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• W1569433365 abstract "Hans-Werner Sinn's paper raises important questions about the efficiency of international banking markets. His central proposition is that competition between systems of national bank regulation suffers from the same kind of market failure as the private banking market itself. His basic argument is that good regulatory systems are expensive, but asymmetric information makes it hard to distinguish them from bad ones. Consequently, bad systems drive out the good in same way that bad products eliminate good ones in the well-known Akerlof (1970) model, resulting in an international race to the bottom. Sinn (2003) argues that this helps to explain the poor regulatory environment that precipitated the Asian banking crisis. However, in my view, his basic argument is not persuasive. Financial products are credence goods: their quality is hard to discern both ex ante and ex post. To take the classic example, when an investment fund does well relative to the market, it is never entirely clear whether this is due to good management or good luck. In this situation, the well-known problems of adverse selection, moral hazard, and ex post state verification are inevitable. Banks are special in that the deposit contract can lead to excessive risktaking, bank runs, and systemic threats (Spencer, 2000). Sinn's model represents an investment banking system, which raises funds through time deposits or loans and lends them on to borrowers. The number of banks is fixed, allowing them to make supernormal profits.1 Each bank chooses the rate at which it lends these funds on to borrowers. As in the model" @default.
• W1569433365 created "2016-06-24" @default.
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• W1569433365 date "2002-01-01" @default.
• W1569433365 modified "2023-09-27" @default.
• W1569433365 title "Can National Banking Systems Compete?. A Comment on the Paper by Hans-Werner Sinn" @default.
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