search query: @author Miller, G. / total: 9
reference: 8 / 9
| Author: | Miller, G. |
| Title: | On the obsolescence of commercial banking |
| Journal: | Journal of Institutional and Theoretical Economics
1998 : MAR, VOL. 154:1, p. 61-73 |
| Index terms: | ECONOMICS BANKING OBSOLESCENCE |
| Language: | eng |
| Abstract: | This paper considers the obsolescence of commercial banking from the perspective of economic history. As a result of economic growth in money markets, it is now possible to operate a payments system in which liabilities payable on demand are backed by a diversified portfolio of liquid securities. Such a payments system, sometimes known as "mutual fund banking," is theoretically preferable to traditional commercial banking because it is not subject to the risk of runs or panics. |
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