1996), 9 (1997), 10 (1998), 11 (1999), 12 (2000), 13 (2001), 14(2002) and 15(2003), (editor).

 

Restructuring the American Financial System (Kluwer Academic), 1990 (editor).

 

Banking Structures in Major Countries (Kluwer Academic), 1991 (editor).

 

Assessing Bank Reform:  FDICIA One Year Later (Brookings Institution), 1993 (co-editor with Robert Litan).

 

Reforming Financial Institutions and Markets in the United States (Kluwer Academic), 1994 (editor).

 

Discrimination in Financial Services (Kluwer Academic), 1997 (co-editor with George J. Benston and W. Curt Hunter).

 

Preventing Bank Crises: Lessons from Recent Global Bank Failures (World Bank), 1998 (co-editor with G. Caprio, W.C. Hunter, and D. Leipziger).

 

The Asian Financial Crisis: Origins, Implications, and Solutions (Kluwer Academic), 1999 (co-editor with W. Curt Hunter and Thomas Krueger).

 

Global Financial Crises: Lessons from Recent Events (Kluwer Academic), 2000 (co-editor with Joseph Bisignano and W. Curt Hunter).

 

Asset Price Bubbles: Implications for Monetary, Regulatory, and International Policies (MIT Press), 2003,  (co-editor with W. Curt Hunter and Michael Pomerleano), (paperback edition 2005).

 

Market Discipline: The Evidence Across Countries and Industries (MIT Press), 2004 (co-editor with Claudio Borio, W. Curt Hunter, and Kostas Tsatsaronis).

Systemic Financial Crises: Resolving Large Bank Insolvencies, (World Scientific), 2005 (co-editor with Douglas Evanoff).

Cross – Border Banking: Regulatory Challenges (World Scientific), 2006 (co-editor with Gerard Caprio and Douglas Evanoff).

International Financial Instability: Global Banking and National Regulation (World Scientific), 2007 (co-editor with Douglas Evanoff and Raymond LaBrosse).

Financial Institutions and Markets: Current Issues in Financial Markets (Palgrave), 2008. (co-editor with Robert Bliss).

Globalization and Systemic Risk (World Scientific), 2009, (co-editor with Douglas Evanoff and David Hoelscher).

The First Credit Market Turmoil of the 21st Century (World Scientific), 2009 (co-editor with Douglas Evanoff and Philipp Hartmann).

Financial Institutions and Markets : 2007-2008-The Year of Crisis (Palgrave), 2009 (co-editor with Robert Bliss).

Financial Institutions and Markets : The Financial Crisis, (Palgrave), 2010, (co-editor with Robert Bliss).

The International Financial Crisis: Have the Rules of the Game Changed? (World Scientific), 2011(co-editor with Asli Demirguc-Kunt and Douglas Evanoff).

Macroprudential Regulatory Policies: The New Road to Financial Stability? (World Scientific), 2011 (co-editor with Stijn Claessens, Douglas Evanoff, and Laura Kodres), (Chinese translation, forthcoming).

New Perspectives on Asset Price Bubbles (Oxford), 2012 (Co-editor with Douglas Evanoff and A.G. Malliaris).

The Role of Central Banks in Financial Stability (World Scientific), 2013 (co-editor with Douglas Evanoff, Cornelia Holthausen, and Manfred Kremer).

The Social Value  of the Financial Sector: Too Big to Fail or Just Too Big?, (World Scientific), 2013 (co-editor with Douglas Evanoff)



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MONOGRAPHS:

The Demand for Currency, Staff Economic Studies, Board of Governors of the Federal Reserve System, 1966.

The Relative Impact of Money and Income on Interest Rates: An Empirical Investigation, Staff Economic Studies, Board of Governors of the Federal Reserve System, 1967 (co-author with William E. Gibson).

Customers View Bank Markets and Services: A Survey of Elkhart, Indiana, Federal Reserve Bank of Chicago, 1967.

Business Firms and Households View Commercial Banks: A Survey of Appleton, Wisconsin, Federal Reserve Bank of Chicago, 1967.

Current Issues in Monetary Economics and Policy: A Review, Institute of Finance, New York University, May 1969 (Bulletin, No. 57). (Reprinted in Institute of Chartered Financial Analysts, Investment Management Decision Making, Richard Irwin, 1971.

Customers View a Bank Merger, A Resurvey of Elkhart, Indiana, Federal Reserve Bank of Chicago, 1969 (co-author with Roberta K. Detz).

A Profile of Banking in Chicago, Federal Reserve Bank of Chicago, 1970 (co-author with Roberta K. Detz).

Modifying the Investment Powers of Savings and Loan Associations, College of Business Administration, University of Oregon, 1971 (co-author with Peter O. Dietz).

The Outlook for Puerto Rico Municipal Bonds (A Report for the Governor's Committee to Study Puerto Rico's Finances), September 1975 (co-author with Ronald Forbes, Michael H. Hopewell, and John Petersen).

Financial Intermediaries and Variable Rate Mortgages, Federal Reserve Bank of San Francisco, March 1976. (Reprinted by Federal Home Loan Bank Board, 1977.)

Bidding Rules to Reduce Interest Costs in the Competitive Sale of Municipal Bonds: A Handbook for Municipal Finance Officers, Center for Capital Market Research, University of Oregon, 1977 (co-author with Michael H. Hopewell).

Variable Rate Residential Mortgages: Implications for Borrowers (Report to the Federal Home Loan Bank Board), Center for Capital Market Research, University of Oregon, June 1977, and in Federal Home Loan Bank Board, Alternative Mortgage Instruments Research Study (GPO), November 1977 (co-author with Gerald S. Albaum).

Bank Eligibility to Underwrite Municipal Revenue Issues and the Cost of Borrowing: An Empirical Analysis, Securities Industry Association, 1979 (co-author with G. O. Bierwag and Michael H. Hopewell).

Commercial Bank Eligibility to Underwrite Municipal Revenue Issues and the Cost of Borrowing: Additional Evidence for 1979, Securities Industry Association, 1980 (co-author with G. O. Bierwag, Michael H. Hopewell, and Paul A. Leonard).

Agenda For Reform (A Report on Deposit Insurance to the Congress from the Federal Home Loan Bank Board), Washington, D.C., 1983 (co-author with Charlotte Chamberlin, Tim Campbell, G.O. Bierwag, Fisher Black, Andrew Carron, David Glenn, and Paul Horvitz).

Risk and Solvency Regulation of Depository Institutions: Past Policies and Current Issues, 88-1, Monograph Series in Finance and Economics, New York University, 1988 (co-author with George J. Benston).

A Blueprint For Restructuring America's Financial Institutions, Brookings Institution, 1989 (co-author with George J. Benston, Dan Brumbaugh, Jack Guttentag, Richard Herring, Robert Litan, and Kenneth Scott).

Banking and the Illinois Economy: Recommendations for Improving the Performance of Both, Citicorp Savings: Chicago, 1989.

Commercial Banking and Securities Activities: A Survey of the Risks and Returns, American Bankers Association, October 1995 (co-author with George J. Benston).

Reforming Bank Capital Regulation, American Enterprise Institute, March 2000 (co-author with Shadow Financial Regulatory Committee).

FDIC Reform: Don't Put TaxPayers Back at Risk (Policy Analysis, No. 432), Cato Institute, April 16, 2002.

A Program for Minimizing the Private and Public Costs of Bank Failures (Policy Brief, 2007-PB-11), Networks Financial Institute, October 2007.

The Financial Turmoil of 2007-09: Sinners and Their Sins (Policy Brief 2010-PB-01), Networks Financial Institute, March 2010 and Policy Brief, The Heartland Institute, Chicago, April 2010.

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CONTRIBUTIONS TO BOOKS:

"Preventing Bank Failures," Compendium of Major Issues in Bank Regulation, U. S. Senate Committee on Banking, Housing, and Urban Affairs, May 1975.

