Technological and Regulatory Forces in the Developing Fusion of Financial‐Services Competition
分析传统金融机构产品线融合现象，认为技术进步和存款保险补贴带来的范围经济是驱动力，同时企业为降低监管负担进行组织重构，并以美联储对非银行银行的政策演变为例说明监管竞争。
ABSTRACT Product lines 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.