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1、11Liquidity,Efficiency,andBankBailoutsGARYB.GORTONANDLIXINHUANG*Intheearly1980shighinterestratescausedmanyU.S.savingsandloaninstitu-tionstobecomeeconomicallydistressed.Attheheightofthecrisis,theperiod19881992,anaverageofonebankorS&Lwasclosedeveryday(MaryL.Beanetal.,1998).1But,whatwastobecom
2、ethethriftcrisisinthelate1980shas,inlargepart,beenattributedtothefactthatinsolventinstitutionswereallowedtoremainopen,mostlyduetothedepletedresourcesoftheFederalSavingsandLoanInsuranceCorporation.Insolventthriftswerenotpromptlyclosedandtheirassetssoldtonewinvestors.Thepolicyofallowinginsolv
3、entinstitutionstoremainopenwaslabeledapolicyofforbearanceandEdwardJ.Kanedeemedtheinsolventthriftszombies.2Eventually,theResolutionTrustCorporation*WethankFranklinAllen,JackKareken,RichardKihlstrom,AdrianoRampini,threeanonymousreferees,andseminarparticipantsattheUniversityofMinnesotaandtheFe
4、deralReserveBankofNewYorkforcommentsandsuggestions.HuangacknowledgespartialresearchfundingprovidedbyagrantfromCityUniversityofHongKong.1.Duringtheperiod19801994,1,617bankswith$302.6billioninassetswereclosedorreceivedassistancefromtheFederalDepositInsuranceCorporation.Duringthesameperiod,1,2
5、95savingsandloans,with$621billioninassets,wereclosedbytheFederalSavingsandLoanInsuranceCorporation(FSLIC)ortheResolutionTrustCorporation,orreceivedassistancefromFSLIC;seeBeanetal.(1998).Onthethriftcrisisgenerally,seeR.DanBrumbaugh,Jr.(1988),EdwardKane(1989),JamesBarth(1991),andLawrenceWhite
6、(1991).2.Thetermzombiethriftsbecamewidelyusedandisnowappliedtosimilarbankingsituations.Inaprivatecommunication,EdKanerecallshavingfirstusedthisterminaspeechtotheAmericanBarAssociationin1986.ItfirstappearedinpublishedworkinKane(1987),apaperthatwaspresentedattheWesternEconomicsAssociationin1986
7、.274BANKINGPANICSwasestablishedtoliquidatetheassetsofinsolventthrifts.3Thebailoutofthethriftindustryultimatelycost$180billion(3.2percentofGDP);seeGerardCaprioandDanielaKlingebiel(1996).4Prolongedandexpensivegovernmentbailoutsoffinancialintermediariesfol-l