"Underwriting of Municipal Revenue Bonds," in Arnold W. Sametz, ed., Securities Activities of Commercial Banks (Lexington Books), 1981.

"Debt Management," in J. Richard Aronson and Eli Schwartz, eds., Management Policies in Local Government Finance (International City Management Association), 1981, 1987 (co-author with Philip Fischer).

"Inflation, Proposition 13 Fever and Suggested Relief," in G. Kaufman and K. Rosen, eds., The Property Tax Revolt:  The Case of Proposition 13 (Ballinger Press), 1981.

"Number of Bidders, Competition, and Inefficiency in the Sale of New Municipal Bonds," (co‑author with Michael H. Hopewell) in G. O. Bierwag, The Primary Market for Municipal Debt (Greenwich, Conn.: JAI Press), 1981.

"The Municipal Bond Sale That Didn't: A Case Study" (co‑author with Earl Benson) in G. O. Bierwag, The Primary Market for Municipal Debt (Greenwich, Conn.: JAI Press), 1981.

"Impact of Deregulation on the Mortgage Market," Housing Finance in the Eighties:  Issues and Options (Federal National Mortgage Association), 1981.

"Recent Developments in Bond Portfolio Immunization Strategies" (co‑author with G. O. Bierwag and Alden Toevs) in G. O. Bierwag, et al., Innovations in Bond Portfolio Management:  Duration Analysis and Immunization (JAI Press), 1983.

"Bidding Procedures in the Sale of Municipal Bonds," in Frank Fabozzi et al., eds., Handbook of Municipal Bonds (Dow Jones‑Irwin), 1983.

"The Future of Commercial Banks in the Financial Services Industry" (co‑author with Larry Mote and Harvey Rosenblum), in George J. Benston, ed., Financial Services:  The Changing Institutions and Government Policy (American Assembly, Prentice‑Hall), 1983.

"The Securities Activities of Commercial Banks," in Richard Aspinwall and Robert Eisenbeis, eds., Handbook for Banking Strategy (Wiley‑Interscience), 1985.

"Costs of Bank Failures: Overview, History, and Evaluation," (co‑author with George J. Benston) in George Kaufman and Roger Kormendi, eds., Deregulating Financial Services:  Public Policy in Flux (Ballinger Press), 1986.

"Financial Deregulation and Bank Failures," in D. Hoover, ed., Money and Risk:  Creative Turmoil in Finance, Banking and Insurance (ITT Key Issues Series, BooksCraft), 1986.

"The Truth About Bank Runs," in Catherine England and Thomas Huertas, eds., The Financial Service Revolution:  Policy Directions for the Future, (Kluwer Academic), 1988.

"Management Vs. Economic Conditions As Contributors to the Recent Increase in Bank Failures: Commentary," in Courtenay C. Stone, ed., Financial Risk:  Theory, Evidence and Implications, Federal Reserve Bank of St. Louis (Kluwer Academic), 1988.

"Regulating Bank Safety and Performance" (co-author with George J. Benston) in William S. Haraf, and Rose Marie Kushmeider, eds., Restructuring Banking and Financial Services in America (American Enterprise Institute, Kluwer), 1988. (Reprinted in James Rosenfeld, ed., The Selected Works of George J. Benston, Vol. 1, Oxford Press, 2010.)

"Banking Risk in Historical Perspective," in George Kaufman, ed., Research in Financial Services:  Private and Public Policy (JAI Press), 1989.

"Securities Activities of Commercial Banks: The Current Economic and Legal Environments," (co-author with Larry Mote) in George Kaufman, ed., Research in Financial Services:  Private and Public Policy (JAI Press), 1989.

"Economists Influencing Public Policy: The Shadow Financial Regulatory Committee," in George G. Kaufman, ed., Restructuring America's Financial System (Kluwer Academic), 1990.

"The Savings and Loan Rescue of 1989: Causes and Perspective," in George G. Kaufman, ed., Restructuring America's Financial System (Kluwer Academic), 1990.

"Banking and Financial Intermediary Markets in the United States," in Franklin Edwards and Hugh Patrick, eds., Regulating International Financial Markets (Kluwer Academic), 1991.

"Lender of Last Resort, Too Large To Fail, and Deposit Insurance Reform," in Dan Brumbaugh Jr. and James Barth, eds., The Reform of Deposit Insurance (HarperBusiness), 1992.

"The Separation of Banking and Commerce: Comment," in James Barth and Philip Bartholomew, eds. Emerging Challenges for the International Financial Services Industry (JAI Press), 1992.

"Long-Run Benefits in Financial Regulation from Increased Accountability and Privatization: Comment," Peter Dickson, ed., Rebuilding Public Confidence Through Financial Reform (Ohio State University), 1992.

"The Diminishing Role of Commercial Banking in the U. S. Economy," in Lawrence H. White, ed., The Crisis in American Banking (New York University Press), 1993.

"A Proposal for Deposit Insurance Reform That Keeps the Put Option Out-of-the-Money and the Taxpayers In-the-Money," in Charles A. Stone and Anne Zissu, eds., Risk Based Capital Regulations:  Asset Management and Funding Strategies (Business One Irwin) 1993.

"The Future of Banking" in Karl-Henrik Petersson, ed., Banks: Do We Really Need Them? (Stockholm, Sweden: SNS Forlag), 1993.
       
 "The Intellectual History of the Federal Deposit Insurance Corporation Improvement Act of 1991" (co-author with
         George J. Benston) in George G. Kaufman and Robert E. Litan, eds., Assessing Bank Reform (Brookings),
        1993 and in George G. Kaufman, ed., Reforming Financial Institutions and Markets in the United States
         (Kluwer), 1994. (Reprinted in James Rosenfeld, ed., The Selected Works of George J. Benston, Vol. 1, Oxford         Press, 2010.)

"Improving the FDIC Improvement Act" (co-author with George J. Benston) in George G. Kaufman, ed., Reforming Financial Institutions and Markets in the United States (Kluwer), 1994.

"Will Universal Banks Prove Viable: Comment," in G. Caprio, D. Folkerts-Landau, and T. Lane, eds., Building
        Sound Finance in Emerging Market Economies, (IMF and World Bank), 1994.

"The Current State of Banking Reform" in George G. Kaufman, ed., Research in Financial Services (JAI Press), 1994 and Dimitri B. Papadimitriou, ed., Stability in the Financial System (St. Martin's Press), 1996.

"Comment on Systemic Risk" in George G. Kaufman, ed., Research in Financial Services (JAI Press), 1995.

"Commercial Banking and Securities Activities: A Survey of the Risks and Returns?" (co-author with George Benston) in Clifford Kirsh, ed., The Financial Services Revolution (Irving Professional Publishing), 1996.

"What Is Good and What Is Bad in the National Commission Report," in George G. Kaufman, ed., Research in Financial Services (JAI Press), 1996.

"Lessons for Transitional and Developing Economies from U.S. Deposit Insurance Reform" in George M. von Furstenberg, ed., Regulation and Supervision of Financial Institutions in the NAFTA Countries, and Beyond (Kluwer), 1997. (Reprinted by Superintency of Banks in Columbia, 1998).

"FDICIA Five Years Later: What Has Worked and What Has Not," in George G. Kaufman, ed., Research in Financial Services (JAI Press), 1997.

"How Should Financial Institutions and Markets Be Structured? Analysis and Options for Financial System Design" (co-author with Randall Kroszner) in Richard Hausmann and Lilliana Rojas-Suarez, eds., Safe and Sound Financial Systems (Inter-American Development Bank), 1997 and in Ilter Turan and Gul Turan, eds., Deepening of Financial Markets (Koc University, Turkey), 1996.

"Conference Summary" in G. Caprio, W.C. Hunter, G. Kaufman, and D. Leipziger, eds., Preventing Bank Crises: Lessons from Recent Global Bank Failures (Federal Bank of Chicago and World Bank), 1998.

