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《Journal of Finance》 2004-04
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Financial Stability and Moral Hazard Reduction

Zhou Xiaochuan  
This paper analyzes the relationship between financial stability and moral hazard. Conclusions are as follows. First,financial stability and moral hazard show a interactive correlation, since the explicit or implicit financial safety net may encourage moral hazard tendency which in turn reduces the financial stability. Second, a sound bankruptcy rule for financial institutions is a necessary condition for financial stability and moral hazard reduction, however, the lack of institutional arrangement and operational procedure restricts the bankruptcy enforcement. Third, financial institutions' bankruptcy faces difficulties with many technical issues,such as administrative closedown,accelerating legislation, law enforcement, liquidation procedure, timing, compensation and protective supervision. Finally, accompanied by improvement of related institutional arrangements,a sound competition with bankruptcy threat will be a signaling incentive for improving financial institutions' behavior.
【CateGory Index】: F830
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