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1 1 Updated: April 13, 2012 CURRICULUM VITAE Edward J. Kane 2325 E Calle Los Altos Tucson, AZ 85718 Home Phone: (520) 299-5066 Boston College Finance Department Chestnut Hill, MA 02467 Office Phone: (520) 299-5066 Fax: (617) 552-0431 www2.bc.edu/~kaneeb PERSONAL: Born June 30, 1935 Married; Three Adult Children EDUCATION: M.I.T.: Ph.D. in Economics, 1960 Georgetown University: B.S. in Economics, 1957 ACADEMIC EXPERIENCE Boston College: Professor of Finance, 2009-; James F. Cleary Professor in Finance, 1992-2009, Prof. of Economics, 1968-72; Assoc. Prof., 1966-68; Lecturer, Summer, 1960 The Ohio State University: Everett D. Reese Professor of Banking and Monetary Economics, 1972-1992. Princeton University: Assistant Professor, 1961-66 Iowa State University: Assistant Professor, 1960-61 Adjunct Professor: Deakin University (Australia), 1994-. Visiting Professor: Adelaide University, April 2011: Arizona State University, Spring l989; Simon Fraser University, Summer 1971; Istanbul University, Spring 1966. Visiting Scholar: University of Arizona, 1991- 2002 (winter months). EDITORIAL EXPERIENCE Associate Editor, Journal of Banking and Finance, 1986-1995 and 2000-2008. Advisory Editor: The Pacific Basin Finance Journal, 1992-.

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Page 1: October 14, 1997 · 2 2 Advisory Editor: Journal of Empirical Finance, 1992-. Editorial Board: Quarterly Review of Economics and Finance, 1979-. Advisory Board: Economic Policy Review

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Updated: April 13, 2012

CURRICULUM VITAE

Edward J. Kane

2325 E Calle Los Altos

Tucson, AZ 85718

Home Phone: (520) 299-5066

Boston College

Finance Department

Chestnut Hill, MA 02467

Office Phone: (520) 299-5066

Fax: (617) 552-0431

www2.bc.edu/~kaneeb

PERSONAL: Born June 30, 1935

Married; Three Adult Children

EDUCATION: M.I.T.: Ph.D. in Economics, 1960

Georgetown University: B.S. in Economics, 1957

ACADEMIC EXPERIENCE

Boston College: Professor of Finance, 2009-; James F. Cleary Professor in Finance,

1992-2009, Prof. of Economics, 1968-72; Assoc. Prof., 1966-68; Lecturer,

Summer, 1960

The Ohio State University: Everett D. Reese Professor of Banking and Monetary

Economics, 1972-1992.

Princeton University: Assistant Professor, 1961-66

Iowa State University: Assistant Professor, 1960-61

Adjunct Professor: Deakin University (Australia), 1994-.

Visiting Professor: Adelaide University, April 2011: Arizona State University, Spring

l989; Simon Fraser University, Summer 1971; Istanbul University, Spring 1966.

Visiting Scholar: University of Arizona, 1991- 2002 (winter months).

EDITORIAL EXPERIENCE

Associate Editor, Journal of Banking and Finance, 1986-1995 and 2000-2008.

Advisory Editor: The Pacific Basin Finance Journal, 1992-.

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Advisory Editor: Journal of Empirical Finance, 1992-.

Editorial Board: Quarterly Review of Economics and Finance, 1979-.

Advisory Board: Economic Policy Review of Federal Reserve Bank of New York,

1995-.

Associate Editor: Multinational Finance Journal, 1996-.

Associate Editor: Atlantic Economic Journal, 2005-.

Associate Editor: Review of Financial Economics, 2009-.

Associate Editor: Quarterly Review of Finance, 2009-.

Completed Terms: Academic Advisory Board: Brookings-Wharton Papers on

Financial Services, 1997-2004, Advisory Board, Journal of Money, Credit and

Banking, 1975-2000, Acting Editor, Spring 1979; Book Review Editor (1967-70)

and Associate Editor (1974-1992), Journal of Finance; Associate Editor, Review

of Social Economy, 1965-1999; Board of Editors, Journal of Financial Services

Research, 1987-1999; Associate Editor, Journal of Financial Research, 1981-87;

1991-1993; Editorial Boards of Housing Finance Review, 1980-89; Journal of

Bank Research, 1974-1985; Asia-Pacific Journal of Management, 1990-1995; and

Editorial Advisory Board: Financial Practice and Education, 1993-2000.

BUSINESS AND GOVERNMENT EXPERIENCE

Research Associate, National Bureau of Economic Research, 1979-.

Shadow Financial Regulatory Committee, 1986-1996 and 2005-.

Trustee (and Member of Finance Committee), Teachers Insurance and Annuity

Association of America, 1975-1987.

Consultant: World Bank, l988, 1989, and 1992-2005; Credit Union National

Administration, Washington, D.C., 1997; Federal Reserve Bank of Chicago,

1996; Office of Comptroller of the Currency, 1995; Prudential Insurance, 1994;

Charles Schwab, 1993; Reserve Bank of Australia, 1991; Congressional Budget

Office, 1989-91 and 1996; American Council of Life Insurance, 1990; American

Enterprise Institute, l986-88; American Bankers Association, l985; Federal Home

Loan Mortgage Corporation, l983-84; U.S. General Accounting Office, l984-87;

U.S. Congress, Office of Technology Assessment, l982-83; Capital Preservation

Fund, l982; Fidelity Management and Research, l979-80; The Urban Institute,

l980 and 1988-89; U.S. Congress, Joint Economic Committee, l978-80; U.S.

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Department of Housing and Urban Development, l978-85; State Savings, l977-

1992; Rochester Community Savings Bank, 1989; Federal Home Loan Bank

Board, l972-73; Federal Reserve Bank of Boston, l967-72; Federal Aviation

Administration, l967; Mathematica (Princeton, N.J.) l962-65.

Expert Witness: Canada Revenue Agency,2008-;Alston and Bird, 1999; McFadden

Winner and Savage, 1999; Sherborne, Powers & Needham, 1994; Davis, Polk,

and Wardell, 1992-93; Spriggs and Hollingsworth, 1992; Sidley and Austin, 1991;

Department of Justice, l987-90; Internal Revenue Service, l987-90; Frost and

Jacobs, l987-88; Covington and Burling, l987; Hendricks and Lewis (Seattle,

WA), l987; City of Los Angeles, l985-86; Morrison, Mahoney, and Miller

(Boston, Mass.), l97l.

Senior Financial Economist, Federal Deposit Insurance Corporation, l975-76.

Visiting Scholar, Federal Reserve Bank of San Francisco, Summer, 1975 and 1999-.

Rapporteur, Merrill Center for Economics (Southampton, NY), Summer, 1961.

Research Assistant, Federal Reserve Board, Summers of 1958 and 1959.

PROFESSIONAL ACTIVITIES:

HONORS RECEIVED

Fellow of the American Finance Association, 2001-

.

Senior Fellow of the FDIC Banking Research Center, 2003-.

Thomas F. Divine Award from the Association for Social Economics, 2012.

Warren Samuels Prize from the Association for Social Economics, 2010.

President of North American Economics and Finance Association, 2005.

President of the International Atlantic Economic Society, 2005; Vice President, 2004;

Distinguished Associate since 2000.

Lifetime Achievement Award, Financial Intermediation Society, 2004.

Received Award for Best Paper in Financial Markets, submitted for the 2004 Midwest

Finance Association Meetings.

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Shared Adam Smith Award, National Association for Business Economics,

September, 2002.

Distinguished Scholar Award, Eastern Finance Association, 1998.

Board of Directors, Midwest Finance Association, 2002-2012.

Trustee of the Association for Social Economics, 1991-1996.

Distinguished Scholar, National Science Foundation, Republic of Taiwan, July 1993.

First Vice-President, Midwest Economics Association, 1982-83.

Vice-President (1978) and President (1979), American Finance Association.

The Ohio State University: Reese Chair, 1972-1992; Alumni Award for Distinguished

Teaching, 1981; Pacesetters Award for Outstanding Research, 1981; l987

Financial Mgt. Association Annual Meeting Competitive Paper Award in

Financial Institutions; Grants: Prochnow Educational Foundation, l987-88; HUD,

1979-80, 1980-81, 1983-84; NSF, 1972-74.