"Central Banks, Asset Bubbles, and Financial Stability," in Mario Blejer and Marko Skreb, eds., Central Banking, Monetary Policies, and the Implications for Transition Economies, (Kluwer),1999 and in George G. Kaufman, ed., Research in Financial Services, Vol. 10, (JAI Press), 1998.

"Conference Summary" in W. Curt Hunter, George G. Kaufman, and Thomas Krueger eds., The Asian Financial Crisis (Kluwer), 1999.

"Money," Grolier Multimedia Encyclopedia, 1999 (co-author with Thomas Mayer).
  
"Banking Systems," Grolier Multimedia Encyclopedia, 1999 (co-author with Thomas Mayer).

"Resolving, Recapitalizing and Restructuring Insolvent Banks and Banking Systems,” in Benton Gup, ed., International Banking Crises: Large-Scale Failures and Government Interventions (Quorum Books), 1999.

"Preventing Bank Crises: Taking the 'State' Out of State Banks" in Dimitri B. Papadimitriou, ed., Modernizing Financial Systems (St. Martin's Press), 2000.

"Structuring Prudential Bank Regulation to Promote Efficiency and Safety" in Luigi Manzetti, ed., Regulatory Policy in Latin America: Post-Privatization Realities  (University of Miami Press), 2000.

"Designing the New Architecture for U.S. Banking" in Benton Gup, ed., The New Financial Architecture: Banking Regulation in the 21st Century (Quorum Books), 2000.

"Banking Reform to Prevent Future Crises" in B. Batavia, N. Lash and A.G. Malliaris, eds, Asymmetries in Financial Globalization (APF Press), 2002.

"International Banking Regulation", in Gavin Boyd and Paul Brenton, eds., Structural Foundations of International Finance ( Edward Elgar), 2003 (co-author with Maximilian Hall).

“Netting, Financial Contracts, and Banks: The Economic Implications” in George G. Kaufman, ed., Research in
        Financial Services, Vol. 15 (Elsevier), 2003 (co-author with Bill Bergman, Robert Bliss, and Christian
        Johnson).

“Comment on Market Discipline in Banking” in George G. Kaufman, ed., Research in Financial Services, Vol. 15 (Elsevier), 2003.

“Too Big to Fail in Banking: Quo Vadis?” in Benton Gup, ed., Too-Big-To-Fail: Policies and Practices (Praeger Publishers), 2004.

“What have We Learned from the Thrift and Banking Crises of the 1980’s?” in James Barth, Susanne Trimbath and Glenn Yargo, eds., The Savings and Loan Crisis: Lessons from a Regulatory Failure (Milken Institute, Kluwer Academic), 2004.

“Market Discipline: Is it Fact or Fiction: Comment,” in Benton Gup, ed., The New Basel Capital Accord (Thompson), 2004.

“Basel II: The Roar that Moused” in Benton Gup, ed., The New Basel Capital Accord (Thompson), 2004.

“The Development and Structure of Financial Markets in the European – American Economy” in Gavin Boyd, Alan Rugman, and Pier Carlo Paduan, eds., European – American Trade and Financial Alliances (Edward Elgar), 2005.

“Minimizing Post-Resolution Costs in Bank Failures” in E. Klein, ed., Global Banking Issues, (Nova Science Publishers), 2005 (co-author with Steven Seelig).

“Challenges for Deposit Insurance and Financial Stability in Cross-Border Banking with Emphasis on the European
        Union,” in G. Caprio, D. Evanoff, and G. Kaufman, eds., Cross – Border Banking: Regulatory Challenges        (World Scientific), 2006, (co-author with Robert Eisenbeis).

“Cross-Border Banking: Challenges for Deposit Insurance and Financial Stability in the European Union” in H. Benink, C. Goodhart, and R. Lastra, eds., Prompt Corrective Action and Cross-Boarder Supervisory Issues in Europe, (London: Special Paper 171, Financial Markets Group, London School of Economics), April 2007 and in L. Jonung, C. Walker, and M. Watson, eds., Building the Financial Foundations of the Euro Experiences and Challenges (Routledge Press), 2008, (co-author with Robert Eisenbeis).

“When a Bank is not a Bank: The Case of Industrial Loan Companies” in Robert Bliss and George Kaufman, eds.,            Financial Institutions and Markets, (Palgrave), (2008), (co-author with Christian Johnson).

“Bank Fragility: Perception and Historical Evidence,” in D. Mayes, R. Pringle, and M. Taylor, eds., Towards A New Framework for Financial Stability (Central Banking Publications), 2009.

“Lessons From The Demise Of The UK’s Northern Rock and the US’ Countrywide and Indy Mac” in David Franco Bruni and  Llewellyn, eds., The Failure of  Northern Rock (SUERF), (co-author with Robert Eisenbeis), 2009.

“The Financial Turmoil of 2007-XX: Causes, Culprits and Consequences,” in Raymond LaBrosse, Rodrigo Olivares and Dalvinder Singh– Caminal, eds., Financial Crisis Management and Bank Resolution (Informa), 2009.

“Deposit Insurance” in A. Berger, P. Molyneux and J. Wilson eds., The Oxford Handbook of Banking (Oxford         University Press), (co-author with Robert Eisenbeis), 2010.

 

“The Demise of UK’s Northern Rock and Large U.S. Financial Institutions: Public Policy Lessons” in Robert Kolb, ed., Lessons from the Financial Crisis, (Wiley), (co-author with Robert Eisenbeis), 2010

“The Financial Crisis of 2007-09: Missing Financial Regulation or Absentee Regulators,” in Robert Kolb, ed., Lessons from the Financial Crisis, (Wiley), (co-author with A.G. Malliaris), 2010.

“Basel II: A Costly Distraction” in Robert Bliss and George Kaufman, eds., Financial Institutions and Markets: The Financial Crisis, (Palgrave), 2010.
 
“Commentary on Robert Shiller and Randall Kroszner” in Benjamin Friedman, ed., Reforming the U.S. Financial Markets (MIT Press), 2011.

“Runs on Chartered and Shadow Banks: The Mechanics and Implications” in Robert Kolb, ed., Financial Contagion, (Wiley), (co-author with Robert Bliss), 2011.

“The World of Unintended Consequences: A Post Mortem on Regulation Q and Prologue for the Future” in Chris Green, Eric Pentacost, and Maximillian Hall, eds., Financial Institutions, Systems and Markets (Elgar), (Co-author with Robert Eisenbeis), 2011

“Living Wills: Putting the Caboose Before the Engine,” in J.R. La Brosse, D. Singh, and R.Olivaris-Caminal, eds., Managing Risk in the Financial System, (Elgar), 2011

 “Resolving Large Complex Insolvent Financial Institutions Within and Across Jurisdictions,” In Richard Herring, ed, Cross-Border Issues in Resolving Important Financial Institutions (Wharton Financial Institutions Center), forthcoming and in J. Raymond La Brosse, et. al, eds., Managing Risk in the Financial System (Elgar), (co-authored with Robert Bliss), 2011


 

 

 

 

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BOOK REVIEWS:

James L. Knipe, "The Federal Reserve and the American Dollar," Quarterly Review of Economics and Business, Spring 1966.

George Macesich, "Commercial Banking and Regional Development in the United States, 1950-60," National Banking Review, March 1966.

J. Daniel Khazzoom, "The Currency Ratio in Developing Countries," Journal of Political Economy, August 1967.

Edward M. Syring, "The Demand for Money in Norway," Journal of Finance, September 1969.

Douglas Fisher, "Money and Banking," Journal of Finance, December 1971.

Elliot Marple and Bruce H. Olson, "The National Bank of Commerce of Seattle," Pacific Northwest Quarterly, July 1973.

Federal Reserve Bank of Boston, "Controlling Monetary Aggregates II: The Implementation," Journal of Finance, March 1974.

Thomas Mayer, "The Structure of Monetarism," Journal of Money, Credit, and Banking, February 1980.

Federal Home Loan Bank of San Francisco, "Savings and Loan Asset Management Under Deregulation," Journal of Finance, December 1982.

