Allocating Bank Regulatory Powers - Lenders of Last Resort, Deposit Insurance and Supervision - BIS

8/13/2019 Allocating Bank Regulatory Powers - Lenders of Last Resort, Deposit Insurance and Supervision - BIS

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BIS Working PapersNo 102

Allocating bank regulatory powers:

lender of last resort, deposit

insurance and supervision

by Charles M Kahn* and Joo A C Santos*

Monetary and Economic Department

August 2001

* Charles M Kahn, Department of Finance, University of Illinois andJooA C Santos, Federal Reserve Bank of New York. The authorsthank Claudio Borio, Kostas Tsatsaronis, Xavier Freixas, Mark Careyand seminar participants at the Bank for International Settlements, theFederal Reserve Bank of New York, and the 2001 Federal ReserveBank of Chicago Bank Structure Conference for useful comments.Much of the work for this project was done while Santos was at theBank for International Settlements. Kahn thanks the Bank forInternational Settlements for financial support to carry it out. The viewsstated herein are those of the authors and are not necessarily those ofthe Bank for International Settlements, the Federal Reserve Bank ofNew York of the Federal Reserve System.


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BIS Working Papers are written by members of the Monetary and Economic Department of the Bankfor International Settlements, and from time to time by other economists, and are published by theBank. The papers are on subjects of topical interest and are technical in character. The viewsexpressed in them are those of their authors and not necessarily the views of the BIS.

Copies of publications are available from:

Bank for International SettlementsInformation, Press & Library Services

CH-4002 Basel, Switzerland

E-mail: [email protected]

Fax: (+41 61) 280 9100 and (+41 61) 280 8100

This publication is available on the BIS website (www.bis.org).

Bank for International Settlements 2001. All rights reserved. Brief excerpts may be reproducedor translated provided the source is cited.

ISSN 1020-0959
mailto:[email protected]:[email protected]


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Table of Contents

Abstract ........................................................................................................................................... 1

1. Introduction ........................................................................................................................... 2

2. Related literature .................................................................................................................. 6

3. The model ............................................................................................................................. 8

The objectives of regulators ................................................................................................. 10

3.1 Efficient regulation ...................................................................................................... 14

4. A single regulator .................................................................................................................. 15

4.1 Unified regulation ....................................................................................................... 15

4.2 A single regulator and private lending ........................................................................ 17

4.2.1 Insured lenders ................................................................................................ 19

4.2.2 Uninsured lenders ............................................................................................ 20

Interim conclusions ............................................................................................................... 21

5. Multiple regulators ................................................................................................................ 22

5.1 The full information case ............................................................................................ 22

5.1.1 Multiple regulators with specialised powers ..................................................... 23

5.1.2 Multiple regulators: competition in last resort lending ...................................... 25

5.2 The asymmetric information case .............................................................................. 29

Case 1 ........................................................................................................................ 30

Case 2 ........................................................................................................................ 31

6. Final remarks ........................................................................................................................ 32

Appendix: Bargaining under full information ................................................................................... 34

References ...................................................................................................................................... 37


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William R White

85January 2000

A defence of the expectations theory as a model of US long-term interest rates

Gregory D Sutton

86March 2000

Information, liquidity and risk in the international interbankmarket: implicit guarantees and private credit market failure

Henri Bernard andJoseph Bisignano

87May 2000

Monetary policy in an estimated optimisation-based modelwith sticky prices and wages

Jeffery D Amato andThomas Laubach

88June 2000

Evidence on the response of US banks to changes in capitalrequirements

Craig Furfine

89August 2000

Forecast-based monetary policy Jeffery D Amato andThomas Laubach

90September 2000

Bank capital regulation in contemporary banking theory: areview of the literature

Joo A C Santos

91October 2000

Measuring potential vulnerabilities in emerging marketeconomies

John Hawkins andMarc Klau

92October 2000

Recent initiatives to improve the regulation and supervision ofprivate capital flows

William R White

93October 2000

Trading volumes, volatility and spreads in foreign exchangemarkets: evidence from emerging market countries

Gabriele Galati

94November 2000

Corporate hedging: the impact of financial derivatives on thebroad credit channel of monetary policy

Ingo Fender

95November 2000

The impact of corporate risk management on monetary policytransmission: some empirical evidence

Ingo Fender

96December 2000

The real-time predictive content of money for output Jeffery D Amato andNorman N Swanson

97December 2000

Information flows during the Asian crisis: evidence fromclosed-end funds

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98January 2001

Money and inflation in the euro area: a case for monetaryindicators?

Stefan Gerlach andLars E O Svensson

99June 2001

The interbank market during a crisis Craig Furfine


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Allocating Bank Regulatory Powers - Lenders of Last Resort, Deposit Insurance and Supervision - BIS

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Transcript of Allocating Bank Regulatory Powers - Lenders of Last Resort, Deposit Insurance and Supervision - BIS