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The Glass-Steagall Act in historical perspective

机译:从历史角度看《格拉斯·斯蒂格尔法案》

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Implementation of Volcker's Rule requires a historical perspective on the original Glass-Steagall Act of 1933 that separated commercial banking from investment banks in the United States. Like the Dodd-Frank legislation, the Banking Act of 1933 was passed before full analysis of the financial crisis was possible. The intended consequences of Glass-Steagall made Federal deposit insurance feasible by limiting entry of new banks while preserving unit banking. The unintended consequences, however, cut off access by small- and medium-size enterprises to external finance and also reduced the capital base for investment banks. Despite these harmful effects, the American economy did recover eventually.
机译:沃尔克规则的实施需要对1933年最初的格拉斯-斯蒂格尔法案(Glass-Steagall Act)进行历史考察,该法案将美国的商业银行与投资银行分开。像多德-弗兰克(Dodd-Frank)立法一样,在对金融危机进行全面分析之前,通过了1933年《银行法》。格拉斯-斯蒂格尔(Glass-Steagall)的预期后果是,通过限制新银行的进入并保留单位银行业务,使联邦存款保险变得可行。但是,这种意想不到的后果使中小企业无法获得外部资金,也减少了投资银行的资本基础。尽管有这些有害影响,美国经济确实最终得以恢复。

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