Andrew S. Carron, "The Plight of the Thrift Institutions," Wall Street Review of Books, Spring 1983.

James R. Adams, "The Big Fix: Inside The S&L Scandal," Journal of Economic Literature, March 1991.

R. Dan Brumbaugh, Jr., "The Collapse of Federally Insured Depositories," Journal of Finance, June 1994.

George Selgin, "Bank Deregulation and Monetary Order," Journal of Banking and Finance, March 1998.

Reuven Glick, Ramon Moreno, and Mark Spiegel, "Financial Crises in Emerging Markets," Journal of Economic Literature, March 2004. 

 

 

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CONGRESSIONAL AND OTHER TESTIMONY

 

"Variable Rate Mortgages," Testimony before Subcommittee on Financial Institutions, Supervision, Regulation, and Insurance of Committee on Banking, Currency and Housing; U. S. House of Representatives, April 10, 1975 Hearings.

 

"Variable Rate Mortgages," Testimony before Committee on Banking, Housing, and Urban Affairs; U. S. Senate, April 17, 1975 Hearings.

 

"Federal Bank Commission," Testimony before Committee on Banking, Housing, and Urban Affairs; U. S. Senate, October 31, 1975, Hearings.

 

"Bank Underwriting of Municipal Securities," Testimony before Subcommittee on Financial Institutions, Supervision, Regulation, and Insurance of the Committee on Banking, Finance, and Urban Affairs; U. S. House of Representatives, June 25, 1979, Hearings.

 

"Implications of Financial Deregulation for Residential Housing," Testimony before Subcommittee on Housing and Community Development; U. S. House of Representatives, October 15, 1981, Hearings.

 

"Implications of Financial Deregulation for Residential Housing Finance," Testimony before President's Commission on Housing, Washington, D. C., November 6, 1981.

 

"Implications of Changes in the Financial Services Industry for Regulation," Testimony before Committee on Banking, Housing, and Urban Affairs; U. S. Senate, June 21, 1983, Hearings.

 

"Financial Deregulation and Public Policy," Testimony before Committee on Banking, Housing, and Urban Affairs; U. S. Senate, March 13, 1984, Hearings.

 

"Monetary Policy, Federal Reserve Accountability, and Alternative Institutional Arrangements," Testimony before Joint Economic Committee; U. S. Congress, June 5, 1984, Hearings.

 

"Stability of the Banking System: Suggestions for Reform," Testimony before Subcommittee on Financial Institutions, Supervision, Regulation, and Insurance of the Committee on Banking, Finance, and Urban Affairs; U. S. House of Representatives, September 19, 1985, Hearings.

 

"Securities Powers of Commercial Banks," Testimony Before Committee on Banking, Housing, and Urban Affairs; U. S. Senate, August 6, 1987, Hearings.

 

"The Condition of the Commercial Banking Industry," Testimony before Committee on Banking, Housing and Urban Affairs; U. S. Senate, October 5, 1989, Hearings.

 

"Deposit Insurance Reform," Testimony Before Committee on Banking, Housing, and Urban Affairs; U. S. Senate, May 22, 1990, Hearings.

 

"Expanded Bank Securities Powers," Testimony Before Subcommittee on Telecommunications and Finance; U. S. House of Representatives, April 11, 1991, Hearings.

 

"Implications of `Too Big to Fail' for Deposit Insurance Reform," Testimony Before Subcommittee on Economic Stabilization; U. S. House of Representatives, May 9, 1991, Hearings.

 

"Modernizing Financial Services: Combining Banking and Commerce," Testimony Before Subcommittee on Capital Markets, Securities, and GSEs; U.S. House of Representatives, March 12, 1997, Hearings.

 

"The Failure of the Superior Bank: Implications and Lessons," Testimony before the Committee on Banking, Housing and Urban Affairs, U.S. Senate, September 11 and October 16, 2001, Hearings.

 

"Basel II Capital Standards: Appropriate for the United States?", Testimony before the Committee on Banking, Housing and Urban Affairs, U.S. Senate, November 10, 2005, Hearings.

 

 

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MISCELLANEOUS:

"Statistics and the Recession," Iowa Business Digest, January 1959.

"Response of Commercial Banks to Federal Reserve Policy, 1957-59 (Ph.D. Dissertation, University of Iowa, 1962). Abstract published in Journal of Finance, March 1963.

"Commercial Banks, Near-Banks, and Federal Reserve Control," Iowa Business Digest, April 1963.

Contributor to Business Conditions, a monthly review of the Federal Reserve Bank of Chicago, 1960-70.

"The Structure and Performance of Commercial Banking in Oregon," Oregon Business Review, May 1971.

"Bank Credit Cards in Oregon," Oregon Business Review, December 1971 (co-author with Matthew Kingman).

"'Lowest' Bond Bid Costs Minnesota Extra One Million Dollars," October 1972 (co-author with Michael H. Hopewell and Richard R. West). Reported in Wall Street Journal, October 20, 1972.

"The Variables of the Variable Rate Mortgage," Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 1972.

"Promised Yields, Realized Yields, and Bond Investment Strategy: An Elementary Exposition," April 1973.

"The Structure of the Municipal Bond Underwriting Industry," Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 1974.

"Does It Pay for Oregon Communities to Obtain a Credit Rating for Their Bonds-" April 1974.

"Costs to Municipalities of Using NIC to Award Bonds Sold Competitively," Daily Bond Buyer, Convention Supplement June 24, 1974 (co-author with Michael H. Hopewell).

TIC Coupon Optimizing Program, Center for Capital Market Research, University of Oregon, July 1974 (co-author with G. O. Bierwag and Michael H. Hopewell), partially reprinted in Daily Bond Buyer, August 6, 1974.

"Experience with TIC Bidding," Daily Bond Buyer, SIA Supplement, October 2, 1974.

"Inflation, Interest Rates and Taxes: The Fisher Effect in a Taxing World," December 1974.

"Letter on Monetary Policy," Monetary Policy Oversight (Hearings: U. S. Senate Committee on Banking, Housing, and Urban Affairs), February 25 and 26, 1975.

"Variable Rate Residential Mortgages: The Early Experience from California," Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 1976.

"Institutional Implications of the Changing Regulatory and Technological Framework on S & L Competition: Discussion," Changes in the Savings and Loan Industry, Federal Home Loan Bank of San Francisco, December 1976.

"Security Loss Reserves for Commercial Banks," Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 1977.

"Financial Intermediation Under Increasing Purchasing Power Risk," Money Manager, December 19, 1977.

"Variable Rate Mortgages," Conference on Alternative Mortgage Instruments, Cornell University, May 1978.

"A Discriminate Analysis of VRM and FRM Borrowers," May 1978 (co-author with D. Hawkins and G. Albaum).

"The Impact of VRMs on the Mortgage Acquisition Process," May 1978 (co-author with D. Hawkins and G. Albaum).

"What We Have Learned About Bank Regulation over the Economic Cycle: Evidence on Interest Rate Risk: Comment," West Coast Academic/Federal Reserve Economic Research Seminar (Federal Reserve Bank of San Francisco), 1978.

"Letter on Federal Reserve Membership," U. S. Congress, House Committee on Banking, Finance and Urban Affairs, July 1978.

A Critical Review of the Alternative Mortgage Instruments Research Study (Federal Home Loan Bank Board), 1978 (co-editor with Gerald S. Albaum).

"Bank Eligibility to Underwrite Municipal Revenue Issues and the Cost of Borrowing," Conference on Bank Structure and Competition (Federal Reserve Bank of Chicago), 1979 (co-author with G. O. Bierwag and Michael H. Hopewell).

"CAPM Betas in a Multi-Period Framework," September 1979 (co-author with G. O. Bierwag).

"The Causes of the Acceleration in Worldwide Inflation in the 1970s," Money Manager, August 18, 1980.

"The Depository Institutions Deregulation and Monetary Control Act: Implications for the Mortgage Market," Proceedings of Conference on Bank Structure and Competition (Federal Reserve Bank of Chicago), 1981.

