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1、NotesonOptimalCapitalRegulation1DouglasGaleDepartmentofEconomicsNewYorkUniversity269MercerStreetNewYorkNY10003January31,20041IwouldliketothanktheBankofCanadaforsponsoringtheconference,theconferenceorganizersforinvitingme,andtheconferenceparticipantsf
2、ortheirhelpfulcomments,especiallymydiscussant,VincenzoQuadrini,andthepanelistsClaudioBoerioandChuckFreedman.Onur?zgürprovidedvaluableresearchassistance.The?nancialsupportoftheC.V.StarrCenterforAppliedEconomicsatNYUandtheNationalScienceFoundationunder
3、GrantNo.SES0095109isgratefullyacknnowledged.AbstractCapitaladequacyrequirementsarejusti?edontwogrounds.Ontheonehand,equitycapitalreducestheincentiveforexcessiverisktaking(assetsubsitutionorrisk-shiftingbehavior).Ontheother,itprovidesabu?erthato?setsa
4、shortfallintherealizedvalueofassetsandallowstheorderlydis-posalofassetsintheeventofbankruptcy.Thispaperpresentsasimplemodelofcapitalasabu?erstock,inwhichtheoptimalcapitalstructureimprovesrisksharingbetweenshareholdersanddepositors.Inthisframe-work,we
5、canillustrateanumberofgeneralpropertiesofoptimalcapitalstructure.First,capitalstructureisirrelevantwhenmarketsarecomplete.Second,evenifmarketsareincomplete,theprivatelyoptimallevelofcapitalchosenby?nancialinstitutionsmaybesociallyoptimal.Inthatcase,t
6、hereisnorationaleforinterventionbytheauthoritiestoregulatecapitalstructure.Third,thelaisser-faireequilibriummaybeine?cientifthereisheterogene-ityamonginstitutionsandthemarketsforsharingriskamonginstitutionsareincompleteorabsent.However,evenifthecapit
7、alstructurechoseninequilibriumisine?cient,itdoesnotnecessarilyfollowthatminimumcapi-talrequirementswillimprovematters:theremaybetoomuchortoolittlecapitalinequilibrium.Weextendthebasicmodeltoallowforheterogeneityamong?nancialinstitutions,characterizet
8、heimpactofcapitalregulationinthiscaseandconsiderthealternativestocapitalregulation.1IntroductionFinancialcriseshavealongandvariedhistory.Thedevelopmentofcen-tralbankingtechniquesprecededtheadventofmoderneconomictheory,soitisnotsurprisingthatitreliedm
