中央银行对问题银行救助的博弈分析

20064130JOURNALOFHENANINSTITUTEOFFINANCIALMANAGEMENTNo.42006SerialNO.130:2006-04-28:(1970-),,,,,;(1974-),,,,;(1970-),,,,1,2,3(1.,100083;2.,100846;3.,454001):,:,,,,,:,;,;,:;;:F830.31:A:1008-7796(2006)04-0035-06,,,,,,,,,(2000),,,,(2002),,,,(2002),,Goodharthuang(1999),,,,toobigtofailMitchell(2001)(toomanytofail),,53,,,,,,,,,,,;,,,,,,:,H;,L,A,,HL,1-,,,HEh(Eh0),,L-El(El0),,L,,,,,,,,,,,,:Hb,LB,BbH11H(b)(Rs,Eh)(0,Eh-Vc-Cl),Rs:;Vc:;Cl:1,H,,Rs,,,Rs;,0,,0,,,,,,HL,B,,22L(B)(Rs-(B/A)El,Rm)((-El-Vc-Cl),0),:,1;Rm:;:2,,RsB,,B,(B/A)El,,,(B/A)El1,0,-El-Vc-Cl,63,,,,0,,Rm,,::Rs-(B/A)Elr(-El-Vc-Cl):Rs-(B/A)Elr(-El-Vc-Cl),f(El)+Rm,0,Rs-(B/A)Elr(-El-Vc-Cl),LHb,L(B-b),,L,,HL111,L,,L,,,,,:(b/A)El,HL,,(-El-Vc-Cl),,(b/A)(-El),,,,(),HL,,HL(23)2H3L,2,(b,)3,,,,(b,),(B,),(b,,B-b,),(B,)Rs-(B/A)El(-El-Vc-Cl),(b,,B-b,),(B,),,B(b);Rs-(B/A)El(-El-Vc-Cl),(b,),(B,),Bb,,(b,,B-b,),,,()1:1.Rs-(B/A)El(-El-Vc-Cl),LH,B:(H,b,),(L,b,,B-b,),(L,B,)L73,,b,B-b,,bH(b,HP(Hb)1,P(Hb)1,,b,L,,4:Rs-(B/A)El(-El-Vc-Cl),Rs-(B/A)El(-El-Vc-Cl)-(b/A)El,,,,L(Rs-(B/A)El,f(El)+Rm),,,,,,LBb,42.Rs-(B/A)El(-El-Vc-Cl),LB,,b,(bB-b0),,,Lb,P(bL)=15,P(Hb)=P(H)P(bH)P(H)P(bH)+P(L)P(bL)=,P(Lb)=P(L)P(bL)P(H)P(bH)+P(L)P(bL)=1-,,,,,Rs-(B/A)ElE(-El-Vc-Cl)-(b/A)El,LB-b,,L,Rs-(B/A)El,:Rs+(1-)(Rs-(B/A)El),:(1-)(-El-Vc-Cl),Rs+(1-)(Rs-(B/A)El)-(1-)(-El-Vc-Cl)0,,RsH,L((-El-Vc-Cl));Rs+(1-)(Rs-(B/A)El)-(1-)(-El-Vc-Cl)0,Rs-(B/A)(-El)(-El-Vc-Cl)-(b/A)El,LB-b,,L,(-El-Vc-Cl)-(b/A)El,:Rs+(1-)((-El-Vc-Cl)-(b/A)El),:(1-)(-El-Vc-Cl),Rs-(1-)(b/A)ElE0,,RsH,L(,,(b/A)El;Rs-(1-)(b/A)El0,,Rs-(B/A)(-El)(-El-Vc-Cl),(393)5,:Rs-(B/A)El(-El-Vc-Cl),:Rs,,;L83,,(B/A)El,L,3Rs-(B/A)(-El)(-El-Vc-Cl)Rs-(B/A)ElE(-El-Vc-Cl)-(b/A)El;Rs+(1-)(Rs-(B/A)El+(El+Vc+Cl))E0Rs-(B/A)El(-El-Vc-Cl)-(b/A)El;Rs-(1-)(b/A)ElE0Rs-(B/A)ElE(-El-Vc-Cl)-(b/A)El;Rs+(1-)(Rs-(B/A)El+(El+Vc+Cl))0Rs-(B/A)El(-El-Vc-Cl)-(b/A)El;Rs-(1-)(b/A)El0,,,,,,,,,,,Rs-(B/A)El(-El-Vc-Cl),L,,,H,L1-,H,L,,,LB,b,,6,LH,,FRm,L,6LB,,0L,(:0,Rm-F,0-F),0,FRm,,,,,,,,,F,,,,,,,;,,,,,:[1],.[J].,2000,(2):34-38.[2],.[J].,2004,(10):18-21.[3],,.[J].,2002,(8):37-40.[4].[M].:,1996.[5]Mitchell,Janet.TooManytoFailandRegulatoryResponsetoBankingCrises[C].TMR,Euroconferences,2001.[6]CharlesA.E.GoodhartandHaizhouHuang.AModeloftheLenderofLastResort[C].FMGDiscussionPapers,1999.(:)(135)93;,,,,;,,,;,(),,;,(),,,;,,,,,,,,;,,;;(),,,,:,,,;,,,,,,,,(),,,,,,,,,:[1]1[J]1,2004,(2):85-891[2]1[J]1,2004,(6),137-1391[3]1[J]1,2004,(5):82-851(:)(39)AGamingAnalysisontheCentralBankSalvationforProblemBanksFUGeng1,CHENLing2hu2,DINGJian2she3(1.GraduateDepartment,thePeoplesBankofChina,Beijing100083,China;2.FiscalandEconomicsSchool,thePeoplesUniversityofChina,Beijing100846,China;3.JiaozuoBranch,AgricultureBankofChina,Jiaozuo,Henan454001,China)Abstract:Thecentralbankhasdifferentcountermeasuresforthebanksrevolvinginthepressofliquidityandthosewithnoassetstopaydebts:salvationornosalvation.Butbecauseofinformationinsymmetry,thecentralbankwillmakewrongdecisionswhencomingacrossapplicationsoftheabovetwokindsofbanks.Ananalysis,madebyes2tablishinganuncompletedynamicgaminganalysisframework,onthegamingbehaviorsofthecentralbankandthebanksapplyingforsalvationsuggeststhatnosalvationwillinfluencethestabilityoffinancialsystem,thecentralbankwilltakeactionsofsalvation.Inordertoguardagainstcheatingofbankswithnoassetstopaydebtsimitatingthebanksrevolvinginthepressofliquidity,anafterwardpunishmentmechnanismmustbeestablished.Besides,thecentralbankcanreducethecostofsavlationbystrengtheningsupervisionoverthesaluatedbanks.Keywords:problembank;banksalvation;gamingtheory531