Boston College: John Simon Guggenheim Memorial Fellowship, 1969-70; NSF

Grants, 1967-69, 1971-72.

Princeton University: William T. Paterson Bicentennial Preceptor, 1964-66; NSF

Grant, 1965-66; Procter and Gamble Faculty Fellowship, 1962-63.

M.I.T.: Harold T. Stonier Fellowship, 1959-60; Goodyear Fellowship,l958-59.

Georgetown University: Cum Laude and Phoenix Medal in Economics, 1957;

Alumni Membership in Phi Beta Kappa in 1978.

PROFESSIONAL ASSOCIATIONS

MEMBERSHIPS: American Economic Association; American Finance Association;

National Tax Association--Tax Institute of America; International Atlantic Economic

Society; Midwest Finance Association.

PUBLIC SERVICE:

Academic Advisory Council, Federal Reserve Bank of Boston, 1995-

Advisory Board, Pacific-Basin Capital Markets Research Center at the University of

Rhode Island, Kingston, R.I., 1990-1996

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Committee of Examiners for the Advanced Economics Test, Educational Testing

Service, 1974-77

Numerous Boston College and Ohio State University Committees

National Science Foundation Panels: 1968, 1969, and 1971.

Outside Examiner, Oberlin College Honors Program in Economics, 1968.

FIELDS OF SPECIALIZATION IN TEACHING

Major: Financial-Institution Management and Regulation, Money and Banking,

Interest Rates, and Political Economy.

Minor: Applied Econometrics, Taxation, Macroeconomic Theory, and International

Finance

Specific Research Areas: Financial Crisis; Deposit Insurance; Causes and

Implications of Financial Change; The Changing Structure of Financial Services

Competition and Regulation; Politics of Policymaking; Taxation of Financial

Institutions and Instruments

PROFESSIONAL AND RESEARCH PUBLICATIONS

BOOKS

Banking and Capital Markets: New International Evidence (co-editor with Lloyd

Blenman and Harold Black). Singapore: World Scientific Publishing Co., 2010.

Deposit Insurance Around the World: Issues of Design and Implementation (coedited

with Aslı Demirgüç-Kunt and Luc Laeven). Cambridge: MIT Press, 2008.

The S&L Insurance Mess: How Did It Happen?, Wash.: Urban Institute Press, l989.

Perspectives on Safe and Sound Banking: Past, Present, and Future, Consultant's Report

to American Bankers Association, July, 1985, (Co-authored with George Benston, Robert

Eisenbeis, Paul Horvitz, and George Kaufman). Cambridge: MIT Press, 1986.

The Gathering Crisis in Federal Deposit Insurance, Cambridge, Mass.: MIT Press, 1985.

Inflation, Trade, and Taxes: Essays in Honor of Alice E. Bourneuf (coedited with D.

Belsley, P. Samuelson, and R. Solow), Columbus: Ohio State University Press, 1976.

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Economic Statistics and Econometrics: An Introduction to Quantitative Economics, New

York: Harper and Row, 1968.

ACADEMIC JOURNALS

“Regulatory Arbitrage in Cross-Border Mergers of Banks in the EU” (with Santiago

Carbo and Francisco Rodriguez), Journal of Money, Credit, and Banking (forthcoming)

“Missing Elements in US Financial Reform: A Kübler-Ross Interpretation of the Dodd-

Frank Act,” Journal of Banking and Finance 36 (March 2012), 654-661.

“Safety-Net Losses from Abandoning Glass-Steagall Restrictions” (with K. Carow and R.

Narayanan), Journal of Money, Credit, and Banking, 43 (October 2011), 1371-1398.

Unmet Duties in Managing Financial Safety Nets,” Business Ethics Quarterly 21, (March,

2011), pp. 1-22.“Unmet Duties in Managing Financial Safety Nets,” Business Ethics

Quarterly pp. 1-22.

“Importance of Monitoring and Mitigating the Safety-Net Consequences of Regulation-

Induced Innovation," Review of Social Economy, 58 (June 2010),145-162.

“Redefining and Containing Systemic Risk,” Atlantic Economic Journal,38 (June 2010),

251-264.

“The 2007 Meltdown in Structured Securitization: Searching for Lessons Not

Scapegoats” (with Gerard Caprio and Aslı Demirgüç-Kunt), World Bank Research

Observer, 25 (Feb. 2010), 125-155.

“Rating ‘Agencies’: How Regulation Might Help” (with Richard Herring), CESifo DICE

Report 1/201, 1-13.

“Extracting Nontransparent Safety-Net Subsidies by Strategically Expanding and

Contracting Financial Institution’s Accounting Balance Sheet,” Journal of Financial

Services Research, 35 (December 2009).

“Financial Economists Roundtable Statement on reforming the Role of the Rating

‘Agencies’ in the Securitization Process,” (with Richard Herring), Journal of Applied

Corporate Finance, 21 (winter 2009), 28-33.

“Ethical Failures in Regulating and Supervising the Pursuit of Safety-Net Subsidies,”

European Business Organization Law Review, 10 (2009), 185-211.

“Incentive Roots of the Securitization Crisis and Its Early Mismanagement,” Yale Journal

on Regulation, 26 (summer 2009), 405-416.

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“Evidence of Differences in the Effectiveness of Safety-Net Management in European

Union Countries” (with S. Carbo-Valverde and F. Rodriguez-Fernandez), Journal of

Financial Services Research, 34 (Sept./Dec., 2008), 151-176.

“Determinants of Deposit-Insurance Adoption and Design” (with A. Demirguc-Kunt and

L. Laeven), Journal of Financial Intermediation, 17(July 2008), pp. 407-38.

“Connecting National Safety Nets: The Dialectics of the Basel II Contracting Process,”

Atlantic Economic Review, 35 (Dec. 2007), 399-409.

“Basel II: A Contracting Perspective,” Journal of Financial Services Research, 32

(October 2007), 39-53.

“The Etiology of Financial Instability: Then and Now,” Economic Review, Federal

Reserve Bank of Atlanta, 92 (Q1 and Q2 2007), 132-134.

“How Have Borrowers Fared in Banking Megamergers?” (with Kenneth Carow and

Rajesh Narayan), Journal of Money, Credit and Banking, 38(2006), 821-36.

“Confronting Divergent Interests in Cross-Country Regulatory Arrangements,” Bulletin

of the Reserve Bank of New Zealand, 69, (June 2006), pp. 5-17.

“Can the European Community Afford to Resist the Need for More Transparent Safety-

Net Management?” Atlantic Economic Journal, 34 (September 2006)

“Charles Kindleberger: An Impressionist in a Minimalist World,” Atlantic

Economic Journal, 33 (March 2005), 35-42.

“Financial Regulation and Bank Safety Nets (in Spanish)”, Papeles de Economia

Española, 101 (2004), pp. 34-63.

“Golden Rule of Corporate Governance and Sarbanes-Oxley Act,” Finance and the

Common Good/Bien Commun, 18-19 (2004), 85-102.

“Continuing Dangers of Disinformation in Corporate Accounting Reports,” Review of

Financial Economics, 13(2004), pp. 149-164.

“Alternatives to Blanket Guarantees for Containing a Systemic Crisis.” (with Daniela

Klingebiel), Journal of Financial Stability, (Sept. 2004), pp. 31-63.

“How Country and Safety-Net Characteristics Affect Bank Risk-Shifting” (with A.

Hovakimian and Luc Laeven), Journal of Financial Services Research, 23 (June 2003),

pp. 177-204.

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“What Kind of Multinational Deposit-Insurance Arrangements Might Best Enhance

World Welfare?” Pacific Basin Finance Journal, 2003, pp. 413-428.

“What Lessons Might Crisis Countries in Asia and Latin America Have Learned from the

S&L Mess?,” Business Economics, 38 (January 2003) pp. 21-30.

“Regression Evidence of Safety-Net Support in Canada and the U.S., 1893-1992” (with

Berry Wilson) Quarterly Journal of Economics and Finance, 42 (Fall, 2002), pp. 649-

671.

