Technological and Regulatory Forces in the Developing Fusion of Financial- Services Competition
认为传统金融机构的产品线正快速融合，机构通过利用技术变革带来的范围经济和存款保险补贴来降低服务成本，同时重组组织以减轻监管负担，并用美联储对非银行银行的政策演变说明这一过程。
Productlines of traditionally heterogeneous financial institutions are rapidly fusing into a homogeneous blend, institutions and market structures are reshaping themselves to lower the cost of serving customer demand for financial services.This paper contends that contemporary adaptations exploit scope economies rooted in technological change and deposit-insurance subsidies to innovative forms of risk-bearing. As they reorient work flows, financial firms are simultaneously restructuring their organizations to lower net burdens from government regulation. Alternative state and federal regulatory and legislative bodies compete vigorously for the regulatory business of developing institutional hybrids. Evolution of Federal Reserve policy toward nonbank banks exemplifies the process.