bank safety and liquidity provision 银行安全和 philip - phil dybvig.pptVIP

Bank Safety and Liquidity Provision银行安全性和流动性供应Philip H. Dybvig大顽童Washington University in Saint Louis and SWUFE华盛顿大学.圣路易斯、西南财大 Chengdu June 29, 2012 成都 2012年6月29日 Overview主要内容 What do banks do? 银行的职能 Bank regulation pre-Basel 巴塞尔协议之前的银行监管 Regulation under Basel 巴塞尔协议下的银行监管 Shadow banking 影子银行 Financial crisis 金融危机 Current regulation 当前监管 Suggestions looking forward 对未来的建议 What Banks Do　银行的职能 Asset Side Services (e.g., originating and servicing loans) 资产方服务（例如,提供贷款与维护贷款服务） Liability Side Services (e.g., accepting deposits and providing cash) 负债方服务（例如,吸收存款与提供现金） Transformation Services (creation of liquidity) 转换服务（创造流动性） Diamond and Dybvig (1983): liquidity creation by banks　 Diamond and Dybvig (1983):银行流动性创造 　 Traditional Bank Regulation传统银行监管 Bank Examiners银行的审查者 – examined the loan documentation and lending practices审查贷款文件与贷款业务 – formed an opinion of the safety and soundness of the bank对银行的安全稳健性做出判断 Glass-Steagall格拉斯-斯蒂格尔法案 – separated investment banking from commercial and mortgage banking将投资银行从商业与抵押银行系统中分离出来 – limited deposit insurance umbrella to a short list of activities存款保险的作用受限 Regulation under Basel巴塞尔协议下的监管 Designed to create a level playing field 试图设计创造出一个“公平的竞争环境” Capital requirements based on coarse aggregates基于粗糙总量的资本需求 – based on punishment in a repeated game 以重复博弈中的惩罚为基础 – game not repeated if the bank blows up! 如果银行倒闭，博弈停止 No Glass-Steagall: government insures hedge funds etc.废除了格拉斯-斯蒂格尔法案，政府得承担保护对冲基金的责任 Shadow Banking影子银行 Huge unregulated repo market巨大的监管空白下的回购市场 Some possible causes可能的原因 – regulatory arbitrage监管套利 – limits on deposit insurance对存款保险的限制 – restrictive regulation under Basel巴塞尔协议下有限的监管 Financial Crisis (simplified and partial view)金融危机（简化与部分观点） Collapse of shadow banking影子银行崩溃 US real estate small compared to shadow banking美国房地产业与影子银行业相比规模较小 Bank commercial paper, MMFs, too big to fail, etc.银行拥有商业票据、货币市场基金，大而不倒 Basel regulation failed巴塞尔监管失败 – simultaneous bank failures in many countries许多国家的银行在同一时期