Institutionalization of Savings and the Long-Term Outlook for the Securities Industry

Abstract

I am going to consider three questions. First, what have been the trends in the institutionalization of savings and, as a consequence, in the evolving role of institutions in the equity markets? Second, what have been the effects of these trends on the securities industry, narrowly defined; that is, on the securities broker-dealers. And, third, what have been the effects of these trends on the financial markets and the economy as a whole?