Proposal to Reduce Risk in Global Finance
Any type of content formally published in an academic journal, usually following a peer-review process.
The financial history of the United States is marked by many large scale banking crises and large numbers of bank failures. An important reason for the large number of failures was the emphasis in law and practice on banks as local lenders. When local or regional crops (or industries) failed, local banks failed. Portfolios were insufficiently diversified to reduce risk optimally.