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Why Are there So Many Banking Crises? The Politics and Policy of Bank Regulation phần 5

sự bình đẳng. Phí bảo hiểm tiền gửi dự trữ chắc chắn công bằng là như vậy,Về mặt lý thuyết, nó nên có thể thực hiện việc phân bổ có hiệu quả ngay cả trong sự hiện diện của lựa chọn ngược. Chúng tôi một thời gian ngắn kiểm tra khả năng này, vì lợi ích của đầy đủ. Lợi ích chính của | MACROECONOMIC SHOCKS AND BANKING SUPERVISION 1 1 7 Therefore f W J 1 - q qR qx p pR - p - 1 L p dF V L 4.5 where r I L J L p 1 - q qx p dF. 4.6 The optimal regulatory contract is obtained by choosing x and L that maximize W under the budget constraint 4.4 of each bank. Proposition 4.2. In the presence of macroeconomic shocks the optimal regulatory contract is characterized by a separation of banks into two categories The banks such that p p 1 1 - q small exposure to macroshocks are rescued in the case of a crisis but they are subject to a higher capital ratio than in the absence of macroshocks . This capital ratio increases with their exposure p to macroshocks B k1 p Lp 1 - dR - Ap qp. 4.7 The banks such that p p large exposure to macroshocks are closed in the case of a crisis and are subject to a flat capital ratio E . . . _ B k0 L0 1 - 1 - qpR - Ặ . 4.8 Proof of proposition 4.2. Given that there is a separate budget constraint for each p condition 4.4 we can solve for L p and maximize with respect to x the following quantity U x p 1 - q qx pR V L - qxp - 1 1 - 1 - q qx p R - B Ap qxp E has been omitted because it only appears multiplicatively and therefore does not influence the optimal value of x p . The expression of U can be simplified as follows U x.p -1 1 - q qx V L PB AP 1 qxp - 1 - q qx p R - B Ap -1 _V L pB Ap 1 qxp 1 - q qx - p R - B Ap . 118 CHAPTER 4 For a given p this expression is monotonic in x increasing if p 1 1 -q decreasing if p 1 1 - q . Thus the optimal regulatory contract involves 1 if p - p x p 1 - q 0 if p p . The corresponding capital ratios are deduced from constraint 4.4 B k p L p 1 - 1 - q qx p p R - ApJ qpx p by replacing x p by its optimal value found above. Proposition 4.2 adopts a normative viewpoint i.e. it characterizes the optimal closure rule for banks in the presence of macroeconomic shocks. We now adopt a positive viewpoint and compare the optimal closure rule with the effective closure rules implied by two .