zingalez on regulation

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1、AMarket-BasedRegulatoryPolicytoAvoidFinancialCrisesLuigiZingalesWhenitcomesto“savingcapitalism,”dealingwiththe“toobigtofail”doctrineisatoppriority.Thisdoctrinehasincreasinglybecomethegovernmentpolicyonthisissue,anditisprobablythemostdangerouspolicyforcapitalismwecanimagine.Itunder-mines

2、capitalisminmanyways:notonlydoesitmakethesystemlessstable,butitalsounderminesthemoralbasisofcapitalism.Ifyouhaveasectororasetofinstitutionswherelossesaresocializedbutwheregainsareprivatized,thenyoudestroytheeconomicandmoralsupremacyofcapitalism.Eitherwedealwiththeperverseincentivescreat

3、edbythisdoctrineorweunderminethelong-termsustainabilityofcapitalism.Soitisreallyimportanttothinkwhatwecandoagainstthistoo-big-to-failpolicy.WhattoDoaboutTooBigtoFailIhavespokenwithmanymembersofCongressandthebestintentionedoneswanttolegislatethetoo-big-to-failpolicyawaybyintroducingenoug

4、hconstraintsthatwillmakeitimpossibleinthefuturetodowhatthegovernmenthasdoneintherecentcrisis.Inspiteoftheirgoodintentions,IdonotthinkthatthesemembersofCongressunderstandtheessenceoftheproblem.Letmeuseananalogy.Asparentsweknowthatweshouldletourchildrenlearnfromtheirmistakes.Weshouldnotbe

5、toointerventionistandbailthemout,becausetheywon’tlearn.However,whentheygetintoCatoJournal,Vol.30,No.3(Fall2010).Copyright©CatoInstitute.Allrightsreserved.LuigiZingalesistheRobertC.McCormickProfessorofEntrepreneurshipandFinanceattheUniversityofChicagoBoothSchoolofBusiness.Thisarticledraw

6、sonhisworkwithOliverHart(HartandZingales2009).535CatoJournalreal,serioustrouble,whentheirlifeisindanger,itisimpossibleforusasparentsnottointervene.Itwouldbeagainstnaturenottointervene.Andnomatterhowwecantrytocommitnottointer-venebecauseweknowthatthishasgoodincentiveeffectsonourchildren,

7、whenoursonordaughter’slifeisindanger,wewillintervene.Andthat’salittlebitlikethesituationweareinwithlargefinancialinstitutions.Nomatterhowmuchwetrytotieourhands,whenamajorcrisiscomesitisimpossibletostopthepoliti-ciansfromintervening.Partofthereasonisthatduringabankingcrisisagove