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It argues that expanding bank powers without shrinking the safety net would widen taxpayer underwritten activities and increase systemic risk incentives. It analyzes how deposit insurance, the discount window, and Fedwire have historically shaped bank capital and depositor-risk premiums, including lessons from the thrift crisis and the 1933 bank holiday. A payment system risk review supports reform via clarifying objectives and reducing federal underwriting.",{"@graph":69,"@context":127},[70,84,106],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/payment-system-risk-and-financial-reform-august-1-1990/324762/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/payment-system-risk-and-financial-reform-august-1-1990/324762.png","ImageObject",300,407,{"name":92,"@type":93},"Rowan","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-11-13","2026-09-21",true,{"@type":102,"interactionType":103,"userInteractionCount":105},"InteractionCounter",{"@type":104},"ViewAction",11,{"@type":107,"mainEntity":108},"FAQPage",[109,115,119,123],{"name":110,"@type":111,"acceptedAnswer":112},"为什么作者认为金融改革不能仅仅等同于进一步放松监管？","Question",{"text":113,"@type":114},"作者认为，若不同时改革联邦金融安全网，仅靠放松监管会扩大由纳税人承担的经济领域，并可能加剧风险激励，从而与改革目标不一致。","Answer",{"name":116,"@type":111,"acceptedAnswer":117},"联邦安全网与系统性风险之间的关系在文中如何被提出？",{"text":118,"@type":114},"文中指出改革首先需要澄清安全网的目标及其与系统性风险的关系，并通过支付系统风险问题来说明：应当收缩现有安全网而不是为排除新业务而“定制”。",{"name":120,"@type":111,"acceptedAnswer":121},"文中提到的安全网核心组成是什么？",{"text":122,"@type":114},"安全网由存款保险以及银行对贴现窗口和Fedwire的使用权构成，它们共同确保存款安全并提供日内与垫付融资保障。",{"name":124,"@type":111,"acceptedAnswer":125},"作者用哪些历史因素说明存款人风险溢价与银行资本的变化？",{"text":126,"@type":114},"作者引用统计与政策变化的影响，指出法定与监管调整大幅降低了存款人风险，并与存款保险、贴现窗口和Fedwire的可获得性共同解释了银行资本充足水平从1890年的较高比例到1990年的较低比例的趋势。","https://schema.org",{"og:url":83,"og:type":129,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":131,"canonical":83},"index,follow",{"doc_id":133,"site_id":62},324762,1790432981,{"code":4,"msg":5,"data":136},{"doc_id":133,"user_id":137,"nickname":92,"user_avatar":138,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":139,"file_id":140,"file_url":141,"file_type":142,"file_size":143,"view_count":105,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":24,"language":144,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":145,"faqs":146,"seo_title":147,"seo_description":67,"update_tm":148,"read_time":149,"preview_page_count":4},1099514067415,"https://ap-avatar.wpscdn.com/avatar/100002539d78ffe74a7?x-image-process=image/resize,m_fixed,w_180,h_180&k=1779092875211072502","by W.Lee Hoskins  \nlhe gathering movement for financialreform in the United States raises com-plex questions about expanding thepowers of commercial banks.Contro-versy abounds wheneverany potentialrelaxation of a regulatory restriction onbanking activity is considered,and thedebate only intensifies as the range ofactivities widens to encompass theuniverse of financial businesses,andeven commerce.  \nFinancial reform cannot be viewedsimply as an enlightened attempt toremove artificial restraints on therational deployment of private capitalacross lines of business,however.Overthe past 60 years,U.S.depository insti-tutions have become the beneficiaries ofan expanding federal safety net that,ineffect,has become a taxpayer-backedsubstitute for private capital,liquidityand contractual arrangements to manageand resolve financia failure.  \nIronically,dependence on federal guar-antees and on regulatory restrictionsprotecting depositors appears to havecontributed to the low capitalizationthat places banks at a competitive disad-vantage in considering new lines ofbusiness.To maintain the current safetynet while banks expand into a widerrange of activities clearly is inconsistentboth with the lessons being gleanedfrom the unraveling thrift industry and,more generally,with growing concemsabout federal credit guarantee programs.  \n# Payment System Risk andFinancial Reform\n\nTherefore,it is not where to redraw theboundaries between banking and otherlines of business,but the preconditionfor redrawing those lines—a matchingreform of the federal financial safety net—that will be addressed here.Reformwillfirst require clarification of theobjectives of the safety net and its rela-tionship to systemic risk.A review ofthe payment system risk problem willillustrate that shrinking the existingsafety net,not tailoring it to excludenew lines of business,will make finan-cial reform possible.  \n## ■ Reform and the Safety Net\n\nFor many economists,financial reformis synonymous with further deregulation that picks up where the eliminationof Regulation Qand the crumbling bar-riers to interstate banking left off.Nor-mally,we would expect that removingfurther artificial barriers to competitionwould enhance efficiency,as the alloca-tion of financial and real resources morefully responds to market signals  \nAmarket system involves both profitsand losses.In the ideal free-marketeconomy,property owners,operatingwithin the social fabric of the law,canuse their financial property in whateverway their ingenuity—or lack of it—suggests,expecting to enjoy the result-ing profits or suffer the losses.We losethe power and safeguards of the marketif the safety net intervenes to absorblosses or the risk of losses and passesthem on to the taxpayer.Patching up the  \nAugust 1,1990  \nShrinking the federal safety net mustbe a precondition of financial reformin the United States,or increasingbank powers will expand the realm ofthe economy underwritten by thetaxpayer.  \nsystem whenever a problem arises,rather than allowing market arrange-ments to prevent or cope with trouble,skews decisions toward more risk.  \nTo expand the lines of business thatbanks can enter would extend the realmof the economy underwritten by thefederal safety net,which includesdeposit insurance and access to both thediscount window and to Fedwire.Together,these components ensure thatdeposits are safe and that ovemight andintraday financing are assured,notwith-standing managerial imprudence orexogenous events.In a recent speech,Alan Greenspan,Chaiman of the Fed-eral Reserve Board,put the significanceof this federal underwriting into clearperspective:  \nWhile the historical data are admit-tedly distorted by a number of fac-tors,it is still instructive to note thatin 1840,the average U.S,bank'sequity-capital-to-total-asset ratio wasaround 50 percent…  \nSuch high equity-capital ratios werenotthe choice of bankers,but ratherthe resultof market pressures to pro-vide comfort to depositors that bankscould,in fact,live u","cbCaitWCEf9jNpQQ","https://ap.wps.com/l/cbCaitWCEf9jNpQQ","pdf",1195194,"English","# Payment System Risk and Financial Reform\n## Reform and the Safety Net","[{\"question\":\"为什么作者认为金融改革不能仅仅等同于进一步放松监管？\",\"answer\":\"作者认为，若不同时改革联邦金融安全网，仅靠放松监管会扩大由纳税人承担的经济领域，并可能加剧风险激励，从而与改革目标不一致。\"},{\"question\":\"联邦安全网与系统性风险之间的关系在文中如何被提出？\",\"answer\":\"文中指出改革首先需要澄清安全网的目标及其与系统性风险的关系，并通过支付系统风险问题来说明：应当收缩现有安全网而不是为排除新业务而“定制”。\"},{\"question\":\"文中提到的安全网核心组成是什么？\",\"answer\":\"安全网由存款保险以及银行对贴现窗口和Fedwire的使用权构成，它们共同确保存款安全并提供日内与垫付融资保障。\"},{\"question\":\"作者用哪些历史因素说明存款人风险溢价与银行资本的变化？\",\"answer\":\"作者引用统计与政策变化的影响，指出法定与监管调整大幅降低了存款人风险，并与存款保险、贴现窗口和Fedwire的可获得性共同解释了银行资本充足水平从1890年的较高比例到1990年的较低比例的趋势。\"}]","Payment System Risk and Financial Reform - August 1, 1990 | PDF",1789968806,13]