Wesleyan Economics Working Papers http://repec.wesleyan.edu/ No: 2006-021 The Emergence of Central Banks and Banking Regulation in Comparative Perspective Richard S. Grossman June 2006 Department of Economics Public Affairs Center 238 Church Street Middletown, CT 06459-007 Tel: (860) 685-2340 Fax: (860) 685-2301 http://www.wesleyan.edu/econ The Emergence of Central Banks and Banking Regulation in Comparative Perspective Richard S. Grossman Department of Economics Wesleyan University Middletown, CT 06459
[email protected] and Institute for Quantitative Social Science Harvard University Cambridge, MA 02138 June 2006 Prepared for the European Association for Banking History conference on “The State and Financial Services: Regulation, Ownership, and Deregulation,” Caixa Geral de Depósitos, Lisbon, 26-27 May 2006. The research was supported by the National Science Foundation and the German Marshall Fund of the United States. Forthcoming in: The State and Financial Services: Regulation, Ownership, and Deregulation, edited by Stefano Battilossi and Jaime Reis. European Association for Banking History Studies in Banking History. ABSTRACT The Emergence of Central Banks and Banking Regulation in Comparative Perspective Richard S. Grossman Department of Economics, Wesleyan University, Middletown, CT USA Institute for Quantitative Social Science, Harvard University, Cambridge, MA USA
[email protected] Banking is among the most heavily regulated industries in the world. On the national, and increasingly international, level the rules governing