Where to Draw Lines: Stability Versus Efficiency

Thomas J. Sargent

25 citations0/0 files storedEconomica

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Banking stability, regulation, efficiency Economic Theory and Policy Economic theories and models

Abstract

What kinds of assets should financial intermediaries be permitted to hold? What kinds of liabilities should they be allowed to issue? Should a government or a central bank offer explicit deposit insurance or implicit deposit insurance by acting as a lender of last resort? This paper reviews how tensions involving stability versus efficiency, and regulation versus laissez faire, have for centuries run through macroeconomic analysis of these questions.

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References

1958The Cost of Capital, Corporation Finance and the Theory of Investment 1983Bank Runs, Deposit Insurance, and Liquidity 2008The cost of capital, corporation finance and the theory of investment 1958An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money 1975"Rational" Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule 1873Lombard Street: A Description of the Money Market 1983Optimal fiscal and monetary policy in an economy without capital 1981Some Unpleasant Monetarist Arithmetic

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2021Financial Risk Capacity

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