Political Foundations of the Thrift Debacle节俭崩溃的政治基础.pdfVIP

This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Politics and Economics in the Eighties Volume Author/Editor: Alberto Alesina and Geoffrey Carliner, editors Volume Publisher: University of Chicago Press Volume ISBN: 0-226-01280-8 Volume URL: /books/ales91-1 Conference Date: May 14-15, 1990 Publication Date: January 1991 Chapter Title: Political Foundations of the Thrift Debacle Chapter Author: Thomas Romer, Barry R. Weingast Chapter URL: /chapters/c5418 Chapter pages in book: (p. 175 - 214) 6 Political Foundationsofthe Thrift Debacle ThomasRomerandBarry R. Weingast 6.1 Introduction The collapseoftheU.S. savingsandloanindustry is oneofthemajor eco- nomic developments of the 1980s.’Current official estimatesof the cost to Americantaxpayersof resolving failedthrift institutionsexceed$300billion over the coming decade. Someknowledgeable observers contend that even that figureis optimisticallylow.2 There hasbeen a torrentof analysisofthe thriftdebacle.Muchofthiswork has focused on the debacle’seconomic underpinnings.These economicfac- tors include the adverse interest-rate environment facing savings and loan (SL) institutions atthe beginningof the decade,particularly when coupled withtheimbalanceinmaturitiesof SL assetsandliabilities.Inmid-decade, the collapseofreal estatemarkets in the oilpatch andhard times in the farm belt had a devastatingimpact on SLs in those areas.Federal deposit insur- anceprovidedwhat has amountedto agovernment-backedguaranteethat en- couraged many thriftinstitutions tohold increasingly risky assetsas theirnet worth declined. Low capitalrequirements furtherencouragedatype of risk- taking behavior thathasbeen characterized as“gamblingforresurrection.”In anumberof spectacular cases, outrightfraudandthefthave occurred. The American thrift industry, like the financial services sectori