"Deregulation of Financial Institutions and Markets," A Report Prepared for the U. S. Treasury Department, October 1981.

"The Outlook for Federal Reserve and Regulatory Policy Making," Proceedings of Conference on Bank Structure and Competition (Federal Reserve Bank of Chicago), 1981 (co-author with Harvey Rosenblum).

Can President Reagan's Economic Policies Work-: The LaSalle Street View, Proceedings of a Public Issues Symposium (Center for Financial and Policy Studies, Loyola University), June 1981 (editor).

"Implications of Deregulation for Product Lines and Geographical Markets of Financial Institutions," Paper presented at Conference on Reform of Banking Regulation, Duke University, March 1982; Midwest Economics Association, April 1982; Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, April 1982, Staff Memoranda, 82-2 (Federal Reserve Bank of Chicago) (co-author with Larry Mote and Harvey Rosenblum).

Residential Housing: Can There Be Life After Death?, Proceedings of Second Annual Public Issues Symposium (Center for Financial and Policy Studies, Loyola University), May 1982 (editor).

"The Fed's Post-October 1979 Technical Operating Procedures: Reduced Ability to Control Money," Staff Memoranda, 82-3 (Federal Reserve Bank of Chicago), June 1982.

"Immunizing with Alternative Single Factor Duration Models," June 1982 (co-author with G. O. Bierwag and Alden Toevs).

"Single Factor Duration Models and Active Bond Portfolio Management," July 1982 (co-author with G. O. Bierwag and Alden Toevs).

"Innovations in Treasury Financing: Analysis and Recommendations," Backgrounder (Heritage Foundation), August 1982.

"Letter on Monetary Policy," Monetarism and the Federal Reserve's Conduct of Monetary Policy (Committee Print: U. S. Congress, Joint Economic Committee), December 30, 1982.

"A Proposal for Federal Deposit Insurance with Risk Sensitive Premiums," (A Study for the Federal Home Loan Bank Board), Staff Memoranda, 83-3 (Federal Reserve Bank of Chicago), February 1983 (co-author with G. O. Bierwag). Shorter version in Conference on Bank Structure and Competition: Proceedings (Federal Reserve Bank of Chicago), 1983.

"Stability of Commercial Bank Betas," April 1983 (co-author with Steven Strongin).

"Impact of Major Banking Events on Bank Stock Returns: Evidence from Multifactor Models," April 1983 (co-author with Steven Strongin).

"The Future of Commercial Banks in the Financial Services Industry," Staff Memoranda, 83-5 (Federal Reserve Bank of Chicago), April 1983 (co-author with Larry Mote and Harvey Rosenblum).

"Use of Single Factor Duration Models for Nondefault-Free Bonds," June 1983 (co-author with G. O. Bierwag and Alden Toevs).

"Bank Runs, Deposit Insurance and Liquidity: Comment," September 1983.

"What Can the Stock Market Tell Us About the Riskiness of Commercial Banks-" November 1983 (co-author with Steven Strongin).

"Risk-Sensitive Federal Deposit Insurance Premiums and Deregulation: A Contingency Claim Model," November 1983, revised May 1984 (co-author with G. O. Bierwag).

"The Securities Activities of Commercial Banks," Staff Memoranda, 84-2 (Federal Reserve Bank of Chicago), January 1984.

"The Role of Traditional Mortgage Lenders in Future Mortgage Lending: Problems and Prospects," Staff Memoranda, 84-4 (Federal Reserve Bank of Chicago), March 1984.

"Who and What Is the Federal Reserve-" (Public Lecture Series, Northern Illinois University), March 26, 1984.
"The Decline in Velocity in 1982: Is There a Mystery-" March 1984 (co-author with Steven Strongin).

"Consequences of Deregulation for Commercial Banking," Staff Memoranda, 84-3 (Federal Reserve Bank of Chicago), May 1984 (co-author with Larry Mote and Harvey Rosenblum).

"The Securities Activities of Banks: What Has Been Done and What Could Have Been Done," Conference on Bank Structure and Competition: Proceedings (Federal Reserve Bank of Chicago), 1984.

"Comments on Governor Wallich's Paper, `Recent Techniques of Monetary Policy'," Journal of the Midwest Finance Association, 1984.

"Duration Based Strategies for Managing Bank Interest Rate Risk," Symposium on Money, Banking, and Insurance: Proceedings, University of Karlsruhe, Germany, 1984 (co-author with A. G. Malliaris).

"Bank Failure Fears Are Overdrawn," Wall Street Journal, October 12, 1984. (Reprinted in Pisciotta, Macroeconomics 85/86, Dushkin Publ., 1985.)

"Banking Without the Barriers," Chicago Tribune, January 15, 1985.

"Implications of Large Bank Problems and Insolvencies for the Banking System and Economic Policy," Staff Memoranda, 85-3 (Federal Reserve Bank of Chicago), March 1985.

Geographical Deregulation of Financial Services in Illinois: Proceedings of a Public Policy Symposium (Center for Financial Studies, Loyola University), March 1985 (editor).

"Bank Reform Could Be a Bargain," Chicago Tribune, April 15, 1985.

"Interest Rate Risk Management Tutorial -- D Game," Computer duration-based bank asset and liability tutorial, May 1985 (co-author with G. O. Bierwag). Revised mode (2.0), March 1988.

"Financial Institution Deregulation and Impacts on the Traditional Sources of Mortgage Funds," in Future Financing of Real Estate (Washington, D. C., National Association of Realtors), 1985.

"Alternative Duration Specifications and the Measurement of Basis Risk: Empirical Tests: Comment," July 1985 (co-author with G. O. Bierwag, Cynthia M. Latta, and Gordon Roberts).

"Ensuring the Safety and Soundness of the Banking System," Conference on Bank Structure and Competition, Proceedings (Federal Reserve Bank of Chicago), 1985.

"Banking Risk in Historical Perspective," Conference on Bank Structure and Competition, Proceedings (Federal Reserve Bank of Chicago), 1986, and Staff Memoranda 86-3, August 1986.

"Structure of the Financial Services Industry in 2011," American Banker (150th Anniversary Issue), 1986.

"Is the Banking Safety-Net Distorting Risk Bearing Decisions-" Financial Innovation and Financial Risk Policy Forum (American Enterprise Institute, Washington, D.C.), November 1986.

"The Truth About Bank Runs," Cato Conference on the Financial Services Revolution, February 1987 and Staff Memoranda 87-3 (Federal Reserve Bank of Chicago), April 1987.

"Securities Activities of Commercial Banks: Recent Changes in the Current Economic and Legal Environments," Georgetown Law School Conference on the Financial Services Industry, March 1987 and Testimony before Senate Banking Committee, August 1987.

"Public Policies Toward Failing Institutions: The Lessons from the Thrift Industry," Conference on Bank Structure and Competition (Federal Reserve Bank of Chicago), 1987.

"Securities Activities of Commercial Banks: The Current Economic and Legal Environments," Staff Memoranda 88-4 (Federal Reserve Bank of Chicago), forthcoming (co-author with Larry Mote).

"Interaction of Financial and Regulatory Innovation: Comment on Professor Edward Kane's Paper," American Economic Association Meetings, December 1987.

"Implications of Restructuring the Deposit Insurance System," Panel Discussion, Garn Institute of Finance, August 1988.

"Duration Models for Managing Interest Rate Risk: A Generalized Approach," October 1988 (co-author with G. O. Bierwag and Cynthia M. Latta).

"Macaulay Durations For Bond Portfolios," April 1989, (co-author with G.O. Bierwag and Charles Corrado).

"The Chicago Fed Bank Structure Conference in Retrospect: The Early Years," Conference on Bank Structure and Competition (Federal Reserve Bank of Chicago), 1989.

"Are Some Banks Too Large Too Fail- Myth and Reality," Working Paper 89-14 (Federal Reserve Bank of Chicago), 1989.

