The Regulation of Private Money*
指出金融危机的本质是银行挤兑，根源在于短期债务（私人货币）的脆弱性，并回顾了两种银行监管方法：以高质量抵押品支持短期债务和政府保险，同时探讨了银行特许权价值对风险行为的约束作用。
Abstract Financial crises are bank runs. At root, the problem is short‐term debt (private money), which while an essential feature of market economies, is inherently vulnerable to runs in all its forms (not just demand deposits). Bank regulation aims at preventing bank runs. History shows two approaches to bank regulation: the use of high‐quality collateral to back banks’ short‐term debt and government insurance for the short‐term debt. Also, explicit or implicit limitations on entry into banking can create charter value (an intangible asset) that is lost if the bank fails. This can create an incentive for the bank to abide by the regulations and not take too much risk.