Projected Employment Effects of a Repeal of the Glass-Steagall Act

Randall Filer and Bernard Shull
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Bernard Shull: Graduate Center, CUNY

Eastern Economic Journal, 1991, vol. 17, issue 2, 211-221

Abstract: Estimated.impacts on borrowing costs from increased underwriting competition are combined with a survey of borrowers regarding anticipated responses to lower costs to derive the predicted increase in domestic financial activity from repeal of the Glass-Steagall Act. This increased.activity is translated into employment impacts using employment patterns in financial and capital goods sectors. The best estimate is that Glass-Steagall repeal will create over 3,000 new primary jobs (with reasonable estimates bounded at about 1,000 and 7,500 jobs). Total employment effects depend on aggregate economic conditions, but in recessions may be as high as 30,000 and are likely to be over 12,500 jobs.

Keywords: Glass; Steagall (search for similar items in EconPapers)
JEL-codes: E42 E58 G28 (search for similar items in EconPapers)
Date: 1991
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Persistent link: https://EconPapers.repec.org/RePEc:eej:eeconj:v:17:y:1991:i:2:p:211-221

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