The Role of the State in Financial Markets
从理论角度重新审视国家在金融市场中的作用，识别了十种市场失灵，提出政府干预的两种分类法，并基于政府信息限制制定监管原则，应用于银行审慎标准分析。
This paper re-examines, from a theoretical perspective, the role of the State in financial markets. After observing the ubiquity of government intervention and the frequency of debacles in the financial market (such as the U.S. S&L debacle), it identifies ten market failures that arise in financial markets. Most of these are related to problems of imperfect and costly information. It then proposes two alternative taxonomies of government intervention, focusing respectively on the instruments employed and the public policy objectives pursued. Government intervention faces information problems as well. The paper develops a set of principles for government regulation which take cognizance of limitations on government (including limitations on the information it has at its disposal). These principles are then applied to the analysis of prudential standards for banks.