影子银行监管:金融规制及其责任失灵

Regulating Shadows: Financial Regulation and Responsibility Failure

外部性是失灵的后果,而非起因,隐藏在影子银行系统中的第三种失灵,即外部性应定义为责任失灵,这有助于政府和机构厘清责任,促使监管机构制定法律来将外部性的成本内在化。

Externalities are fundamentally consequences, not causes, of failures. This third marketfailure category, which is hidden in the shadow banking system, should be reconceptualized as a 'responsibility failure.' Such a reconceptualization would help to illuminate the fact that sometimes the government itself, not merely individual frms, should bear responsibility for causing externalities. Exercising responsibility may spur the government to enact laws that require frms to internalize those costs.