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1、10BankPanicsandtheEndogeneityofCentralBankingGARYB.GORTONANDLIXINHUANG*10.1.INTRODUCTIONThemostimportantfunctionofacentralbankistoprovideliquiditytothebank-ingsystemintimesofcrisis.Theclassicworkoncentralbanking,LombardStreet,byWalterBagehot,publishedin1877,offere
2、dtheadvicethatintimesofpanicthecentralbank(BankofEngland)shouldlendfreelyandcontinuetopayoutcurrency(Bagehot,1877).AtthetimeLombardStreetwaspublished,therewasnocentralbankintheUSandyettheprivatearrangementofbanksintheUSclearinghousesystemhadalreadydiscoveredBagehot
3、spreceptsandwasactingonthem.Inthischapterwearguethatthelender-of-last-resortfunctionofcentralbankingaroseendogenouslythroughtheformationofstatecontingentbankcoalitions,suchasclearinghouses,whichprovidedliquidityduringbankingpanics.Inthemodelwepropose,centralbanking
4、emergesendogenouslyasaresponsetothebankingsystemsproblemsofasymmetricinformationandcon-comitantmoralhazard.Insomebankingsystemstheseproblemscanleadtobankingpanics.But,thesebankingpanicsarenotirrationalmanifestationsofmultipleequilibria.Rather,theseepisodesrepresent
5、depositorsmonitoringtheirbanks,whicharevulnerabletomoralhazardproblemsincertainstatesoftheworld.Withtheinformationasymmetry,suchpanicsmayinvolveinefficienciesbecausebanksmaybemistakenlyliquidated.Bankscannothonorthedemands*ThankstoFranklinAllen,EslynJean-Baptiste,Mi
6、chaelBordo,JohnBoyd,CharlesCalomiris,EdGreen,RichardKihlstrom,HolgerMueller,BenPolakandtoseminarparticipantsatNewYorkUniversity,theYaleBankingConference,andtheFederalReserveBankofClevelandConferenceontheOriginsofCentralBankingforcommentsandsuggestions.Huangacknowle
7、dgesthefinan-cialsupportoftheHongKongRGCCompetitiveEarmarkedResearchGrant(CityU1252/03H).BankingPanicsandtheEndogeneity255ofalldepositors;thereisnotenoughliquidityinthebankingsystem.Efficiencycanbeimprovedintwoways.First,bankscanbemoreaccuratelyidentified,sothatonlyth
8、osebanksinbadstatesareliquidated.Secondly,liquiditycanbecreatedwhich,asweshowbelow,mitigatestheproblemofmoralhazard.Theindustrialorganizationofth
