A bank with thin margins and limited liability does not have much to lose, and will tend to gamble – a tendency that is exacerbated by deposit insurance and too-big-to-fail policies. The result will be more incentives to assume risk.
利润率低、负债少的银行属于光脚的不怕穿鞋的那一类，它们会倾向于赌博——在存款保险和“太大而不能倒”的政策下，这一倾向愈加明显。结果是银行有了更多的承担风险的激励。事实上，对于自由体系中濒临倒闭的银行而言，过度承担风险的激励根本无法抵制。