The relative decline of commercial banks and the rapid growth of other financial intermediaries provoke debate in the 1950’s over whether or not evolution and innovation in non-deposit financial institutions would undermine the effectiveness of monetary policy. Since early 1961, however, total assets of commercial banks have grown nearly twice as fast as they did in the 1950’s and banks have adopted new practices the might alter their responses to Federal Reserve actions. Consequently, a new debate is under way, focused this time on how evolution and innovation in banks will influence the effectiveness of monetary policy. It has been suggested that recent bank innovations have made the banking system less stable, have weakened Federal Reserve control over the money supply, and have loosened the links connecting money supply with income and prices.
This paper will describe new services, methods of attracting funds, and recent innovations in allocation of bank assets. Some of their implications will be discussed within the framework of the so-called “new view” of banks as intermediaries. Possible effects on Federal Reserve policy and on the growth prospects of commercial banks will be viewed in the light of recent research on the demand for money and other assets. Because the impact of automation has already been covered by Governor Mitchell, I shall concentrate on other innovations, recognizing of course that most of them have been influenced by the new technical possibilities offered by computers.
The Innovations
Banks undoubtedly have done more innovating in the last five years than in the preceding twenty-five. The recent innovations, moreover, are radically different from those imposed by legislation in the 1930’s, when the banks were numb from the shock of the Great Contraction. Innovations this time are responses to expanding possibilities in the markets for financial services.
The upsurge of state and local government borrowing has expanded banks’ activities not only as investors but also as underwriters. Bank trust departments have won management responsibility for most of the reserves of private non-insured pension plans, becoming in the process by far the largest institutional group in the stock market. They soon may be offering commingled investment accounts for individuals. As world trade and investment have grown, U.S. banks have greatly expanded their overseas services. The Eurodollar, one of the most remarkable financial innovations in history, is based upon transfer services provided by banks in this country.
这纸将会描述新的服务, 吸引基金、和银行资产的配置的最近的改革方法。 一些他们的含意当做仲裁者将会在银行的所谓 " 新的视野 " 的结构里面被讨论。 在美国联准会政策和商业银行的生长视野上的可能的效果将会鉴于在对钱和其他的资产要求方面的最近的研究被看。 因为自动化的冲击已经被米契尔州长复盖了,我将专注于其他的改革,当然认识他们大部份已经被从计算机得到的新技术上的可能性影响。
改革
毫无疑问地存入银行已经做在最后五年内改革更甚于在那前述的二十五。 最近的改革,而且,根本地不同于在 1930 年代被立法强加的那些, 当银行从棒收缩的震惊是麻木的时候。 改革这次是反应到为财务的服务在市场中扩张可能性。
州的涌起和地方政府外来语已经扩大银行的活动不只有当做投资者但是也当做保险业者。 存入银行信托的部门已经嬴得管理对私人非被保险的退休金计划的大部份预备品的责任, 在程序股票市场中显然最大制度的小组中变成。 他们很快可能提供混合投资解释个体。 当世界贸易和投资已经扩大,美国银行已经非常扩大他们的海外服务。 存于欧洲非美国银行的美金,在历史中最显着的财务改革之一, 以在这国家中是由银行提供的移动服务为基础。
本文将说明新的服务项目,方法,吸引资金,以及最近的创新,在分配银行的资产。他们的一些影响,将讨论的框架内与这个所谓的“新视角”银行作为中介机构。可能对联邦储备局的政策,以及对增长前景的商业银行将在看,鉴于最近的研究对货币需求和其他资产。因为自动化的影响已涵盖总督米切尔,我会集中讨论其他创新,认识当然,他们大部分已受新的技术所提供的可能性电脑。
创新
银行无疑是做了更多的创新,在过去五年内,比在此之前的05年。最近的创新,此外,是根本不同的,从这些所施加的法例在1930年的,当银行从麻木的冲击,伟大的收缩。创新,这是时间的反应,扩大的可能性,在市场的金融服务。
兴起的国家和地方的政府举债,扩大了银行的活动,不仅作为投资者,而且作为承销商。银行信托部门,赢得了管理责任,大部分的储备,私人非投保养老金计划,成为在这个过程中迄今为止最大的机构组在股票市场上。他们很快可以提供commingled投资账户的个人。作为世界贸易和投资增长,美国银行已大大扩展了他们的海外服务。欧洲,其中最引人注目的金融创新,在历史上,银行在这个国家是根据转让所提供的服务。本回答被网友采纳