search query: @author Allen, F. / total: 25
reference: 4 / 25
| Author: | Allen, F. |
| Title: | Competition Among Banks: Introduction and Conference Overview |
| Journal: | European Finance Review
2001 : VOL. 5:1-2, p. 1-11 |
| Index terms: | COMPETITION BANKS CONFERENCES REVIEWS |
| Language: | eng |
| Abstract: | The U.S. traditionally had a radically different view of competition in the financial sector compared to other countries. Distrust of power in the hands of large financial institutions very early led to restrictions on the ability of banks to expand geographically or to diversify into other activities. Throughout the nineteenth century the U.S. banking system was highly fragmented and unlike every other industrializing country the U.S. failed to develop nationwide banks with extensive branch net works. Prior to the Civil War, states were free to regulate their own banking systems and there was no national system. Many states adopted a "free banking" system that allowed free entry. The advent of the Civil War in 1861 significantly changed the role of the Federal Government in the financial system. |
SCIMA