"Duration Gap Models For Measuring and Managing On- and Off-Balance Sheet Interest Rate Risk at Depository Institutions," A Study for the Federal Home Loan Bank Board, August 1989 (co-author with G. O. Bierwag).

"The Savings and Loan Rescue of 1989: Causes and Perspective," Working Paper 89-23 (Federal Reserve Bank of Chicago), December 1989.

"Safety and Soundness - Regulatory Philosophy," Financial Managers' Statement, January/February 1990 (co-author with Robert Eisenbeis).

"The S&L Debacle: Who Is To Blame," August 1990.

"The Incredible Shrinking S&L Industry," Chicago Fed Letter, December 1990 (reprinted in Peter Rose, 5th ed., Readings in Financial Institutions and Markets, Irwin (1993).

"Proposals For Deposit Insurance Reform," Financial Managers' Statement, November/December 1990.

"Too Big to Fail Has Failed Big," Biline, January 1991.

"A Proposal for Deposit Insurance Reform That Keeps the Put Option Out-of-the-Money and the Taxpayer In-the-Money," Symposium on Innovative Developments in Financial Services, Hofstra University, March 15, 1991.

"Long-Run Benefits in Financial Regulation from Increased Accountability and Privatization: Comment," Rebuilding Public Confidence through Financial Reform, Ohio State University, June 25, 1992.

"Bank Regulation and the Credit Crunch" in Credit Crunch: Myth or Reality, University of New Mexico, March 1993.

"Depositor Preference: Time Inconsistency in Action," November 1993.

Assessing Bank Performance: FDICIA Two Years Later, editor, Loyola University of Chicago: Center for Financial and Policy Studies, February 1994.

"The National Commission Report on the Origins and Causes of the S & L Debacle: An Evaluation," September 1994.

"Exorcising the Myth of Banking the Old Way," Chicago Tribune, April 24, 1995.

"Systemic Risk in Banking and Finance," Federation of American Scientists, September/October 1995.


International Banking: The Next Frontier, editor, Loyola University of Chicago: Center for Financial and Policy Studies, September 1995.

"Bank Failures, Systemic Risk, and Bank Regulation," Working Paper Series, Federal Reserve Bank of Chicago, January 1996.

"Bank Fragility: Causes, Implications and Evidence," Working Paper Series, Federal Reserve Bank of Chicago, September 1996.

"How Should Financial Institutions and Markets Be Structured- Analysis and Options for Financial System Design" Working Paper Series, Federal Reserve Bank of Chicago, December 1996 (co-author with Randall Kroszner),.

NASDAQ: Market Efficiency and the Public Interest, editor, Loyola University Chicago: Center for Financial and Policy Studies, March 1997.

"Preventing Bank Crises: Taking the 'State' Out of State Banks," presented at Levy Institute, New York, April, 1997 and Pacific Basin Economics and Finance Conference Singapore, July 1997.

"FDICIA After Five Years: A Review and Evaluation," Working Paper Series, Federal Reserve Bank of Chicago, July 1997 (co-author with George Benston).

"Banking Reform: The Whys and How Tos," presented at EWC/KDI Conference on "Restructuring the National Economy," Honolulu, Hawaii, August 1997.

"Structuring Prudential Bank Regulation to Promote Efficiency and Safety," presented at Conference on "Regulation in Post-Privatization Environments: The Latin American Experience," Buenos Aires, Argentina, May 1998 and at Pacific Basin Business, Economics, and Finance Conference, Hong Kong, 1998.

"Central Banks, Asset Bubbles, and Financial Stability," presented at the Conference on Transitional Economics, Dubrovnik, Croatia, June 1998 and Western Economic Association, June 1998.

"How Real is the Risk of Massive Banking Collapse-" Paper presented at Forum of Global Derivatives, Paris, France, April 27, 1999.

"Does the Japanese Stock Market Price Bank Risk- Evidence from Bank Failures," Working Paper Series, Federal Reserve Bank of Chicago December 1999 (co-authored with Elijah Brewer, Hesna Genay and W. Curt Hunter).

"Do Markets Discipline Banks and Bank Holding Companies- Evidence from Debt Pricing," working paper, Federal Reserve Bank of Chicago, June 2000 (co-authored with Julapa Juatiani and Catharine Lemieux).

"Emerging Economies and International Financial Centers," Paper presented at Pacific Basin Finance, Economics and Accounting Conference, Taiwan May 1999, Financial Management Association Meetings, Orlando, November 1999, and Southern Finance Association, Savannah, GA., November 2000.

"Banking and Currency Crises and Systemic Risk," Paper Presented at Pacific Basin Finance Conference, Taiwan, May 1999; Bank of the Netherlands, Amsterdam, November 1999; Federal Reserve Bank of New York, December 1999 and Working Paper, Federal Reserve Bank of Chicago, August 1999.

"Do Lender of Last Resort Operations Require Bank Regulation-" Paper Presented at American Enterprise Institute, Washington, D.C., October 1999.

"The Myth of Systemic Risk," Financial Services Newsletter (Federalist Society), Vol. 3, No. 3, 2000.

"Credit to the Needy Needn't Be Predatory," Chicago Tribune, August 16, 2000.

"Can the U.S. Banking System Derail the Prosperity" Paper presented at the Annual Meeting of National Association of Business Economists, Chicago, September 2000.

"Does Bank Regulation Retard or Contribute to Systemic Risk," Paper presented at Joint Meeting of Shadow Financial Regulatory Committees, Tokyo, October 2000, at Conference on The Future of Bank Capital Standards, Amsterdam, June 2001, and Working Paper Series (No.86), Stanford Institute for Economic Policy Research, Stanford University, January 2001 (co-author with Kenneth E. Scott).

"Post-Resolution Treatment of Depositors at Failed Banks: Implications for the Severity of Banking Crises, Systemic Risk and Too-Big-To-Fail" Working Paper Series (00-16), Federal Reserve Bank of Chicago, December 2000 and IMF Working Paper (01/83), (co-author with Steven Seelig).

"Issues in Implementing Deposit Insurance Systems: Comments" Presented at Conference on Designing an Effective Deposit Insurance Structure: An International Perspective, sponsored by The Financial Stability Forum at Federal Reserve Bank of Chicago, December 12, 2000.

"Implications of Globalization on Financial Institutions and Markets," Paper presented at Conference on Chicago's Global Economic Connections and Challenges, sponsored by Global Chicago at Federal Reserve Bank of Chicago, January 19, 2001.

"Macro-Economic Stability and Bank Soundness" Paper presented at Conference on Financial Reform and Stability," sponsored by The IMF, Hyderabad, India, March 29-30, 2001.

"Market Signals and System Risk" Panelist remarks at Conference on Banks and Systemic Risk, Bank of England, London, May 23-25, 2001.

"Congress Should Not Monkey with Deposit Insurance," American Banker, August 10, 2001

"Reforming Deposit Insurance - Once Again", Chicago Fed Letter, November 2001.

"Introduction", Remarks at a workshop on Resolving Large Complex Banking Organizations, Federal Reserve Bank of Chicago, November 16, 2001.

"Explaining Bank Credit Crunches and Procyclicality", Chicago Fed Letter, July 2002 (co-author with Robert Bliss).

"A Proposal for Efficiently Resolving Out-of-the-Money Swap Positions at Large Insolvent Banks," Working Paper Series (2003-01), Federal Reserve Bank of Chicago, January 2003.

"Depositor Liquidity and Loss-Sharing in Bank Failure Resolutions", Working Paper Series (2003-02), Federal Reserve Bank of Chicago, January 2003.

"Musings on Financial Stability Issues: An Interview with Professor George Kaufman," Bulletin (Reserve Bank of New Zealand), June 2004.

"Resolving Insolvencies in Banking," ISCR Competition and Regulation Times (Victoria University, New Zealand), August 2004

"Resolving Insolvency Resolution and Deposit Insurance" Proceedings IPAB Conference, Mexico City, March 7-8, 2005.

