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1、外文翻译原文ANewCapitalRegulationforLargeFinancialInstitutionsMaterialSource:CatoInstitute,Washington,DCAuthor:LuigiZingalesWhenitcomesto“savingcapitalism,”dealingwiththe“toobigtofail”doctrineisatoppriority.Thisdoctrinehasincreasinglybecomethegovernmentpolicyonthisissue,anditispro
2、bablythemostdangerouspolicyforcapitalismwecanimagine.Itunderminescapitalisminmanyways:notonlydoesitmakethesystemlessstable,butitalsounderminesthemoralbasisofcapitalism.Ifyouhaveasectororasetofinstitutionswherelossesaresocializedbutwheregainsareprivatized,thenyoudestroytheeco
3、nomicandmoralsupremacyofcapitalism.Eitherwedealwiththeperverseincentivescreatedbythisdoctrineorweunderminethelong-termsustainabilityofcapitalism.Soitisreallyimportanttothinkwhatwecandoagainstthistoo-big-to-failpolicy.WhattoDoaboutTooBigtoFailIhavespokenwithmanymembersofCongr
4、essandthebestintentionedoneswanttolegislatethetoo-big-to-failpolicyawaybyintroducingenoughconstraintsthatwillmakeitimpossibleinthefuturetodowhatthegovernmenthasdoneintherecentcrisis.Inspiteoftheirgoodintentions,IdonotthinkthatthesemembersofCongressunderstandtheessenceofthepr
5、oblem.Letmeuseananalogy.Asparentsweknowthatweshouldletourchildrenlearnfromtheirmistakes.Weshouldnotbetoointerventionistandbailthemout,becausetheywon’tlearn.However,whentheygetintoCatoJournal,Vol.30,No.3(Fall2010).Copyright.CatoInstitute.Allrightsreserved.LuigiZingalesistheRo
6、bertC.McCormickProfessorofEntrepreneurshipandFinanceattheUniversityofChicagoBoothSchoolofBusiness.ThisarticledrawsonhisworkwithOliverHart(HartandZingales2009).536CatoJournalreal,serioustrouble,whentheirlifeisindanger,itisimpossibleforusasparentsnottointervene.Itwouldbeagains
7、tnaturenottointervene.Andnomatterhowwecantrytocommitnottointervenebecauseweknowthatthishasgoodincentiveeffectsonourchildren,whenoursonordaughter’slifeisindanger,wewillintervene.Andthat’salittlebitlikethesituationweareinwithlargefinancialinstitutions.Nomatterhowmuchwetrytotie
8、ourhands,whenamajorcrisiscomesitisimpossibletostopthepoliticiansfrominterve
