银行难题

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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