任何风险监管都会增加风险
Any Regulation of Risk Increases Risk
摘要：
我们发现，中央银行为受监管的金融实体规定的任何客观风险度量算法都会导致这些金融实体承担更多的风险。此外，受监管的金融实体承担的风险在系统上的集中程度远远高于其他情况，使整个金融体系更加脆弱。这一结果为金融监管的未来留下了三个方向：以偶尔发生严重危机为代价，通过执行风险衡量算法继续进行监管，通过将所有金融实体完全国有化来进行更严厉和主观的监管，或者废除包括存款保险在内的所有中央银行法规，让风险由实体自己决定，最终，由存款人通过自愿的市场交易，而不是由纳税人通过强制性的政府参与。
英文摘要：
We show that any objective risk measurement algorithm mandated by central banks for regulated financial entities will result in more risk being taken on by those financial entities than would otherwise be the case. Furthermore, the risks taken on by the regulated financial entities are far more systemically concentrated than they would have been otherwise, making the entire financial system more fragile. This result leaves three directions for the future of financial regulation: continue regulating by enforcing risk measurement algorithms at the cost of occasional severe crises, regulate more severely and subjectively by fully nationalizing all financial entities, or abolish all central banking regulations including deposit insurance to let risk be determined by the entities themselves and, ultimately, by their depositors through voluntary market transactions rather than by the taxpayers through enforced government participation.
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
