Discussion of Banking Concentration, Financial Stability and Public Policy
نویسنده
چکیده
The discussion of Claudio Borio’s and Franklin Allen’s papers left me thinking that history has not been kind to the Wallis Committee of Inquiry into the Australian Financial System. It would appear that banks complement fi nancial markets, rather than substitute for them, to a far greater extent than assumed by the Committee. This even led to speculation that the Wallis architecture of creating an integrated prudential supervisor separate from the central bank might have been – at least in hindsight – a mistake.
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