Interplay between Accounting and Prudential Regulation
构建模型分析会计信息与审慎监管如何共同影响银行发放贷款的激励，发现资本要求与会计计量在单独考虑时是替代品，联合考虑时则是互补工具，并指出优化预期损失模型信息可设计更宽松的资本要求以刺激银行放贷。
ABSTRACT We develop a model in which accounting information and prudential regulation interact to affect banks’ incentives to originate loans. Prudential regulators impose capital requirements to prevent banks from taking excessive risk. However, regulators cannot commit to ex ante efficient intervention and, instead, respond to ex post accounting information. We show that capital requirements and accounting measurement are substitutes when considered separately. By contrast, when considered jointly, accounting measurement and capital requirements are complementary tools that affect the level and efficiency of credit decisions. Comparative statics link capital requirements, quality of accounting information, and regulatory intervention to credit market conditions. An upshot of our analysis is that by appropriately optimizing the information from expected loss models, prudential regulators may design looser capital requirements to spur more bank lending. JEL Classifications: G21; G28; M41; M48.