"Event-Study Evidence of the Value of Relaxing Longstanding Regulatory Restraints on

Banks, 1970-2000" (with Kenneth Carow), Quarterly Journal of Economics and Finance

42 (Summer 2002) pp. 439-463.

“Deposit Insurance Around the Globe: Where does it Work?” (with Asl Demirgüç -

Kunt) Journal of Economic Perspectives, IV (Spring, 2002), pp. 175-95.

“Resolving Systemic Financial Crises Efficiently,” Pacific Basin Finance Journal, 10

(June 2002), pp. 217-226.

“Using Deferred Compensation to Strengthen the Ethics of Financial Regulation,”

Journal of Banking and Finance, 26 (September, 2002) pp. 1919-33.

“Relevance and Need for International Regulatory Standards," in R.E. Litan and R.

Herring (ed.), Brookings-Wharton Papers on Financial Services, Washington: Brookings

Institution Press, 2001, pp. 87-116.

"Financial Safety Nets: Reconstructing and Modelling a Policymaking Metaphor,"

Journal of International Trade & Economic Development, 10(Sept. 2001), pp. 237-273.

“Dynamic Inconsistency of Capital Forbearance: Long-Run vs. Short-Run Effects of Too-

Big-To-Fail Policymaking,” Pacific Basin Finance Journal (Aug. 2001), pp. 281-299.

“Introduction of Nobel Laureates," Financial Management, 29 (Autumn), pp. 89-91.

“Using Disaster Planning to Optimize Expenditures on Financial Safety Nets," Atlantic

Economic Journal, Vol. 29, No. 3 (September 2001), pp. 243-253.

“Architecture of Supra-National Financial Regulation,” Journal of Financial Services

Research 18:2/3 (2001), pp. 301-318.

“The Dialectical Role of Information and Disinformation in Banking Crises,” Pacific

Basin Finance Journal, 8(July 2000), pp. 285-308.

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“Incentives for Banking Megamergers: What Motives Might Regulators Infer from

Event-Study Evidence?,” Journal of Money, Credit, and Banking, Vol. 32, No. 3 (August

2000, Part 2), pp. 671-701.

“Capital Movements, Banking Insolvency, and Silent Runs in the Asian Financial Crisis,”

Pacific Basin Finance Journal, 8 (2000), pp. 153-175.

“Bank Runs and Banking Policies: Lessons for African Policymakers,” (with Tara Rice),

Journal of African Economics, Vol. 9, AERC Supplement 2 (2000), pp. 109-144.

“Effectiveness of Capital Regulation at U.S. Commercial Banks, 1985 to 1994,” (with

Armen Hovakimian), Journal of Finance, 55, No. 1 (February 2000), pp. 451-468.

“How Offshore Financial Competition Disciplines Exit Resistance by Incentive-

Conflicted Bank Regulators,” Journal of Financial Services Research, 17:1 (2000), pp.

265-291.

“Breakdown of Accounting Controls at Barings and Daiwa: Benefits of Using

Opportunity-Cost Measures for Trading Activity,” (with Kimberly DeTrask), Pacific

Basin Finance Journal, 7(August 1999), pp. 203-228.

“Housing Finance GSEs: Who Gets the Subsidy?,” Journal of Financial Services

Research, 15(May 1999), pp. 197-209.

“Implications of Superhero Metaphors for the Issue of Banking Powers,” Journal of

Banking and Finance, 23(February 1999), pp. 663-673.

“A Contracting Theory Interpretation of the Origins of Federal Deposit Insurance” (with

Berry Wilson), Journal of Money, Credit, and Banking, 30(August 1998), pp. 573-595.

“Lessons of Privatization,” Pacific Basin Finance Journal, 6(August 1998), pp. 235-249.

“Ethical Foundations of Financial Regulation,” Journal of Financial Services Research,

Vol. 12, No. 1, (August 1997), pp. 51-74.

“Making Bank Risk Shifting More Transparent,” Pacific-Basin Finance Journal, 5 (June

1997), pp. 143-156.

“Reducing Taxpayer Exposure to Loss from Innovations in Bank Risk Management” and

“Alternative Monies and the Demand for Media of Exchange: Comment,” Journal of

Money, Credit, and Banking, 28(November 1996), pp. 980-85.

“How Much Did Capital Forbearance Add to the Cost of the S&L Insurance Mess?”

(with Min-Teh Yu). Quarterly Review of Economics and Finance, 36(Fall 1996), pp.

189-99.

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“Impact of the Clinton Credit Availability Program on Taxpayers and Commercial

Banks” (with G. Scott Gibson), The Journal of Financial Services Research,

10(September 1996), pp. 271-291.

“The Federal Deposit Insurance Fund that Didn’t Put a Bite on U.S. Taxpayers” (with

Robert Hendershott), Journal of Banking and Finance 10(September 1996), pp. 1305-

1327.

“De Jure Interstate Banking: Why Only Now?,” Journal of Money, Credit, and Banking,

28 (May 1996), pp. 141-161.

“Difficulties in Making Implicit Government Risk-Bearing Partnerships Explicit,”

Journal of Risk and Uncertainty, 12(1996), pp. 189-199.

“Measuring the True Profile of Taxpayer Losses in the S&L Insurance Mess” (with Min-

Teh Yu), Journal of Banking and Finance (November 1995), pp. 1459-1478.

“Teaching the Duration of Annuities and Portfolio Net Worth from a Financial

Engineering Perspective,” (with S.A. Kane) Financial Practice and Education,

24(Fall/Winter 1995), pp. 144-148.

“Office Market Values During the Past Decade: How Distorted Have Appraisals Been?”

(with Patric Hendershott), Real Estate Economics (formerly AREUEA Journal), 23

(Summer 1995), pp. 101-116.

“Difficulties of Transferring Risk-Based Capital Requirements to Developing

Countries,” Pacific Basin Finance Journal 3 (July 1995), pp. 193-216.

“Three Paradigms for Imposing Capitalization Requirements on Insured Financial

Institutions,” Journal of Banking and Finance 19 (June 1995), pp. 431-459.

“What Is the Value-Added for Large U.S. Banks in Offering Mutual Funds?,” The

Financier: ACMT, 2 (May 1995), pp. 43-49.

“Establishing an Efficient Private-Federal Partnership in Deposit Insurance,”

International Journal of Finance, Vol. 6 (Winter, 1994), pp. 716-736.

“Has U.S. Overbuilding Affected Construction Activity Globally?,” Journal of Housing

Research 5(1994), pp. 295-301.

“Information Technology and the Endless Re-engineering of Banking and Banking

Regulation,” Financial Practice and Education, 4(Winter 1994), pp. 129-135.

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"What Lessons Should Japan Learn from the U.S. Deposit Insurance Mess?," Journal of

Japanese and International Economics, 7 (December 1993), pp. 329-355.

“A Market Perspective on Financial Regulation,” Cato Journal, 13(Fall 1993), pp. 381-

86.

"The Crisis of Banking is By No Means Over!," Journal of Retail Banking, 15 (Fall

1993), pp. 29-36.

"Reflexive Adaptation of Business to Regulation and of Regulation to Business," Law &

Policy, 15 (July/October 1993), pp. 29-36.

"Taxpayer Loss Exposure in the Bank Insurance Fund," Challenge, 36 (March-April,

1993), pp. 43-49.

"Incentive Conflict in Deposit-Institution Regulation: Evidence from Australia" (with

George Kaufman), Pacific Basin Finance Journal, 1(March 1993), pp. 13-29.

"Causes and Consequences of the 1980s Commercial Construction Boom" (with Patric

Hendershott), Journal of Applied Corporate Finance, 5 (Spring 1992), pp. 61-70.

"Corporate Capital and Government Guarantees," Journal of Financial Services Research

5 (April 1992), pp. 357-368.

"Financial Regulation and Market Forces," Swiss Journal of Economics and Statistics

(July 1991), pp. 325-342.

"The Festering U.S. Deposit Insurance Mess," Finanzmarkt und Portfolio Management, 5

(June 1991), pp. 96-108.

"Principal-Agent Problems in S&L Salvage," Journal of Finance, 45 (July 1990), pp.

755-764.

