The central message of this book is that government shielding of banks from the hazards and influence of a free market fosters unsound, crisis-prone banking systems. Almost anywhere in the world, insolvent and mismanaged banks are allowed to go out of business only at the discretion of government supervisors. Banks are often maintained in business for so long that their afflictions spread throughout a regional or national economy: a situation that has yielded catastrophe for entire financial systems. Historically, efforts to mandate government monitoring of financial institutions and state-directed closing of insolvent banks do not adequately take account of bureaucratic inertia and the failure -- for whatever reason -- of supervisors to enforce such guidelines. This book explores the means by which bank closures that should occur will occur -- at the earliest possible date, and with the least possible damage. Chile's 1986 banking law, and how it came about, anchors this volume -...

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