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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,
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“Deposit Insurance: Handle with Care” (with Aslι Demirgüç-Kunt), in Banking Market
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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
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“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
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“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.
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17
“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.
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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
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"Long-Run Benefits in Financial Regulation From Increased Accountability and
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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
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"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,
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"Dissecting Current Legislative Proposals for Deposit Insurance Reform," in 1991
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Taxpayer Losses in Deposit Insurance: The Incentive-Conflict Hypothesis," in Richard
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"Regulatory Competition and the 'Generic' Financial Services Firm," Proceedings of
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"Tension Between Competition and Coordination in International Financial Regulation,"
in Catherine England (ed.), Governing Banking's Future: Markets vs. Regulation, Boston:
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"Capital Positions of Japanese Banks" (with H. Unal and A. Demirguc-Kunt); also in
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"Government Officials as Sources of Systemic Risk in International Financial Markets,"
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"Bureaucratic Self-Interest As an Obstacle to Monetary Reform," in Thomas Mayer (ed.),
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"Off-Balance-Sheet Items and the Changing Market and Interest-Rate Sensitivity of
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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).
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20
"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.
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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.
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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
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"Consequences of Contemporary Ceilings on Mortgage and Deposit Interest Rates for
Households in Different Economic Circumstances," in The Government and Capital
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"The Three Faces of Commercial-Bank Liability Management" in M.P. Dooley, H.M.
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"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.
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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
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"Some Equity and Efficiency Issues in Federal Taxation of Financial Intermediaries,"
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1974, Washington, D.C.: National Savings and Loan League, pp. 3-8.
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a More Competitive Financial System, Federal Reserve Bank of Boston, 1972, pp. 190-
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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
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Monographs and Research Reports
Implementing a Private-Federal Deposit-Insurance Partnership (with James Hickman
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Deposit Insurance Reform: A Plan for the Credit Union Movement. Center for Credit
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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.
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FNMA Liabilities," Research Report for HUD, August 30, 1985.
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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,”
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67.
“Bank Risk-Taking Needs Regulation,” Boston Globe, March 6, 1996, p. 38.
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"Timely Accounting and Budgeting for Deposit Insurance Losses," Regulation, (Fall
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"The High Cost of Not Resolving FSLIC's Economic Insolvency" Newsletter, Center for
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Occasional columns in The American Banker and Il Sole-24 Ore (Milan, Italy).
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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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24
"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
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(Center for Business and Economic Research, The Ohio State University), June 1973, pp.
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(October 26, 1992) pp. 690-695; 746-751; 899-902.
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25
"Monetary Policy, Bank Regulation, and the 1990-91 Credit Crunch," U.S. Congress,
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Firms," U.S. Congress, House of Representatives, Committee on the Judiciary,
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and Urban Affairs, Hearings on Deposit Insurance Reform and Related Issues, July 23,
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"Statement on Monetary Policy Accountability," U.S. Congress, Joint Economic
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Economic Stability, June 5, 1984, pp. 45-48.
"Statement on the Structure of the Financial-Services Industry," U.S. Congress, Senate
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Hearings on S. 2134, S. 2181, and S. 1609, March 13, 1984, pp. 1130-1136.
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"Statement on Senate Resolutions Asking for Fairer Treatment of Small Savers," U.S.
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"Statement on the Regulation-Q Crime Wave," U.S. Congress, House Committee on
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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.
28
28
"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.
Recommended