"Modeling Structural and Temporal Variation in the Market's Valuation of Banking

Firms" (with H. Unal), Journal of Finance 45 (Mar. 1990), 113-136.

"The Bush Plan Is No Cure for the S&L Insurance Malady," Challenge, Nov.-Dec. 1989,

pp. 39-43.

"The Unending Deposit-Insurance Mess," Science, 246 (Oct. 27, 1989), pp. 451-456.

"The High Cost of Incompletely Funding the FSLIC Shortage of Explicit Capital,"

Journal of Economic Perspectives, 3 (Fall 1989), pp. 31-47.

"Changing Incentives Facing Financial-Services Regulators," Journal of Financial-

Services Research, 2 (Sept. l989), pp. 263-272.

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"Interaction of Financial and Regulatory Innovation," American Economic Review

(Papers and Proceedings), 78 (May l988), 328-334.

"Change in Market Assessments of Deposit-Institution Riskiness," with H. Unal, Journal

of Financial Services Research, l (June l988), 207-229.

"The Impact of a New Federal Reserve Chairman," Contemporary Policy Issues, VI

(January l988), 89-97.

"No Room for Weak Links in the Chain of Deposit Insurance Reform," Journal of

Financial Services Research, l (September l987), 77-lll.

"The Dangers of Capital Forbearance: The Case of the FSLIC and 'Zombie' S&Ls,"

Contemporary Policy Issues Vol. V, (January 1987), 77-83.

"Appearance and Reality in Deposit Insurance: The Case for Reform," Journal of

Banking and Finance, 10, (June 1986), 175-188.

"Change and Progress in Contemporary Mortgage Markets," Housing Finance Review, 3

(July 1984), 257-282.

"Regulatory Structure in Futures Markets: Jurisdictional Competition Among the SEC,

CFTC, and Other Agencies," Journal of Futures Markets, 4 (Fall 1984). 367-384.

"Technological and Regulatory Forces in the Developing Fusion of Financial-Services

Competition," Journal of Finance, 39 (July 1984), 759-772.

"Why Journal Editors Should Encourage the Replication of Applied Econometric

Research," Quarterly Journal of Bus. and Econ., 23 (Winter 1984), 3-8.

"A Six-Point Program for Deposit-Insurance Reform," Housing Finance Review, 2 (July

1983), 269-278

.

"Policy Implications of Structural Changes in Financial Markets," American Economic

Review (Papers and Proceedings), 73 (May 1983), 96-100.

"Nested Tests of Alternative Term-Structure Theories," Review of Economics and

Statistics, LXV, No. 1 (February 1983), 115-123.

"S&Ls and Interest-Rate Re-Regulation: The FSLIC As an In-Place Bailout Scheme,"

Housing Finance Review, 1 (July 1982), 219-243.

"Accelerating Inflation, Technological Innovation, and the Decreasing Effectiveness of

Banking Regulation," Journal of Fin., 36 (May 1981), 355-367.

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"Federal Deposit Insurance, Regulatory Policy, and Optimal Bank Capital" (with S. Buser

and A. Chen), Journal of Fin., 36 (March 1981), 51 to 60.

"Market Incompleteness and Divergences Between Forward and Futures Interest Rates,"

Journal of Finance, 35 (May 1980), 221-234.

"Politics and Fed Policymaking: The More Things Change, The More They Remain the

Same," Journal of Monetary Economics, 6 (April 1980), 199-211.

"Portfolio Diversification at Commercial Banks," with Stephen Buser, Journal of

Finance, 34 (March 1979), 19-34.

"EFT and Monetary Policy," Journal of Contemporary Business, 7 (Spring 1978), 29-50.

"Getting Along Without Regulation Q: Testing the Standard View of Deposit-Rate

Competition During the 'Wild-Card Experience,'" Journal of Finance, June, 1978, 921-

932.

"Good Intentions and Unintended Evil: The Case Against Selective Credit Allocation,"

Journal of Money, Credit and Banking, Feb. 1977, 55-69.

"Autoregressive and Nonautoregressive Elements in Cross-Section Forecasts of

Inflation," with B.G. Malkiel, Econometrica, January 1976, 1-16.

"New Congressional Restraints and Federal Reserve Independence," Challenge,

November/December, 1975, 37-44.

"Costs and Benefits of the Proposed Tax Credit on Residential-Mortgage Income,"

Journal of Bank Research, Summer 1975, 88-99.

"Tax Avoidance by Savings and Loan Associations Before and After the Tax Reform Act

of 1969," with J.J. Valentini, Journal of Monetary Economics, 1 (February 1975), 41-63.

"All for the Best: The Federal Reserve Board's 60th Annual Report," American

Economic Review, 64, (December 1974), 835-850.

"The Re-Politicization of the Fed," Journal of Financial and Quantitative Analysis,

(November 1974), 743-752.

"The Term Structure of Interest Rates: An Attempt to Reconcile Theory with Practice,"

Journal of Finance (Papers and Proc.), (May 1970), 361-374.

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"Shortchanging the Small Saver: Federal Government Discrimination Against Small

Savers During the Vietnam War," Journal of Money, Credit and Banking, (November

1970), 513-522.

"Expectations and the Term Structure of Interest Rates: A Cross-Section Test of the

Error-Learning Hypothesis" with B.G. Malkiel, Journal of Political Economy,

July/August 1969, 453-470.

"Is There a Predilected Lock-In Effect?: A Look at Cross Section Experience in 1966,"

National Tax Journal, December 1968, 365-385.

"Absence of Money Illusion: A Sine Qua Non for Neutral Money?" with A.K. Klevorick,

Journal of Finance, (September 1967), 419-423.

"The Term Structure of Interest Rates: An Analysis of a Survey of Interest-Rate

Expectations" with B.G. Malkiel, The Review of Economics & Statistics, (August 1967),

343-355.

"Pareto Optimality and the Church as an Economic Enterprise," Kyklos, XLX, 1966, Fasc

3, 425-442.

"The Determinants of Member-Bank Borrowing: An Econometric Study" with S.M.

Goldfeld, Journal of Finance, XXI (3), (September 1966), 499-514.

"International Liquidity: A Probabilistic Approach," Kyklos, XXVII, 1965, Fasc 1, 27-48.

"Deposit Variability, Bank-Portfolio Allocation and the Availability Doctrine," with B.G.

Malkiel, Quarterly Journal of Econ., 79 (Feb. 1965), 113-134.

"Money as a Weighted Aggregate," Zeitschrift fur Nationalokonomie, Bank XXIV, Heft

3, 1964, 221-243.

"U.S. Tax Law and the Lock-In-Effect," with B.G. Malkiel, National Tax Journal,

(December 1963), 389-396.

"Welfare Economics and Scholastic Philosophy: A Slightly Mathematical Approach,"

Review of Social Economy, (September 1963), 103-115.

"Aggregating Data by Federal Reserve Districts: District Per Capita Income, 1950-1960,"

The Journal of Regional Science, 5 (1) 1963, 69-76.

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TRADE JOURNALS IN BANKING

"Zombies on the Loose: The S&L Insurance Mess," Financier: The Journal of Private

Sector Policy, 15 (July 1991), pp. 9-19.

"The FSLIC Funding Crisis: Should Bankers Laugh or Cry?," SNL Bank Securities

Monthly, Nov. 11, 1988, 1-3.

"Reform of Deposit Insurance," The Review of Financial Services Regulation, Vol. 2, No.

18, October 29, 1986, 175-180.

"Proposals to Reduce FDIC and FSLIC Subsidies to Deposit-Institution Risk-Taking,"

Issues in Bank Regulation, 8 (Winter 1985), 24-34.

in Bank Regulation, 4 (Summer 1980), 7-14.

"Politicians Against the Prime—The Dual-Rate Fiasco," The Bankers Magazine, 157,

Spring 1974, 88-96.

"Banks and Balance-Sheet Cosmetics: Tax Swapping Then and Now," New England

Economic Review, May/June 1973, 33-38.

"Taxation of S&L's and Commercial Banks," Federal Home Loan Bank Board Journal,

July 1973, 10-17.

"The Commercial Bank Tax Swap," The Bankers Magazine, Summer 1968, 85-89;

Appeared earlier in New England Business Review, March 1968.

