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1、NotesonOptimalCapitalRegulation1DouglasGaleDepartmentofEconomicsNewYorkUniversity269MercerStreetNewYorkNY10003January31,20041IwouldliketothanktheBankofCanadaforsponsoringtheconference,theconferenceorganizersforinvitingme,andtheconferenceparticipantsf
2、ortheirhelpfulcomments,especiallymydiscussant,VincenzoQuadrini,andthepanelistsClaudioBoerioandChuckFreedman.OnurÖzgürprovidedvaluableresearchassistance.ThefinancialsupportoftheC.V.StarrCenterforAppliedEconomicsatNYUandtheNationalScienceFoundationunder
3、GrantNo.SES0095109isgratefullyacknnowledged.AbstractCapitaladequacyrequirementsarejustifiedontwogrounds.Ontheonehand,equitycapitalreducestheincentiveforexcessiverisktaking(assetsubsitutionorrisk-shiftingbehavior).Ontheother,itprovidesabufferthatoffsetsa
4、shortfallintherealizedvalueofassetsandallowstheorderlydis-posalofassetsintheeventofbankruptcy.Thispaperpresentsasimplemodelofcapitalasabufferstock,inwhichtheoptimalcapitalstructureimprovesrisksharingbetweenshareholdersanddepositors.Inthisframe-work,we
5、canillustrateanumberofgeneralpropertiesofoptimalcapitalstructure.First,capitalstructureisirrelevantwhenmarketsarecomplete.Second,evenifmarketsareincomplete,theprivatelyoptimallevelofcapitalchosenbyfinancialinstitutionsmaybesociallyoptimal.Inthatcase,t
6、hereisnorationaleforinterventionbytheauthoritiestoregulatecapitalstructure.Third,thelaisser-faireequilibriummaybeinefficientifthereisheterogene-ityamonginstitutionsandthemarketsforsharingriskamonginstitutionsareincompleteorabsent.However,evenifthecapit
7、alstructurechoseninequilibriumisinefficient,itdoesnotnecessarilyfollowthatminimumcapi-talrequirementswillimprovematters:theremaybetoomuchortoolittlecapitalinequilibrium.Weextendthebasicmodeltoallowforheterogeneityamongfinancialinstitutions,characterizet
8、heimpactofcapitalregulationinthiscaseandconsiderthealternativestocapitalregulation.1IntroductionFinancialcriseshavealongandvariedhistory.Thedevelopmentofcen-tralbankingtechniquesprecededtheadventofmoderneconomictheory,soitisnotsurprisingthatitreliedm
