001 005 016 034 075 123 129 281 1960 1970 1980 2000

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Unformatted text preview: d dealers 0.0 0.0 3.8 3.0 5.3 8.1 1.5 1.0 Mortgage companies 0.0 2.7 1.3 1.2 0.8 0.6 0.3 0.1 Real estate investment trusts — — — — — — — — Total (percent) 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Total (trillion dollars) .001 .005 .016 .034 .075 .123 .129 .281 1960 1970 1980 2000 38.2% 19.7 23.8 2.9 9.7 4.6 37.9% 20.4 18.9 3.5 13.0 4.8 34.8% 21.4 16.1 3.6 17.4 5.1 35.6% 10.0 16.8 17.0 10.7 7.9 1.1 * 1.2 * 1.1 0.4 1.5 0.3 0.0 0.3 0.1 0.2 100.0% 100.0% 100.0% 100.0% .596 1.328 4.025 14.75 Columns may not add to 100% due to rounding. * Data not available. Source: Randall Kroszner, “The Evolution of Universal Banking and Its Regulation in Twentieth Century America,” Chapter 3 in Anthony Saunders and Ingo Walter, eds., Universal Banking Financial System Design Reconsidered (Burr Ridge, IL: Irwin, 1996); and Federal Reserve Bulletin, Table 1.60. www.federalreserve.gov sau86198_ch01.qxd 4/21/02 8:52 PM Page 17 Chapter 1 Why Are Financial Intermediaries Special? 17 and Treasury bills and issue shares linked directly to the value of the underlying portfolio. To the extent that these funds efficiently diversify, they also offer...
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