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Journal of Economic Perspectives: Vol. 8 No. 3 (Summer 1994)
JEP Volume. 8, Issue 3 | 
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Universal Banking
Article Citation
Benston, George J. 1994. "Universal Banking."
Journal of Economic Perspectives,
8(3): 121-143.
DOI: 10.1257/jep.8.3.121
DOI: 10.1257/jep.8.3.121
Abstract
Universal banks can offer the entire range of financial services within the bank or through subsidiaries. Most countries permit universal banking. In contrast, the United States is served only by specialized banks. Universal banking, particularly in Germany, is contrasted with specialized banking with respect to their effect on financial stability, economic development, other financial institutions, concentration of political and economic power, consumer choice, and conflicts of interest. This examination, including a review of relevant empirical studies, leads to the conclusion that universal banking offers many benefits and few costs to U.S. consumers.
Article Full-Text Access
Full-text Article (Complimentary)
Authors
Benston, George J. (Emory U)
JEL Classifications
G21: Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
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