Limited-Purpose Banking—Moving from “Trust Me” to “Show Me” Banking
指出2008年银行挤兑的元凶是专有信息和杠杆，提出有限目的银行改革，通过削减专有信息和消除杠杆来防止金融崩溃，并用简单模型说明欺诈如何摧毁金融。
There are many alleged culprits for the bank runs of 2008 and their devastating economic fallout. But proprietary information and leverage top our list. Claims of proprietary information forced financial markets to operate on trust, while providing the perfect breeding ground for fraud. And leverage permitted creditors to run at the first whiff of fraud, leveling one financial giant after another. Limited Purpose Banking (LPB), presented here, is a financial reform that sharply curtails proprietary information and eliminates leverage and, thus, the possibility of financial collapse. LPB's adoption is supported by our simple model showing how fraud can destroy finance.