COLLECTIONS

“The Expanding Financial Safety Net; The Dodd-Frank Act as an Exercise in Denial and

Coverup,” in Susan Wachter and Marty Smith (ed.), The American Mortgage System:

Rethink, Recover, Rebuild, Philadelphia: Penn Press, 2011, 271-285.

“Incentive Conflict in Central-Bank responses to Sectoral Turmoil in Financial Hub

Countries,” in Douglas Evanoff, David Hoelscher, and George Kaufman (ed.),

Globalization and Systemic Risk, Singapore: World Scientific Press, 2009, 121-144.

“Regulation and Supervision: An Ethical perspective,” in A. Berger, P. Molyneux, and J.

Wilson (ed.) Oxford Handbook on Banking, London: Oxford University Press, 2009.

“Financial Safety Nets: Why Do They Keep Expanding?” in a. Chen (Ed.), Research in

Finance, Vol. 25, Bingley, UK: Emerald Press, 2009, 1-43.

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“Deposit Insurance Design and Implementation: Policy Lessons from Research and

Practice,” (with A. Demirgüç-Kunt and L. Laeven), in Deposit Insurance Around the

World, Cambridge, MA: MIT Press, 2008.

“Impediments to Fair and Efficient Resolution of Insolvencies in Large Banks and

Banking Crises,” in G. Kaufman and D. Evanoff (eds.), Systemic Financial Crises:

Resolving Large Bank Insolvencies, Singapore: World Scientific Publishing Co., 2005,

123-140.

“Deposit Insurance: Handle with Care” (with Aslι Demirgüç-Kunt), in Banking Market

Structure and Monetary Policy, edited by Luis Antonio Ahumada and Rodrigo Fuentes.

Santiago, Chile: Central Bank of Chile.

“Impact of Differential and Double Taxation on Corporate Financial Policies in an

Inflationary World” (with Andrew H. Chen), Research in Finance, 2003, pp.1-18.

“Relevance and Need for International Regulatory Standards,” Proceedings of the

Brookings-Wharton Conference on Integrating Emerging Market Countries in the Global

Financial System, (2001).

“Silent Runs and Insolvency-Generated Capital Movements in a Regulation-Induced

Financial Crisis,” in International Financial Institution Advisory Commission, Expert

Papers, Washington: March 2000, pp. 1-39.

“Capital Movements, Asset Values, and Banking Policy in Globalized Markets,” in The

Implications of Globalization of World Financial Markets, Seoul: Bank of Korea, 1998,

pp. 278-298.

“Understanding Bank Crises,” in Gerard Caprio, Jr., William C. Hunter, George

Kaufman, and Danny M. Leipziger (editors), Preventing Banking Crises: Lessons from

Recent Global Bank Failures, Washington: World Bank, 1998, pp. 269-277.

“Contracting for Improved Supervisory Performance from Federal Regulators,” in G.

Kaufman and R. Litan (eds.), FDICIA: Bank Reform Five Years Later and Five Years

Ahead, JAI Press, 1997, pp. 63-75.

“A Pandora’s Box of Financial-Institution Taxation Issues,” Proceedings of the 1996

Meetings of the National Tax Association, pp. 235-37.

“Ethical Conflicts in Managing the S&L Mess,” in Edward J. O’Boyle (ed.), Social

Economics: Premises, Findings and Policies, London: Routledge, 1996, pp. 125-144.

“The Increasing Futility of Restricting Bank Participation in Insurance Activities,” in

Anthony Saunders and Ingo Walters (ed.), Financial System Design: Universal Banking

Considered, Homewood, IL: Irwin Professional Publishers, 1996, pp. 338-354.

Page 17: October 14, 1997 · 2 2 Advisory Editor: Journal of Empirical Finance, 1992-. Editorial Board: Quarterly Review of Economics and Finance, 1979-. Advisory Board: Economic Policy Review

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“Comment on ‘Understanding Financial Crises: A Developing Country Perspective’ by

Frederic Mishkin,” Annual World Bank Conference on Devloping Economies,

Washington: 1996, pp. 61-67.

“Financial Stability in a Changing Environment,” Proceedings of the Sixth International

Conference, Bank of Japan (1994), pp. 513-521.

“Long-Run Benefits in Financial Regulation From Increased Accountability and

Privatization,” reprinted in George Kaufman (ed.), Reforming Financial Institutions in

the United States, Norwell, MA: Kluwer, 1994, pp. 69-90.

"Why the World Should Fear Incentive Defects in Deposit Insurance," in Eva Klimas

(ed.) Oxford in North America 6 - "Financial Markets: Regulation, Risk and a Global

Economy," New York: Oxford University Development, 1993, pp. 15-28.

“Banking Industry Rehabilitation, Lending Capacity, and the Condition of the Bank

Insurance Fund,” in Donald Simonson (ed.), The Credit Crunch: Myth or Reality?,

Albuquerque: University of New Mexico, Anderson School of Management, 1993, pp.

84-89.

“Colloquy,” in Karl-Herik Pettersson (ed.), Banker behövs dom?: Samtal om framtiden,

Stockholm: SNS Förlag, 1993, pp. 46-63.

"Public-Relations Attacks on the FDIC Improvement Act," in George Kaufman and

Robert Litan (ed.), Assessing Bank Reform: FDICIA One Year Later, Washington:

Brookings Institution, 1993, pp. 69-78.

"Dangers of a Bifurcating Banking Industry," in 1993 FDICIA: An Appraisal,

Proceedings of the Conference on Bank Structure and Competition, Chicago: Federal

Reserve Bank, pp. 16-27.

"Long-Run Benefits in Financial Regulation From Increased Accountability and

Privatization," in Peter Dickson (ed.), Rebuilding Public Confidence Through Financial

Reform, Ohio State University College of Business, 1993, pp. 67-77.

"How Incentive-Incompatible Government-Sponsored Deposit-Insurance Funds Fail," in

George Kaufman (ed.), Research in Financial Services: Private and Public Policy, JAI

Press, 1992, pp. 51-93.

"The Incentive Incompatibility of Government-Sponsored Deposit-Insurance Funds," in

James R. Barth and R.D. Brumbaugh (ed.), The Reform of Federal Deposit Insurance:

Disciplining the Government and Protecting Taxpayers, New York: Harper Collins,

1992, pp. 144-166.

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"Dissecting Current Legislative Proposals for Deposit Insurance Reform," in 1991

Proceedings of Conference on Bank Structure and Competition, Chicago: Federal

Reserve Bank, pp. 126-135.

Taxpayer Losses in Deposit Insurance: The Incentive-Conflict Hypothesis," in Richard

Herring (ed.), Reforming the American Banking System, Philadelphia: Wharton Financial

Institutions Center, l99l, pp. 46-69.

"Regulatory Competition and the 'Generic' Financial Services Firm," Proceedings of

Conference on Financial Deregulation, Reserve Bank of Australia, Sydney: 1991, pp.

217-245.

"Tension Between Competition and Coordination in International Financial Regulation,"

in Catherine England (ed.), Governing Banking's Future: Markets vs. Regulation, Boston:

Kluwer Academic Publishers, 1991, pp. 33-47.

"Incentive Conflict in the International Regulatory Agreement on Risk-Based Capital," in

R.P. Chang and S. Ghon Rhee (ed.), Pacific Basin Capital Markets Research, vol. II,

Amsterdam: Elsevier, 1991, pp. 3-21.

"Capital Positions of Japanese Banks" (with H. Unal and A. Demirguc-Kunt); also in

Chang and Rhee (ed., op. cit., pp. 125-141) and "Regulation in a Global Market Context,"

1990 Proceedings of Conference on Bank Structure and Competition, Chicago: Federal

Reserve Bank, pp. 509-535 and pp. 633-38.

"Government Officials as Sources of Systemic Risk in International Financial Markets,"

in F. Edwards and H. Patrick (ed.), Regulating International Financial Markets: Issues

and Policies, Norwell, Mass.: Kluwer Academic Publishers, 1991, pp. 257-265.

"Bureaucratic Self-Interest As an Obstacle to Monetary Reform," in Thomas Mayer (ed.),

The Political Economy of American Monetary Policy, New York: Cambridge Univ. Press,

1990, pp. 283-298.