"Tribute to Gerald O. Bierwag," Journal of Banking and Finance, July 2006.

"Prompt Closure Is Better than Deposit Insurance," American Banker, July 28, 2006.

"Why a Run on UK's Northern Rock and Not on US' Countrywide?" Market Commentary (Cumberland Advisors), October 15, 2007 and Economic Blog (Wall Street Journal), October 18, 2007.

"If Northern Rock Had Been in the U. S.", American Banker, December 14, 2007.

"Turmoil reveals the inadequacy of Basel II," Financial Times, February 28, 2008. (Co-author with Harald Benink)

“Interview,” Region Focus (Federal Reserve Bank of Richmond), Fall 2009.

“La crisis financier de 2007-0X Pecados y pecadores”, Papeles de Economia Espanola, 122, 2009.

“Shadow Financial Regulatory Committee,” Journal of Applied Finance, Vol. 21, No.1, 2011,(Co-author with Charles Calomiris).

“Asset Price Bubbles: What are the Causes, Consequences, and Public Policy Options,” Chicago Fed Letter, November 2012, (Co-author Douglas Evanoff and A.G. Malliaris).

“Too Big to Fail: What Does it Mean?”, Special Paper 222 (London School of Economics), June 2013.

 

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PAPERS PRESENTED AT PROFESSIONAL MEETINGS:

Midwest Economic and Finance Associations: 1964, 1965, 1970, 1981, 1982, 1983, 1984, 1986, 1990, 1994 (Keynote Luncheon), 1995, 2000, 2001, 2002 (Keynote Lecture).

Southern Economic and Finance Associations: 1968, 1973, 1978, 1983, 1988, 1991, 1992, 1993, 1997, 1999, 2000.

Western Statistical Association: 1970.

Western Finance Association: 1971, 1973, 1975, 1976, 1978, 1980, 1981, 1982, 1983, 1984, 1987.

Western Economic Association: 1973, 1977, 1979, 1981, 1982, 1986, 1989, 1990, 1991, 1992, 1993, 1994, 1995, 1996,1998, 1999, 2000, 2003, 2005, 2013

Federal Reserve Bank of Chicago Bank Structure Conference: 1967, 1971, 1972, 1974, 1976, 1977, 1979, 1981, 1982, 1983, 1984, 1985, 1986, 1987, 1988, 1989, 1992, 1993, 1999.

Econometric Society: 1971, 1973, 1980, 1985.

Eastern Finance Association: 1973, 1978, 1990, 1992, 1999.

American Real Estate and Urban Economics Association: 1977, 1978, 1980.

Financial Management Association: 1978, 1979, 1980, 1985, 1986, 1988, 1990, 1991, 1992, 1993, 1994, 1995, 1998, 1999, 2000, 2002, 2003, 2004, 2005, 2006 (European Meeting), 2006

American Finance Association: 1981, 1983, 1993.

Canadian Finance Association: 1988 (Distinguished Lecture).

European Finance Association: 1990, 1992.

American Association for the Advancement of Science: 1993.

Pacific Basin Business, Economics, and Finance Conference: 1995, 1997, 1998, 1999, 2000, 2005

Japanese Society of Monetary Economics: 1996 (Keynote).

Academy of Economics and Finance: 1997 (Keynote).

Global Finance Association, 2000.

North American Economics and Finance Association, 1999, 2003, 2004, 2005

Society on Economics and Management in Pacific Countries, 2000, 2001, 2003

Taiwan Economics Association, 2005 (Keynote).

 

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INVITED SEMINARS AT UNIVERSITIES:

University of Minnesota, University of Michigan, Stanford University, Northwestern University, University of Southern California, University of Maryland, University of Washington, University of Iowa, University of Nebraska, Northern Illinois University, University of Notre Dame, Northern Michigan University, University of Arizona, Arizona State University, University of Illinois, DePaul University, University of Louisville, Pennsylvania State University, University of Toledo, University of Chicago, Emory University, University of Delaware, Dartmouth College, Columbia University, Western Michigan University, Northern Iowa University, Southern Methodist University, Texas Tech University, University of New Mexico, University of Texas, Deakin University (Australia), Hofstra University, New York University, University of Texas, University of Miami, Florida International University, University of Wisconsin at Milwaukee, Wake Forest University, Case Western Reserve University, University of Rome, Colorado State University, University of Alabama, Oklahoma State University, Concordia University (Canada). University of the South, York University (Canada), Dalhousie University (Canada), Harvard Law School, St. Mary’s University (Canada), Victoria University (New Zealand), Auckland University (New Zealand), Canterbury University (New Zealand), Massey University (New Zealand), Otago University (New Zealand), Bocconi University (Italy), Cass Business School (London), London School of Economics, University of Groningen (Netherlands), University of Zurich, Harvard University, University of Warwick (UK)         ,Oberlin College, Indiana State University.

 



INVITED OTHER PRESENTATIONS:

Federal Reserve Bank of San Francisco, Federal Reserve Bank of St. Louis, American Enterprise Institute, Cato Institute, Georgetown Law School, Columbia University Management Program, University of Chicago Management Program, The World Bank, Federal Home Loan Bank of San Francisco, Federal Reserve Bank of Cleveland, Federal Home Loan Mortgage Corporation, University of New South Wales (Australia) Banking Conference, University of Melbourne (Australia) Banking Conference, Columbia University Banking Conference, Stanford University Banking Conference, Reserve Bank (Australia), Chicago Clearing House Association, Salomon Brothers Conference, Federal Financial Institutions Examination Council, Levy Economics Institute, Brookings Institution, National Bureau of Economic Research, John Marshall Law School, Chicago Bar Association, Institute for Comparative and International Law at the University College (Dublin, Ireland), St. Xavier University, Financial Manager's Society, Institute for EastWest Studies (Budapest, Hungary), Canisius University, Bank of Italy, Federal Reserve Bank of Atlanta, Board of Governors of the Federal Reserve System, Koc University (Turkey), International Conference, University of Toronto, Bank for International Settlements (Basel, Switzerland), Inter-American Development Bank, Federal Reserve Bank of Chicago, Federal Reserve Bank of Richmond, Japanese Society of Monetary Economies, Academy of Economics and Finance, Canada Deposit Insurance Corporation, East-West Center and Korea Development Institute (Hawaii), International Monetary Fund, University of Palermo (Argentina), International Communications for Management (London), Dubrovnik Conference on Transitional Economics (Croatia), Forum on Global Derivatives (Paris, France), Bank of England, Nederlandsche Bank, Federal Reserve Bank of New York, National Association of Business Economists, World Bank, Swedish Riksbank (Stockholm), Reserve Bank of New Zealand, Federal Deposit Insurance Corporation, Mexican Deposit Insurance Authority, Bank of Guatemala, American Institute for Economic Research, FDIC, European Commission, European Central Bank, Bank of Finland, Bank of Estonia, Bank of Spain, Spanish Saving Banks Foundation.

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OTHER PROFESSIONAL ACTIVITIES AND PUBLIC SERVICE:

Program Coordinator for and editor of Proceedings of Annual Conference on Bank Structure and Competition sponsored by the Federal Reserve Bank of Chicago, 1964-69.

Midwest Finance Association
Member, Board of Directors, 1968-70, 1981-82.
Vice President, 1983-84.
Program Chair, 1984-85.
President Elect, 1985-86.
President, 1986-87.

Western Finance Association
Vice President and Program Chairman, 1973-74.
President, 1974-75.
Chairman, Nominating Committee, 1976, 1977, 1979.
Member, Program Committee, 1971, 1976, 1977, 1979, 1980, 1981, 1982, 1984, 1985,
1986, 1987, 1988, 1989, 1996, 1997

American Finance Association
Member, Nominations Committee, 1977.
Member, Board of Directors, 1977-80.
Member, Program Committee, 1990, 2002.

