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1、PreventingBubbles:WhatRoleforFinancialRegulation?LawrenceJ.WhiteItisnowquiteclearthattheU.S.economywentthroughamas-sivehousingbubble,startinginthelate1990sandlastingthroughmid2006.Theinflatingofthatbubblewasencouraged,toaconsid-erableextent,bytheexpansionandespecia
2、llythesecuritizationofresidentialmortgagefinance.Thehousingbubble,inturn,rein-forcedthatmortgageexpansionandsecuritization.Thedeflatingofthehousingbubblehashadseverenegativeconsequences:first,fortheU.S.financialsector(whichhadbothcreatedandinvestedinthemortgagesecu
3、ritizationinstruments)and,subsequently,fortheoverallU.S.economy.Giventhesesevereconsequences,itissurelynosurprisethattherehavebeencallsforpolicymakerstopreventfutureassetpricebubbles—throughthebetterexerciseofmonetarypolicyandfinancialregu-latorypolicy.Thisarticlef
4、ocusesonfinancialregulationandarguesthattheuseoffinancialregulationtotrytopreventbubblesisamistake—afool’serrand.Bubblesareeasytoidentifyafterthefactbutmuchharder(orimpossible)toidentifybeforehand.Intheabsenceof(thenearimpossible)successincorrectlyidentifyingbubble
5、sbeforehand,effortstoaddressbubblesbeforehandrunthesevereriskofsquelchingefficientandproductivepricechanges—thefalsepositives—aswellassquelchingthespeculativeandulti-matelywastefulpricechangesofabubble.However,whatfinancialCatoJournal,Vol.31,No.3(Fall2011).Copyrigh
6、t©CatoInstitute.Allrightsreserved.LawrenceJ.WhiteistheRobertKaveshProfessorofEconomicsatNewYorkUniversity.603CatoJournalregulation—specifically,prudentialregulation—candoistoamelio-1ratetheconsequencesofaburstingbubbleforthefinancialsector.Thearticleisorganizedalon
7、gthefollowinglines:Ibeginbydis-cussingbubblesandwhyeffortstotrytoaddressthemdirectlythroughfinancialregulation(or,indeed,throughanypublicpolicy)areunwise.Next,Icontrasttheconsequencesoftheburstingoftworecentbubbles—theU.S.techstockmarketbubbleofthelate1990sandtheho
8、usingbubbleofthe2000s—andarguethatthelatter’sburstingwasfarmoredevastatingbecausetoomanyoftheconse-quencesfelldirectlyonthethinlycapitalized,high
