Mechanism Design of Bank Bailout Policy

银行救助政策的机制设计

• 批准号: 11630010
• 负责人: OSANO Hiroshi
• 金额: $ 0.58万
• 依托单位: KYOTO UNIVERSITY
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Scientific Research (C)
• 财政年份: 1999
• 资助国家: 日本
• 起止时间: 1999 至 2000
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-11630010/
• 关键词: Bank Bailout; Cash Injection; Financial Crisis; Deposit Insurance; メカニズム・デザイン; 流動性危機; 公的資金注入; モラル・ハザード

Under the incomplete contract framework, we consider an optimal regulatory policy for motivating bank equity owners and bank managers to restructure the bad loans of their banks in the presence of managerial compensation contracts with stock options. The regulatory policy studied in this paper is mainly concerned with the design of repayment schedules in the scheme of injection of cash funds into insolvent banks by the regulator. We show that the regulator cannot necessarily attain the social optimal allocation by injecting cash funds into insolvent banks through the purchase of subordinated bonds with the risk-free interest rate. However, even in that case, we also suggest that, if the regulator injects cash funds into active restructuring banks through the purchase of subordinated bonds or preferred stocks with less stringent repayment conditions and nationalizes passive restructuring banks, the regulator can attain the social optimal allocation by performing such a non-linear injection scheme under certain conditions.

在不完全契约框架下，本文研究了在管理者薪酬契约中引入股票期权激励的情况下，激励银行股权所有者和银行经理重组银行不良贷款的最优监管政策。本文所研究的监管政策主要是监管者在向破产银行注入现金资金的方案中对偿还时间表的设计。我们发现，监管者通过购买无风险利率的次级债券向破产银行注入现金资金并不一定能实现社会最优配置。然而，即使在这种情况下，我们也认为，如果监管者通过购买次级债或优先股等偿还条件不那么严格的方式向主动重组银行注入现金资金，并将被动重组银行国有化，那么在一定条件下，监管者可以通过实施这种非线性注入方案来实现社会最优配置。

项目成果

Hiroshi Osano: "Injection of Public Funds into Banks under Deposit Insurance and Bank Regulation Banks, Capild Markets, and Corporate Governance (eds) Hiroshi Osano and Toshiaki Tachibanaki"(forthcoming). (2001)

Hiroshi Osano：“根据存款保险和银行监管银行、资本市场和公司治理向银行注入公共资金（编辑）Hiroshi Osano 和 Toshiaki Tachibanaki”（即将出版）。

Hiroshi Osano: "Injection of Public Funds into Banks under Deposit Insurance and Bank Regulation"Banking,Capital Markets and Corporate Governance. (発表予定). (2001)

Hiroshi Osano：“在存款保险和银行监管下向银行注入公共资金”，《银行业、资本市场和公司治理》（即将出版）。

Hiroshi Osano: "Injection of Public Funds into Banks under Deposit Insurance and Bank Regulation"Banking, Capital Markets, and Corporate Governance. (2001)

Hiroshi Osano：“在存款保险和银行监管下向银行注入公共资金”银行业、资本市场和公司治理。

Hiroshi Osano: "Security Design,Insider Monitoring,and Financial Market Eguilibrium"European Finance Review. 2. 273-302 (1999)

Hiroshi Osano：“安全设计、内部监控和金融市场均衡”欧洲金融评论。

Hiroshi Osano: "Managerial Incentive Contract and Bank Bailout Policy"Journal of Banking and Finance. (2001)

Hiroshi Osano：“管理者激励契约和银行救助政策”银行与金融杂志。