Banking and Finance Law Term Paper

Pages: 3 (870 words)  ·  Bibliography Sources: 0  ·  File: .docx  ·  Level: College Senior  ·  Topic: Economics


The International Bank for Reconstruction and Development (World Bank) was organized in 1945 to make loans both to governments and to private investors. The discharge of debts between nations has been clarified and uncomplicated through the International Monetary Fund (IMF), which also provides members with technical assistance in international banking. The former European Monetary Agreement also made possible the rapid discharge of debts and balance of payments obligations between nations. The European Central Bank (see European Monetary System) was established in 1998 to help formulate the joint monetary policy of those European Union nations adopting a single currency. (Blinder)

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Banking in its simplest form was practiced by the ancient temples of Egypt, Babylonia, and Greece, which loaned at high rates of interest the gold and silver deposited for safekeeping. Private banking existed by 600 B.C. And was considerably developed by the Greeks, Romans, and Byzantines. (Binhammer) Medieval banking was dominated by the Jewish and Levantines because of the strictures of the Christian Church against interest and because many other occupations were largely closed to Jews. "The forerunners of modern banks were frequently chartered for a specific purpose, e.g., the Bank of Venice (1171) and the Bank of England (1694), in connection with loans to the government; the Bank of Amsterdam (1609), to receive deposits of gold and silver." (Granger) Banking developed rapidly throughout the 18th and 19th centuries, accompanying the expansion of industry and trade, with each nation evolving the distinctive forms peculiar to its economic and social life.

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Since the establishment of the Federal Reserve system, federal banking legislation has been limited largely to detailed amendments to the National Bank and Federal Reserve acts. The Glass-Steagall Act of 1932 and the Banking Act of 1933 together formed an extensive reform measure designed to correct the abuses that had led to numerous bank crises in the years following the stock market crash of 1929. The Glass-Steagall Act prohibited commercial banks from involvement in the securities and insurance businesses. The Banking Act strengthened the powers of supervisory authorities, increased controls over the volume and use of credit, and provided for the insurance of bank deposits under the Federal Deposit Insurance Corporation (FDIC). The Banking Act of 1935 strengthened the powers of the Federal Reserve Board of Governors in the field of credit management, tightened existing restrictions on banks engaging in certain activities, and enlarged the supervisory powers of the FDIC. (Mishkin)

Several deregulatory moves made by the federal government in the 1980s diminished the distinctions among various financial institutions in [END OF PREVIEW] . . . READ MORE

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How to Cite "Banking and Finance Law" Term Paper in a Bibliography:

APA Style

Banking and Finance Law.  (2003, April 1).  Retrieved April 3, 2020, from

MLA Format

"Banking and Finance Law."  1 April 2003.  Web.  3 April 2020. <>.

Chicago Style

"Banking and Finance Law."  April 1, 2003.  Accessed April 3, 2020.