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Doctrine of public good in banking versus state intervention

Author

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  • Piotr Masiukiewicz

    (Warsaw School of Economics, Poland)

Abstract

This article has a following thesis: changes in banking and a role of banks in real economy in last years, give an argument for treating banks as public good. Banks received a great support from governments as a result of the subprime crisis. G-20 and European Commission recommended new regulations for this sector after crisis. As consequence of banking development more than 90% of population use banking services in many countries. New social functions of banks appeared. Doctrines about recovery and government support for banks were changed in parallel (e.g. LoLR). Presently there are some arguments for recognition of public good doctrine in banking such as: a very big area for state regulation, state banking supervision, state system of deposits insurance, realization of task delegated by the state, social responsibility of banks and other. These arguments confirm that banks’ activity has a particular importance for society and economy and would be public good.

Suggested Citation

  • Piotr Masiukiewicz, 2014. "Doctrine of public good in banking versus state intervention," Working Papers 38/2014, Institute of Economic Research, revised Dec 2014.
    • Handle: RePEc:pes:wpaper:2014:no38
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    More about this item

    Keywords

    bankruptcy; bank; crisis; financial institution; public good;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • H41 - Public Economics - - Publicly Provided Goods - - - Public Goods

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