Abstract
THERE NOW EXISTS a substantial literature on the issue of whether commercial banks are in any important sense different from other financial intermediaries. The controversy was initiated by Gurley and Shaw (1955, 1960) when they stressed the similarities, as opposed to the differences, between banks and nonbank intermediaries.' This new view of commercial banking has gained strength in recent years and has been set forth in its strongest and most lucid version by Tobin (1963), who summarized his results as follows:
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