Financial Management Association:
Member, Best Financial Institutions Paper Selection Committee, 1986-87 (Chair, 1987)
Member, Best Fixed Income Paper Award Committee, 1997
Member, Program Committee, 1988, 1989, 1990, 1991, 1993, 1999, 2002 (European and U.S.).
Program Track Chair, 2000.

North American Economic and Finance Association (International Banking, Economic and Finance Association):
Program Chair, 2002
President, 2003
Program Chair- Summer meetings, 2004

 

Western Economic Association:

Board of Directors, 2005 -

Chairman, Best Graduate Student Paper Selection Committee, 1982.

 

Shadow Financial Regulatory Committee:
Co-Chair, 1986-

Financial Economists Roundtable:
Executive Committee, 1992-
Executive Director 1998 -

Program Coordinator and Editor, Annual International Banking Conference, 
Federal Reserve Bank of Chicago, 1997-

Professional Journals
Journal of Financial Services Research
Co-Editor, 1987-2000.
Journal of Financial Stability
Founding Editor, 2000-
Co-Editor, 2004-

Multinational Finance Journal,

Editor for Financial Institutions, 2001 -

 

Editorial Boards (Associate Editor):
Journal of Financial and Quantitative Analysis, 1972-87.
Journal of Business Research, 1973-77.
Journal of Bank Research, 1979-87.
Journal of Credit Union Management and Economics, 1981-82.
Journal of Financial Research, 1982-1993.
Journal of Money, Credit and Banking, 1984-
Financial Review, 1986-92.
Journal of Applied Business Research, 1986-
Housing Finance Review, 1987-1990.
Contemporary Economic Policy, 1987-
North American Review of Economics and Finance, 1990-
Journal of Managerial Issues, 1992-
Review of Pacific Basin Financial Markets and Policies, 1998-

Multinational Finance Journal, 2001–

Journal of Economic Asymmetries, 2004 -

 

Refereed manuscripts for: American Economic Review; Journal of Finance; Journal of Money, Credit and Banking; Journal of Financial and Quantitative Analysis; Journal of Business Research; Journal of Political Economy; Economic Inquiry; Financial Management; State and Local Government Review; Journal of Banking and Finance; Journal of Financial Research; Management Science; National Tax Journal; American Real Estate and Urban Economics Association Journal; Financial Analysts Journal; Journal of Bank Research; Journal of International Money and Finance; Housing Finance Review; Journal of Business; Quarterly Review of Economics and Business; Journal of Portfolio Management; Business Economics; Growth and Change; Financial Review; Journal of Monetary Economics; Journal of Consumer Affairs; Journal of Financial Education; Managerial and Decision Economics; Journal of Economic Education; Journal of Regulatory Economics; Journal of Financial Services Research; International Review of Economics and Finance; Journal of Financial Intermediation, Real Estate Economics, Financial Services Review, Financial Practice and Education, Southern Economic Journal, Review of Quantitative Finance and Accounting, Journal of Economics and Finance, Review of Pacific Basin Financial Markets and Policies, Journal of Economic Surveys, Multinational Finance Journal, Bank of England Financial Stability Review, Quarterly Journal of Business and Economics, Journal of Applied Finance, Journal of Law and Economics

TIAA-CREF (Teachers Insurance and Annuity Association-College Retirement Equity Fund)
Member, Policyholders Nominating Committee, 1976-78 (Chair, 1978).
Elected Trustee, CREF, 1982-1986.
Member, Research Advisory Committee to College of Business Administration, University of Illinois at Chicago, 1969-70.
Member, Stonier Graduate Fellowship Committee, American Bankers Association, 1972.
Chairman, Oregon State Treasurer's Municipal Bond Issuance Committee, 1974-75.
Member, External Evaluation Committee, College of Business, University of Minnesota, 1976.
Finance Area Coordinator - Annual Meetings of American Institute of Decision Sciences, 1976.
Reviewer for National Science Foundation, 1976-
Member, ETS Graduate Record Examination in Economics Testing Committee, 1977-78.
Faculty, Pacific Coast Banking School, University of Washington, 1982-90.
Faculty, Graduate School of Banking, University of Wisconsin, 1986-1987.
Member, Planning Committee for Annual Chicago Economic Outlook Conference, 1982-84 (Chair, 1983-84).
Member, Research and Project Committee of the Herbert V. Prochnow Educational Foundation (Wisconsin Graduate School of Banking), 1985-90.

Loyola University Chicago
Chair, SBA Research Committee, 1997- 2006
Member, Graduate Curriculum Committee, 2009- 
Member, University Investment Committee, 1987-2000.
Member, SBA Rank and Tenure Committee, 2003-06, 2009-
Chair 2003-06       
Member, SBA Dean Search Committee, 1999-2000 and 2004-05.
Chair, Considine Chair Search Committee, 2006-07.

Member, Board of Directors:
Rochester (NY) Community Savings Bank, 1988-1997.
Household Bank (Illinois), 2002-2003.

Member, Journal Policy Boards:
Midwest Finance Association - Financial Review, 1987-91
Western Finance Association - Journal of Financial and Quantitative Analysis, 1987-1988.

Member, International Association of Financial Engineers
Board of Advisors, 1991-2000
Program Committee, 1993-94
Financial Engineer of Year Selection Committee, 1999.

Member, Systemic Risk Committee, Federation of American Scientists, 1995-96.
Advisory Committee, Lebanese-American Institute of Banking and Finance U.S. Advisory Committee, 1998
Member, Global Chicago Committee, Chicago Council on Foreign Relations, 2002-03.
Member, Advisory Panel, International Association of Deposit Insurers, 2008 –
Member, Program Committee, Finlawmetrics Conference, Bocconi University, Milan, Italy, 2008-
Member, Federal Reserve System’s Centennial Advisory Council, 2011-

Consultant:
State Treasurer, Oregon, 1974-77.
Government Development Bank, Puerto Rico, 1975.
Securities Industry Association, 1978-82.
U. S. Treasury Department, 1981.
Federal Reserve Bank of Chicago, 1981-
Federal Home Loan Bank Board (Task Force on Deposit Insurance Reform), 1982-83.
American Bankers Association (Task Force on Bank Safety and Soundness), 1984-85.
World Bank, 1988.
Institute for EastWest Studies, 1994-96.
Inter-American Development Bank, 1995
Private firms.

Visiting Scholar:
Federal Reserve Bank of
San Francisco, (1975-1976)
Comptroller of the Currency, (1978)
Federal Reserve Bank of
Cleveland, (1988)
Federal Reserve Bank of Dallas, (1989-90)
Deakin University (Australia)
, (1990)
Federal Reserve Bank of New York
(1999)

Reserve Bank of New Zealand, (2004)

 

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AWARDS AND HONORS:

President, Western Finance Association, 1974-75
President, Midwest Finance Association, 1986-87
President, North American Economic and Finance Association, 2003
President, Western Economics Association, 2013-14
Board of Directors, American Finance Association, 1977-80
Adam Smith Award, National Association for Business Economics, 2002
Distinguished Scholar Award, Midwest Finance Association, 2002
Life time Achievement Award, Midwest Finance Association, 2011
Distinguished Fellow, North American Economic and Finance Association, 2006
Outstanding Faculty Member, College of Business, Loyola University, 1983
Faculty Member of the Year, Loyola University, 1992
Researcher of the Year, College of Business, Loyola University, 2007
Professional Fellow, Reserve Bank of New Zealand, Spring, 2004
State Bank Visiting Research Professor, Deakin University, Australia, Fall, 1990
 

NIGHT SCHOOL FACULTY:

Roosevelt University 1962
Chicago City Junior College 1962-63
Northwestern University 1965-68

RESEARCH GRANTS:

National Science Foundation
Federal Home Loan Bank Board
Securities Industry Association
American Enterprise Institute
Chartered Financial Analysts Foundation
Prochnow Foundation (Wisconsin Graduate School of Banking)
Institute for Quantitative Research in Finance

 

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Masters in Business AdministrationGraduate School of BusinessLoyola University Chicago

 

 

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