商品簡介
The Prudential Regulation of Banks applies modern economic theory to prudentialregulation of financial intermediaries. Dewatripont and Tirole tackle the key problem of providingthe right incentives to management in banks by looking at how external intervention by claimholders(holders of equity or debt) affects managerial incentives and how that intervention might ideally beimplemented. Their primary focus is the regulation of commercial banks and S&Ls, but many of theimplications of their theory are also valid for other intermediaries such as insurance companies,pension funds, and securities funds.Observing that the main concern of the regulation ofintermediaries is solvency (the relation between equity, debt, and asset riskiness), the authorsprovide institutional background and develop a case for regulation as performing the monitoringfunctions (screening, auditing, convenant writing, and intervention) that dispersed depositors areunable or unwilling to perform. They also illustrate the dangers of regulatory failure in a summaryof the S&L crisis of the 1980s.Following a survey of banking theory, Dewatripont and Tiroledevelop their model of the capital structure of banks and show how optimal regulation can beachieved using capital adequacy requirements and external intervention when banks are violated. Theyexplain how regulation can be designed to minimize risks of accounting manipulations and to insulatebank managers from macroeconomic shocks, which are beyond their control. Finally, they provide adetailed evaluation of the existing regulation and of potential alternatives, such as ratingagencies, private deposit insurance, and large private depositors. They show that these reforms are,at best, a complement, rather than a substitute, to the existing regulation which combines capitalratios with external intervention in case of insolvency.The Prudential Regulation of Banks is partof the Walras Pareto Lectures, from the Universiy of Lausanne.
作者簡介
Nancy S. Jecker, Ph.D., is Professor of Ethics and Philosophy at the University of Washington, Seattle. Her recent publications address justice and family caregiving (in Theoretical Medicine and Bioethics, 2002); exploitation of research subjects (in American Journal of Bioethics, 2002); and multicultural challenges in ethics consultation (in Public Affairs Quarterly, forthcoming).
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