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Fall 2014

ISSN 0890-913X

Volume 29, Number 3

Categories: Fall 2014 | Banking

On the Political Possibility of Separating Banking and the State

Mark Calabria, Cato Institute

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TheJournalofPrivateEnterprise29(3),2014,11–28OnthePoliticalPossibilityofSeparatingBankingandtheStateMarkCalabriaCatoInstitute______________________________________________________AbstractTheaftermathofthefinancialcrisisprovedtobefertilegroundtodiscreditfreemarkets.Further,thecrisiswasusedtojustify,expand,andstrengthengovernmentregulatoryholdsoverfinancialservices.Thisstudyfindsthatcountriesthataregenerallyconsideredtobe“free”arealsocountriesthathaverelativelyfewerregulationsfortheirbankingsystems.Theresultsofthisstudysupportthenotionthatideologyrelatingtoregulation,asmeasuredbyindexesofbusinessfreedomandpersonalfreedom,arepositivelyassociatedwithfinancialfreedom.RelativefreedomofbankingfromStatecontrolisexaminedacrossacontinuum.Threeregressionswereperformedtoobservecorrelations.Notsurprisingly,theextenttowhichcountriesembracefinancialfreedomappearstobeinexorablylinkedtotheacceptanceofeconomicandpersonalfreedoms.TheresultsofthisstudysuggestthatadeclineinfinancialfreedomintheUnitedStatesisimminent.______________________________________________________JELcodes:G18,G28,L51,P51Keywords:Bankingregulation,Personalfreedom,Freedomindex,Businessfreedom,Financialfreedom,Regulationofcredit,EffectsofregulationI.IntroductionBankinghaslongbeenoneofthemosthighlyregulatedsectorsoftheAmericaneconomy.Itisalso,perhapssurprisingly,moreextensivelyregulatedintheUnitedStatesthaninanyothercomparabledevelopedcountry.Thisstudyexaminesthepatternoffinancialfreedomacrosscountries,withtheobjectiveofdeterminingwhetherafree-market,orevenaless-regulated,bankingsystemisfeasiblewithintheUnitedStates.AlsobrieflyexaminedisthepoliticalhistoryofU.S.bankingregulation,withaneyetowarddiscerninganylessonsregardingthefutureofU.S.bankingregulation.Ingeneral,11

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Title	On the Political Possibility of Separating Banking and the State
Authors/Creators:	Mark Calabria, Cato Institute
Year:	2014
Volume:	29
Number:	3
Pages:	11 - 28
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Banking regulation, Personal Freedom, Freedom index, Business freedom, Financial freedom, Regulation of credit, Effects of regulation

Citation:
Calabria, Mark / 2014. "On the Political Possibility of Separating Banking and the State." The Journal of Private Enterprise, 29(3): 11-28.