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Regulación Bancaria ¿Exclusiva del Estado o de Todos los Acreedores?

This paper questions the present conventional wisdom of full reliance on government regulation to assure appropiate risk assessment in banking. We provide a set of theoretical arguments that show that, even though some form of state regulation is necessary, reliance on exclusive government intervention leads to important distortions.

After surveying proposals for mixed public-private institutions to deal with bank insolvency, we review the Chilean attempt to implement one particular mixed institution, introduced in 1986.

We find that the Chilean system is theoretically incomplete and that it failed in practice. We propose an alternative institutional arrangement in which large depositors, including the institutional investors, participate in bank solvency regulation.

The participation of the government is still indispensable, to assure that bank creditors have the correct incentive to regulate banks.