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Additional info for Annual World Bank Conference on Development in Latin America and the Caribbean, 1998: banks and capital markets : sound financial systems for the 21st century : proceedings of a conference held in San Salvador, El Salvador
And the greater safety may induce more savings, more than offsetting the small direct effect. It has also been shown that increases in capital requirements are an inefficient substitute for the franchise value that is lost as a result of ful liberalization; Pareto efficiency requires the use of both instruments, even in banking systems without deposit insurance (Hellman, Murdock, and Stiglitz 1997). This analysis is but one example of a general principle: Government intervention can help improve the performance of financial markets.
The relationship between money and credit will change over the business cycle. Similarly, the relationship between interest rates and output will change over the business cycle. " 2. Movements in interest rates will not always be a good gauge of the effects of monetary policy. Monetary policy can have large effects even with little movement in the real interest rate. 3. Monetary policy will matter less as substitutes for bank lending, like commercial paper, are developed. But informational considerations, namely the bad signal of trying to avoid bank loans, will probably continue to ensure that bank loans are an imperfect substitute for other forms of borrowing.
If I put up 1 percent of the contents of my wallet for auction, without showing you the wallet and while reserving the right to refuse low bids, there is no way you could end up making a profit. There are, of course, good reasons for issuing equities: Risk-averse individuals with good investment projects requiring more capital than they have will also issue shares. But these individuals and firms are mingled together with those who see an opportunity to cash in on the markets' ignorance. And unfortunately, the market cannot easily distinguish between the two (see Greenwald, Stiglitz, and Weiss 1984).