"The Looting of FSLIC: What Went Wrong?", in The Future of the Thrift Industry,

Fourteenth Annual Conference of the Federal Home Loan Bank of San Francisco, l989,

pp. 49-59.

"How Market Forces Influence the Structure of Financial Regulation", in William Haraf

(ed.), Restructuring the Financial System, Wash., D.C.: American Enterprise Institute for

Public Policy Research, l988, pp. 343-382.

"Who Should Learn What From the Failure and Delayed Bailout of the ODGF?" 1987

Proceedings of Conference on Bank Structure and Competition, Chicago: Federal

Reserve Bank of Chicago, 1987, pp 306-326.

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"Off-Balance-Sheet Items and the Changing Market and Interest-Rate Sensitivity of

Deposit-Institution Equity Returns" (with Haluk Unal), in 1987 Proceedings of

Conference on Bank Structure and Competition, Chicago: Federal Reserve Bank of

Chicago, 1987, pp. 432-455.

"How S&Ls and Ex-S&Ls are Special," in Thrift Financial Performance and Capital

Adequacy, Proceedings of the Twelfth Annual Conference, Federal Home Loan Bank of

San Francisco, 1987, pp. 91-114.

"Competitive Financial Reregulation: An International Perspective," in Threats to

International Financial Stability, edited by Richard Portes and Alexander Swoboda,

Cambridge: Cambridge University Press, 1987, pp. 111-145.

"Two Approaches to Assessing the Interest-Rate Sensitivity of Deposit-Institutions'

Equity Returns," (with Haluk Unal), in Andrew Chen (ed.), Research in Finance, Vol. 7,

1988, pp. ll3-l37.

"Fedbashing and the Role of Monetary Arrangements in Managing Political Stress," in

Political Business Cycles, edited by Thomas Willett, (a Pacific Research Institute for

Public Policy Book), Durham: Duke University Press, l988, pp. 479-489.

"Valuing Conjectural Government Guarantees of FNMA Liabilities" (with Chester

Foster), in 1986 Proceedings of Conference on Bank Structure and Competition,

Chicago: Federal Reserve Bank of Chicago, 1986, pp.347-368.

"Disintermediation Then and Now: Hysteresis and Metamorphosis in Patterns of

Mortgage Finance," in Toward an Optimal Future in Real Estate, Real Estate Roundtable

1987, National Association of Realtors, Wash., D.C., pp. 20-49.

"Adapting Financial-Services Regulation to a Changing Economic Environment," in

Innovations in New Markets: The Impact of Deregulation on Telecommunications,

Airlines and Financial Markets, Advances in the Study of Entrepreneurship Innovation

and Economic Growth, Vol. 2, edited by Gary Libecap, Greenwich, Conn.: JAI Press,

1987, pp. 61-94.

"Wealth-Based Engels Curves for Financial and Real Assets," in Andrew Chen (ed.),

Research in Finance, Volume 6, Greenwich, Conn.: JAI Press, 1986, pp. 233-245.

"Regulatory Policy for a Changing Financial-Services Industry," in Technological

Innovation, Regulation, and the Monetary Economy, edited by Colin Lawrence and

Robert Shay, Cambridge, Mass.: Ballinger Publishing Co., 1986, pp. 125-143 (and

Rejoinder to Discussant, pp. 156-160).

Page 20: October 14, 1997 · 2 2 Advisory Editor: Journal of Empirical Finance, 1992-. Editorial Board: Quarterly Review of Economics and Finance, 1979-. Advisory Board: Economic Policy Review

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"Correcting Incentive Problems in Deposit Insurance: The Range of Alternative

Solutions," in Canadian Financial Institutions: Changing the Regulatory Environment,

Toronto: Ontario Economic Council, 1986, pp. 413-436.

"Confronting Incentive Problems in U.S. Deposit Insurance: The Range of Alternative

Solutions," from Deregulating Financial Services: Public Policy in Flux, edited by

George G. Kaufman and Roger C. Kormendi, Cambridge, Mass.: Ballinger Publishing

Company, 1986, pp. 97-120.

"Microeconomic Evidence on the Composition of Household Saving in Recent Years," in

Patric Hendershott (ed.), The Level and Composition of Household Saving, Cambridge,

Mass.: Ballinger Publishing Company, 1985, pp. 101-149.

"Strategic Planning in a World of Regulatory and Technological Change," in R.C.

Aspinwall and R.S. Eisenbeis (ed.), The Banking Handbook, New York: John Wiley and

Sons, 1985, pp. 725-743.

"Political Economy of Subsidizing Agricultural Credit in Developing Countries," in Dale

Adams, Douglas Graham, and J.D. von Pischke (ed.), Undermining Rural Development

with Cheap Credit, Boulder, Colorado: Westview Press, 1984, pp. 166-182.

"Microeconomic and Macroeconomic Origins of Financial Change," in Financial

Innovations: Their Impact on Monetary Policy and Financial Markets, Edited by the

Federal Reserve Bank of St. Louis, Boston: Kluwer Academic Publishers, 1984, pp. 3-20.

"The Role of Government in the Thrift Industry's Net-Worth Crisis" in George J. Benston

(ed.), Financial Services: The Changing Institutions and Government Policy, Englewood

Cliffs, NJ: Prentice-Hall for the American Assembly, 1983, pp. 156-184.

"Metamorphosis in Financial-Services Delivery and Production," in Strategic Planning

for Economic and Technological Change in the Financial Services Industry, San

Francisco: Federal Home Loan Bank of San Francisco, 1983, pp. 49-64.

"Selecting Monetary Targets in a Changing Financial Environment," in Monetary Policy

Issues of the 1980s, Kansas City: Federal Reserve Bank of Kansas City, 1982, pp. 181-

206.

“External Pressures and the Operations of the Fed," in Raymond Lombra (ed.), Political

Economy of Domestic and International Monetary Relations, Ames: Iowa State

University Press, 1982, pp. 211-232.

“Changes in the Provision of Correspondent-Banking Services and the Role of Federal

Reserve Banks Under the DIDMC Act" and "Rejoinder," Carnegie-Rochester Conference

Series on Public Policy, Spring 1982, pp. 93-126 and pp. 137-140.

Page 21: October 14, 1997 · 2 2 Advisory Editor: Journal of Empirical Finance, 1992-. Editorial Board: Quarterly Review of Economics and Finance, 1979-. Advisory Board: Economic Policy Review

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"Re-Regulation, Savings-and-Loan Diversification, and the Flow of Housing Finance," in

Savings and Loan Asset Management Under Deregulation", San Francisco: Federal

Home Loan Bank, 1981, pp. 80-109.

"Tax Exemption, Economic Efficiency, and Relative Interest Rates," in George Kaufman

(ed.), Efficiency in the Municipal Bond Market: The Use of Tax Exempt Financing for

"Private" Purposes, Greenwich: JAI Press, 1981, pp. 1-12.

"Acclerating Inflation, Disintermediation, and the Demand for Housing," in Ronald

Racster (ed.), The Housing Delivery System: Proceedings of a Symposium Held at Ohio

State University, Columbus: Ohio State Center for Real Estate Education and Research,

1980, pp. 122-169.

"Consequences of Contemporary Ceilings on Mortgage and Deposit Interest Rates for

Households in Different Economic Circumstances," in The Government and Capital

Formation. Edited by George M. von Furstenberg and sponsored by the American

Council of Life Insurance, Washington, D.C., 1980, pp. 401-441.

"The Three Faces of Commercial-Bank Liability Management" in M.P. Dooley, H.M.

Kaufman, and R.E. Lombra (ed.), The Political Economy of Policymaking, Beverly Hills:

Sage Publication, 1979, pp. 149-174.

"Micro and Macro Financial Policies and Housing Finance" in Kevin Villani (ed.), Issues

in Housing Finance, Occasional Papers in Housing and Community Affairs, Volume 5,

Washington: July 1979, pp. 21-31.

"Institutional Implications of the Changing Regulatory and Technological Framework of

S&L Competition" in Change in the Savings and Loan Industry: Proceedings of Second

Annual Conference, San Francisco: Federal Home Loan Bank, 1977, pp. 221-239.

