以市场为基础的监管政策避免金融危机外文翻译.docVIP

外文翻译 原文 A New Capital Regulation for Large Financial Institutions Material Source: Cato Institute, Washington, DC Author: Luigi Zingales When it comes to “saving capitalism,” dealing with the “too big to fail” doctrine is a top priority. This doctrine has increasingly become the government policy on this issue, and it is probably the most dangerous policy for capitalism we can imagine. It undermines capitalism in many ways: not only does it make the system less stable, but it also undermines the moral basis of capitalism. If you have a sector or a set of institutions where losses are socialized but where gains are privatized, then you destroy the economic and moral supremacy of capitalism. Either we deal with the perverse incentives created by this doctrine or we undermine the long-term sustainability of capitalism. So it is really important to think what we can do against this too-big-to-fail policy . What to Do about Too Big to Fail I have spoken with many members of Congress and the best intentioned ones want to legislate the too-big-to-fail policy away by introducing enough constraints that will make it impossible in the future to do what the government has done in the recent crisis. In spite of their good intentions, I do not think that these members of Congress understand the essence of the problem. Let me use an analogy. As parents we know that we should let our children learn from their mistakes. We should not be too interventionist and bail them out, because they won’t learn. However, when they get into Cato Journal, Vol. 30, No. 3 (Fall 2010). Copyright . Cato Institute. All rights reserved. Luigi Zingales is the Robert C. McCormick Professor of Entrepreneurship and Finance at the University of Chicago Booth School of Business. This article draws on his work with Oliver Hart (Hart and Zingales 2009).536 Cato Journal real, serious trouble, when their life is in danger, it is impossible for us as parents not to in