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WORKING PAPER NO. 08-5 CENTRAL BANK INSTITUTIONAL STRUCTURE AND EFFECTIVE CENTRAL BANKING: CROSS-COUNTRY EMPIRICAL EVIDENCE

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If these conditions were met, it is possible that the postal savings market would shrink drastically or even disappear. But it is also possible that a postal bank can play a beneficial role as an alternative to mandatory insurance for household deposits. This was, in fact, the reasoning that led postal savings to be accepted in the United States in 1910 – a time when the moral hazard problems involved in government insurance schemes were widely recognized, and postal savings was regarded as a less dangerous alternative. However, neither of the requirements – full-cost pricing and neutral recycling – has been consistently met in the United States.