"Deposit-Interest Ceilings and Sectoral Shortages of Credit: How to Improve Credit

Allocation Without Allocating Credit" in Karl Brunner (ed.), Government Credit

Allocation, San Francisco: 1975, pp. 15-37.

"A Cross-Section Study of Tax Avoidance by Large Commercial Banks," in D. Belsley,

E. Kane, P. Samuelson, and R. Solow (ed.), Inflation, Trade, and Taxes, O.S.U. Press,

1975, pp. 218-246.

"Some Equity and Efficiency Issues in Federal Taxation of Financial Intermediaries,"

Proceedings of the Workshop on the Taxation of Financial Institutions, April 18-19,

1974, Washington, D.C.: National Savings and Loan League, pp. 3-8.

"Proposals for Rechanneling Funds to Meet Social Priorities: Discussion," in Policies for

a More Competitive Financial System, Federal Reserve Bank of Boston, 1972, pp. 190-

198.

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"The Southern Railway Waterways Research Project" and "The Appropriate Discount

Rate for Government Projects" (both with W.J. Baumol), in P.H. Banner (ed.), The Issue

of Public Costs in Competitive Transportation Rate-Making, 1966, pp. 9-20.

Monographs and Research Reports

Implementing a Private-Federal Deposit-Insurance Partnership (with James Hickman

and Albert Burger), Center for Credit Union Research, University of Wisconsin,

Madison, July 1993, 22 pp.

Deposit Insurance Reform: A Plan for the Credit Union Movement. Center for Credit

Union Research, University of Wisconson, Madison, September 1992 (44 pp.).

Economic Estimates of the 1986-1989 Time Profile of Taxpayer Losses in the S&L

Insurance Mess, Research Report for the U.S. Congressional Budget Office, Feb. 18,

1991.

The S&L Insurance Mess, Contemporary Issues Series 41, St. Louis, Center for the Study

of American Business, Washington University, St. Louis, Feb. 1991 (23 pp.).

Distortions in Interinstitutional Competition Induced by Deposit Insurance Subsidies:

The Case of Investment Contracts; Washington: American Council of Life Insurance,

July 1991 (19 pp.).

"Resolving Financial-Contracting Problems Confronting Turkey's Mass Housing Fund,"

Report for the World Bank, September 2, 1988.

"Valuing and Eliminating Subsidies Associated with Conjectural Treasury Guarantees of

FNMA Liabilities," Research Report for HUD, August 30, 1985.

"The Demand for Currency and Bank Deposits in Turkey, 1950-1966," Paper No. 10,

Institute of Economic Development, Istanbul University, 1969, pp. 1-19.

"The Role of Money in Recent Turkish Inflation," in Ulgener et al., Turkiye' De

Enflasyon, Istanbul: 1966, pp. 39-49.

Doctoral Dissertation: The Interregional Flow of Funds in the United States, 1955-1958,

1960.

Short Articles

“Disclosure of Shadow Reports,” Journal of Financial Stability, 1(December, 2004), pp.

251-256.

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“Alternative Monies and the Demand for Media of Exchange: Discussion,” Journal of

Money, Credit, and Banking, 28(November 1996), p. 942-964.

“Understanding Financial Crises: A Developing Country Perspective: Discussion,”

Annual World Bank Conference on Development Economics, Washington: 1996, pp. 61-

67.

“Bank Risk-Taking Needs Regulation,” Boston Globe, March 6, 1996, p. 38.

“Regulating Rural Banks: Discussion,” American Journal of Agricultural Economics 77

(August 1995), pp. 762-764.

"A Market Perspective on Financial Regulation," in The Cato Journal, 13 (1994), pp.

333-337.

“Regulating Rural Banks: Discussion,” American Journal of Agricultural Economics, 77

(August 1995), pp. 762-764.

“What Can Bankers Learn About Hedging Strategy from the Bank One Case,” Journal of

Applied Corporate Finance, 4(Fall 1994), pp. 61-63.

"The Mess," Boston College Magazine, Spring 1993, pp. 22-27.

"Timely Accounting and Budgeting for Deposit Insurance Losses," Regulation, (Fall

1991), pp. 29-32.

"The High Cost of Not Resolving FSLIC's Economic Insolvency" Newsletter, Center for

Financial System Research, Arizona State University, April, l988.

Occasional columns in The American Banker and Il Sole-24 Ore (Milan, Italy).

"Cyclical Fluctuations in Interest Rates and the Spread of Household and Retailer EFT,"

Proceedings of 1977 Conference on Bank Structure and Regulation, Federal Reserve

Bank of Chicago, May 1977, and Ohio Record, 33 (August 1977).

"Should We Keep the FOMC Where the Sun Doesn't Shine?" The Bankers Magazine,

Spring 1977, pp. 11-13.

"Can FDIC Regulation Deliver Us from Self-Dealing," The Bankers Magazine, Autumn

1976, pp. 13-15.

"Expanded Powers for Thrift Institutions: Superthrifts vs. Superlobbyists," Proceedings of

the 1976 Conference on Bank Structure and Regulation, Federal Reserve Bank of

Chicago, May 1976, pp. 174-178.

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"Get Your Dirty Money Out of My Bank" in Challenge, July/August 1976 and United

States Investor/Eastern Banker, April 5, 1976.

"Why 'Bad Paper' Worries Economic Policymakers," The Ohio State University Bulletin

of Business Research, L (July 1975), pp. 4, 6, and 7.

"U.S. Economic Outlook: Immediate Improvement Not in Sight," Partners Journal (Ohio

State), 1, May 1975, p. 2.

"Financial Pressures Squeeze U.S. REITs," The Ohio State University Bulletin of

Business Research, XLIX, November 1974, pp. 1, 2, and 6.

"When a Check is Not a Check: The Now-Account Experiment," The Ohio State

University Bulletin of Business Research, XLIX, May 1974, pp. 4-6.

"The Central Bank as Big Brother," Journal of Money, Credit and Banking, November

1973, pp. 979-981.

"Politics and the Prime Rate: A Deceptive Solution," Bulletin of Business Research

(Center for Business and Economic Research, The Ohio State University), June 1973, pp.

1-5.

Alfred Martial (Pseudonym), "Biological Analogies for Money: A Crucial Break-

Through," Journal of Finance, March 1969, pp. 111-112.

"Rationalism vs. Voluntarism: A Reconciliation," Review of Social Economy, March

1964, pp. 21-24.

Published Congressional Testimony:

“Real and Imagined Issues in the Debate over Regulatory Consolidation,” U.S. Senate

Banking Committee, Hearings on Banking Industry Regulatory Consolidation,

Washington, D.C., (March 9, 1994), pp. 437-440.

"Statement on the Condition of the Bank Insurance Fund," U.S. Congress, House of

Representatives, Committee on Banking, Finance, and Urban Affairs, Hearings, June 30,

1992.

"Condition of the Bank Insurance Fund," U.S. Congress, Senate Committee on Banking,

Housing, and Urban Affairs, Hearings on the Condition of the Banking Industry,

(October 26, 1992) pp. 690-695; 746-751; 899-902.

"Repairing Defects in Regulatory Accountability," U.S. Congress, House of

Representatives, Committee on Banking, Finance, and Urban Affairs, Subcommittee on

Financial Institution Supervision, Regulation and Insurance, Hearings on Restructuring

the Banking Industry (April 16, 18, 24, and 25, 1991), Serial No. 102-23, pp. 993-1015.

Page 25: October 14, 1997 · 2 2 Advisory Editor: Journal of Empirical Finance, 1992-. Editorial Board: Quarterly Review of Economics and Finance, 1979-. Advisory Board: Economic Policy Review

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"Monetary Policy, Bank Regulation, and the 1990-91 Credit Crunch," U.S. Congress,

Joint Economic Committee, Hearings on Federal Reserve Monetary Policy and Credit

Conditions (May 9, 1991), Serial No. 102-149, pp. 33-40.

"Budget Implications of the FSLIC Mess," U.S. Congress, House of Representatives,

Committee on Ways and Means, Hearings on the Budget Implications and Current Tax

Rules Relating to Troubled Savings and Loan Institutions, Feb. 22, l989.

