banksafetyandliquidityprovision银行安全性和提供流动性.pptVIP

Bank Safety and Liquidity Provision银行安全性和提供流动性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 Hangzhou June 9, 2012 杭州 2012年6月9日 Overview主要内容 What do banks do? 银行是做什么的？ 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 建议与展望 What Banks Do　银行做什么 Asset Side Services (e.g., originating and servicing loans) 资产方服务（例如,提供贷款与贷款服务） 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银行检查者 – examined the loan documentation and lending practices检查贷款资料与贷款实践 – formed an opinion of the safety and soundness of the bank形成对银行稳健性与否的意见 Glass-Steagall格拉斯-斯蒂格尔法案 – separated investment banking from commercial and mortgage banking从商业与抵押银行业务中分离出了投资银行业务 – limited deposit insurance umbrella to a short list of activities限制存款保险保护 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基于粗糙针对总量的资本需求 – 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! 如果银行膨胀、倒闭，博弈并非能重复 No more Glass-Steagall, so government is insuring hedge funds etc.废除了格拉斯-斯蒂格尔法，政府得承担对冲基金的责任 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（简化与局部视觉） Collapse of shadow banking影子银行崩溃 US real estate small compared to shadow banking美国房地产与影子银行业比规模较小 Bank commercial paper, MMFs, too big to fail, etc.银行拥有商业票据、货币市场基金等，大而不倒 Basel regulation failed巴塞尔监管失败 – simultaneous bank failures in many countr