rethinking bank regulation till angels govern：重新思考银行监管，直到天使执政精选.pdfVIP

Rethinking Bank Regulation -Till Angels Govern James R. Barth, Gerard Caprio Jr. and Ross Levine (Cambridge: University Press, 2006) Dr. Armin J. Kammel* Angels and banks are two terms that are normally not used in the same context. However, there exist some popular approaches to bank supervision that assume bank supervisors behave like angels in the sense that they try to guarantee the safety and security of the banking system. This paternalistic, quasi-angel behaviour of bank supervisors is strik- ingly attacked in this new voluminous book authored by three econo- mists, James R. Barth, Gerard Caprio Jr. and Ross Levine. The unique title of their book, Rethinking Bank Regulation - Till Ailgels Govertl, was inspired by James Madison, one of Americas founding fathers. He made the following fundamental statement that underscores the complex and difficult issues addressed by this book: But what is government itself. but the greatest of all reflections on human nature. If men were angels, no government would be necessary. If angels were to govern men, neither external nor internal controls would he necessary. In framing a government which is to be administered by men over men. the great difficulty lies in this: you must first enable the government tocontrol the governed; and in the next place oblige it to control itself. As Madison explains, the general difficulty is to enable the gov- ernment to control the governed. Furthermore, governments need effec- tive regulatory and law enforcement tools for this purpose. Where they are lacking, economists speak about regulatory failure. Regulatory fail- ures arise in many economic sectors including the banking sector, even though banks are one of the most heavily regul