"Expanded Powers and Size-Related Restrictions on Combinations of U.S. Financial

Firms," U.S. Congress, House of Representatives, Committee on the Judiciary,

Subcommittee on Monopolies and Commercial Law, Hearings on Competition Questions

Raised by H.R. 5094, The Depository Institutions' Act of l988, September l4, l988.

"Market-Value Accounting as Deposit Insurance Reform," U.S. Congress, House of

Representative Committee on Banking, Finance, and Urban Affairs, September 18, 1985.

"Statement on Deposit Insurance Reform," U.S. Senate Committee on Banking, Housing

and Urban Affairs, Hearings on Deposit Insurance Reform and Related Issues, July 23,

1985, pp. 323-333 and 348-356.

"Issues in Canadian Financial Reform," Parliament of Canada, House of Commons,

Committee on Finance, Trade and Economic Affairs, July 10, 1985.

"Statement on Monetary Policy Accountability," U.S. Congress, Joint Economic

Committee, 98th Congress, Second Session, Hearings on Monetary Reform and

Economic Stability, June 5, 1984, pp. 45-48.

"Statement on the Structure of the Financial-Services Industry," U.S. Congress, Senate

Committee on Banking, Housing and Urban Affairs, 98th Congress, Second Session,

Hearings on S. 2134, S. 2181, and S. 1609, March 13, 1984, pp. 1130-1136.

"Statement on Proposed Deposit-Insurance Limits for Brokered Deposits," U.S.

Congress, Commerce, Consumer and Monetary Affairs Subcommittee, House Committee

on Government Operations, Hearings on Proposed Restrictions on Money Brokers,

March 14, 1984, pp. 206-209.

"Statement on Financial Reregulation," U.S. Congress, Senate Committee on Banking,

Housing, and Urban Affairs, 98th Congress, First Session, Financial Services Industry-

Oversight: Part II, Hearings, June 21, 1983, pp. 899-915.

"Accelerating Inflation and the Distribution of Household Savings Incentives," in

Stagflation: the Causes, Effects, and Solutions, U.S. Congress, Joint Economic

Committee, Special Study of Economic Change, Vol. 4, Dec. 1980, pp. 193-224.

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"Statement on Senate Resolutions Asking for Fairer Treatment of Small Savers," U.S.

Congress, Senate Committee on Banking, Housing and Urban Affairs, Equity For the

Small Saver, Hearings, April 12, 1979, pp. 249-263.

"Statement on the Regulation-Q Crime Wave," U.S. Congress, House Committee on

Government Operations, Subcommittee on Commerce, Consumer, and Monetary Affairs,

Interest Rate Regulation on Small Savings Accounts, Hearings, March 20, 1979, pp. 34-

43.

"Statement," in U.S. Senate, Committee on Banking, Housing and Urban Affairs, Federal

Reserve's First Monetary Policy Report for 1979, Hearings, February 20 and 23, 1979,

pp. 154-160.

"Statement on H.R. 14072, The Federal Reserve Act Amendment of 1978." U.S.

Congress, House of Representatives, Monetary Control and the Membership Problem,

Hearings, September 22, 1978, pp. 758-760.

"Statement," in U.S. House of Representatives, Committee on Banking, Finance and

Urban Affairs, Maintaining and Making Public Minutes of Federal Reserve Meetings,

Hearings Before the Subcommittee on Domestic Monetary Policy, October/November

1977, pp. 218-220.

"Cost and Effectiveness of Mortgage Interest Tax Credit," U.S. House of Representatives,

Committee on the Budget, Mortgage Interest Tax Credit, Hearings Before the Task Force

on Tax Expenditures, February 25, 1976, pp. 48-64 and "Discussion," pp. 70-77.

"Principles for Financial Reform," U.S. House of Representatives, Committee on

Banking, Currency and Housing, Financial Institutions and the Nation's Economy (FINE)

Discussion Principles, Hearings Before the Subcommittee on Financial Institutions, Dec.

3, 1975, Part 1, pp. 112-126 and "Discussion," pp. 154-186.

"Federal Income-Tax Burdens of Commercial Banks and Savings-and-Loan Associations:

A Study in Legislative Relations," in U.S. Congress, House of Representatives,

Committee on Ways and Means, Tax Reform Hearings, 1973, pp. 6313-6323.

"Statement on Reforming the Federal Reserve System" in U.S. Congress, J.E.C.,

Compendium on Monetary Policy Guidelines and Federal Reserve Structure, 1968, pp.

338-344.

"Statement on the Federal Reserve Portfolio" in The Federal Reserve Portfolio, to the

Subcommittee on Economic Progress on the J.E.C., U.S. Congress, 1966, pp. 55-58.

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OTHER PUBLICATIONS

REVIEWS, COMMENTS, AND REPLIES

"Public-Relations Attacks on the FDIC Improvement Act," in Robert Litan and G.

Kaufman (ed.), Assessing Bank Reform: FDICIA: One Year Later, Washington:

Brookings Institution, 1993, pp. 69-78.

"Commentary on Modelling Ambiguity in Government Insurance and Relief Programs,"

in Mark Sniderman (ed.), Government Risk Bearing, Boston: Kluwer, 1993, pp. 42-44.

"Commentary on Government Deposit Insurance," in James Barth and Philip

Bartholomew (ed.), Emerging Challenges for the International Financial Services

Industry, Greenwich: JAI Press, 1992, pp. 177-181.

"Commentary on Eroding Market Imperfections": Restructuring The Financial System,

Kansas City: Federal Reserve Bank of Kansas City, l988, pp. 55-62.

"Commentary on Gary Koppenhaver's 'Regulating Financial Intermediary Use of Futures

and Options Contracts,'" Review of Futures Markets, 6 (May l987), pp. l65-l68.

"Technology and Financial Regulation," in Anthony Saunders and Lawrence J. White

(ed.), Technology and the Regulation of Financial Markets, D.C. Heath, Lexington,

Mass.: 1986, pp. 187-193.

"Comment on James J. Clarke, 'An Interest Rate Risk Analysis of the Federal National

Mortgage Association,'" in The Federal National Mortgage Association in a Changing

Economic Environment, Supplement, Washington, D.C.: GAO, July 17, 1985, pp. 181-

189.

"Comment on Analysis of Capital-Specific Policies, etc.," Journal of Money, Credit and

Banking, 12 (May 1980 Special issue), pp. 422-425.

"Panel Discussion on The Federal Reserve's Membership Problem," The Financial

Review, Spring 1979, pp. 67-70.

"Taxation of Financial Intermediaries: Discussion," National Tax Journal (proceedings),

1979, pp. 67-68.

"Duration and Portfolio Strategy: Discussion," Journal of Financial and Quantitative

Analysis," 13 (November 1978), pp. 651-652.

"Panel Discussion on the Teaching of Money and Banking," Journal of Financial and

Quantitative Analysis, November 1976, pp. 613-616.

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"Federal Home Loan Bank Board Policy and the Plight of S&Ls: A Comment on the

Jaffee and Swan Papers," in Karl Brunner and Allan H. Meltzer (eds.), Institutions,

Policies and Economic Performance, Carnegie-Rochester Conference Series on Public

Policy, Volume IV, Amsterdam: North-Holland Press, 1976, pp. 237-245.

"The Rasche and Andersen Papers: A Comment," Journal of Money, Credit and Banking,

February 1973, pp. 39-42.

"Monetary and Fiscal Influences on U.S. Money Income, 1891-1970: A Comment,"

Journal of Money, Credit and Banking, February 1973 (Part 2), pp. 301-303.

"The Determinants of Member-Bank Borrowing: A Reply," with S.M. Goldfeld, Journal

of Finance, December 1968, pp. 838-847.

"Discussion," American Economic Review (Papers and Proceedings), LVII, May 1967,

pp. 432-433.

"The Use of Monetary Policy: Comment" with D.G. Luckett, Southern Economic

Journal, April 1963, pp. 326-330.

Book Reviews in the American Economic Review, Canadian Journal of Economics,

Econometrica, Journal of Economic Literature, Journal of Finance, Journal of Political

Economy, Journal of Money, Credit and Banking, Kyklos, Review of Social Economy.