Fairly Priced Deposit Insurance and Bank Charter Policy
指出当前存款保险改革（风险定价和资本要求）虽能消除不公平财富转移，但无法实现有效均衡，而另一种特许政策能达成有效分离均衡。
ABSTRACT The thrust of current deposit insurance reform—risk‐based insurance premiums and capital requirements—is an effort to price deposit insurance more fairly. Fairly pricing deposit insurance eliminates inequitable wealth transfers, but it does not lead to an efficient equilibrium. This paper shows that an alternative charter policy results in an efficient separating equilibrium.