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11. See Robert Litan, What Should Banks Do? (Washington:

Brookings Institution, 1987).

12. See, for instance, George Benston and George Kaufman,

"Is the Banking and Payments System Fragile?" Journal of

Financial Services Research 9 (1995): 209-40; Gillian Gar-

cia, "Comparing and Confronting Recent Banking Problems in

Foreign Countries," Working Paper, International Monetary

Fund, Washington, 1996; Edward Kane, The S&L Insurance Mess:

How Did It Happen? (Washington: Urban Institute, 1989);

George Kaufman, "The U.S. Banking Debacle of the 1980s: An

Overview and Lessons," Financier 2 (1995): 9-26; and Randall

S. Kroszner and Philip E. Strahan, "Regulatory Incentives

and the Thrift Crisis: Dividends, Mutual-to-Stock Conver-

sions, and Financial Distress," Journal of Finance 51 (Sep-

tember 1996): 1285-1320.

13. See George Kaufman, "Bank Fragility: Perception and His-

torical Evidence," Working Paper, Federal Reserve Bank of

Chicago, 1996.

14. See Sam Peltzman, "Capital Investment in Commercial

Banking and Its Relationship to Portfolio Regulation," Jour-

nal of Political Economy 78 (1970): 1-26.  See also Garcia;

and Kroszner and Strahan, "Regulatory Incentives and the

Thrift Crisis."

15. Charles Calomiris and Joseph Mason, "Contagion and Bank

Failures during the Great Depression: The June 1932 Chicago

Bank Panic," American Economic Review (December 1997):

863-83.

16. See, for example, Tyler Cowen and Randall S. Kroszner,

"Scottish Banking before 1845: A Model for Laissez-Faire?"

Journal of Money, Credit, and Banking 21 (May 1989): 221-31;

Randall S. Kroszner, "Free-Banking: The Scottish Experience

as a Model for Emerging Market Economies," in Reforming Fi-

nancial Systems: Historical Implications for Policy, ed. G.

Caprio and D. Vittas (New York: Cambridge University Press,

1997), pp. 41-64; and Lawrence H. White, Free Banking in

Britain, 1800-1845 (Cambridge: Cambridge University Press,

1984).

17. Eugene White, "Before the Glass-Steagall Act: An Analy-

sis of the Investment Banking Activities of National Banks,"

Explorations in Economic History 23 (1986): 33-55.

18. See James R. Barth and R. Dan Brumbaugh, Jr., "Moral-

Hazard and Agency Problems: Understanding Depository Insti-

tution Failure Costs," in Research in Financial Services,

vol. 6, ed. George G. Kaufman (Greenwich, Conn.: JAI Press,

1994), pp. 61-102; Edward Kane and Min-Teh Yu, "How Much Did