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1、FinancialInnovation,Regulation,andReformCharlesW.CalomirisFinancialinnovationsoftenrespondtoregulationbysidesteppingregulatoryrestrictionsthatwouldotherwiselimitactivitiesinwhichpeoplewishtoengage.Securitizationofloans(e.g.,creditcardreceiv-ables,orsubprimeresidentialmortga
2、ges)isoftenportrayed,correctly,ashavingariseninpartasameansof“arbitraging”regulatorycapitalrequirementsbybookingassetsoffthebalancesheetsofregulatedbanks.Originatorsoftheloanswereabletomaintainlowerequitycap-italagainstthoseloansthantheyotherwisewouldhaveneededtomaintainift
3、heloanshadbeenplacedontheirbalancesheets.1Capitalregulationofsecuritizationinvitedthisformofoff-bal-ance-sheetregulatoryarbitrage,anddidsoquiteconsciously.Severalofthecapitalrequirementrulesforthetreatmentofsecuritizedassetsoriginatedbybanks,andforthedebtsissuedbythosecondu
4、itsandheldorguaranteedbybanks,werespecificallyandconsciouslydesignedtopermitbankstoallocatelesscapitalagainsttheirrisksCatoJournal,Vol.29,No.1(Winter2009).Copyright?CatoInstitute.Allrightsreserved.CharlesW.CalomirisistheHenryKaufmanProfessorofFinancialInstitutionsatColumbia
5、University.HethanksRichardHerring,CharlesPlosser,andPeterWallisonforhelpfuldiscussions.1Financialinnovationsinvolvingregulatoryarbitragecanbecomplex.Securitizedassetsimplicitlyoftenremainconnectedtothebalancesheetofthebankthatorigi-natedthemdespitethefactthattheliabilitiesi
6、ssuedbythesecuritizationconduitsarenotlegallyprotectedbytheoriginatingbank;lendersnotonlyprovideexplicitcreditenhancementstotheiroff-balancesheetconduits,theyalsoofferimplicit“guarantees”tothemarket,whicharevaluedbythemarket,whichexpectsorigina-torstovoluntarilystandbehindt
7、hesecuritizeddebtsoftheiroff-balancesheetcon-duits,atleastundermostcircumstances(thisphenomenonisknownasimplicitrecourse—seeCalomirisandMason2004).65CatoJournaliftheyhadbeenheldontheirbalancesheets(Calomiris2008a).Criticsofthesecapitalregulationshaverightlypointedtothesecap
8、-italrequirementsashavingcontributedtothesubprimecrisisbyper-mittingbankstomaintai
