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Diane Publishing Books
Security Loans at Banks and Nonbanks: Regulation U: A Reprint from “New England Economic Review”
Peter Fortune (au)
Over the years, the Fed. Reserve System has established margin reg’s. to limit purpose loans by banks and nonbanks (B&N) to broker-dealers or other borrowers. Here, the author reviews these reg’s. affecting security lending (SL) by B&N. Examines data on security loans during the 1920s and 1930s, as well as in recent years, noting that SL by banks and borrowing by broker-dealers often diverge and that during the 1920s the vol. of loans by banks to brokers may have been driven less by margin loans than by new issues of stocks and bonds by corp. Looks at the credit absorption hypothesis popular in the 1930s and finds that an increase in bank SL does not result in higher bus. loan rates relative to other short-term interest rates. Tables and figures.
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