HIGH POINT, N.C., April 29, 2009 – Dr. Stephanie Crofton, associate dean of the Earl N. Phillips School of Business and associate professor of economics at High Point University, presented her paper, “American Share Insurance: the Sole Surviving Private Deposit Insurer in the US,” co-authored with Luis Dopico, Macrometrix, and James Wilcox, University of California, Berkeley, on April 25 at the annual conference of the Economic and Business Historical Society, held in Grand Rapids, Mich.
In her paper, Crofton compares American Share Insurance (ASI) with other past nonfederal deposit insurers. Crofton finds that ASI’s policies have allowed it to thrive when many other past nonfederal deposit insurers did not. ASI’s key policies include specializing on credit unions, diversifying nationwide, selecting and monitoring its insured institutions rigorously, using risk-based pricing, and having strong commitments from its surviving institutions when others fail.
Crofton’s paper is particularly timely today, showing private deposit insurance to be a vibrant and viable alternative. While federal deposit insurance is growing increasingly troubled, ASI is weathering the financial crisis quite well.
At the meeting, Crofton was reappointed as associate editor for the society’s peer-reviewed journal “Essays in Economic and Business History.”
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