Some have long argued that private digital money and the technology underpinning it will revolutionize finance in the long term. But with Bitcoin plunging, stablecoins collapsing, and crypto lenders freezing withdrawals, we asked PS commentators whether the industry has a future.
巴塞罗那——央行行长和监管者总是担心,金融部门竞争过度会增加不稳定性,产生系统失灵风险。另一方面,竞争当局则认为竞争越多越好。但这两种观点都不正确。
在竞争和稳定之间存在权衡。事实上,更大的竞争压力可能会增加银行资产负债表的脆弱性,令投资者更易陷入恐慌。竞争也可能会削弱机构许可证的价值。
利润率低、负债少的银行属于光脚的不怕穿鞋的那一类,它们会倾向于赌博——在存款保险和“太大而不能倒”的政策下,这一倾向愈加明显。结果是银行有了更多的承担风险的激励。事实上,对于自由体系中濒临倒闭的银行而言,过度承担风险的激励根本无法抵制。
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