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首页> 外文期刊>Journal of economics and business >Enhancing market discipline in banking: The role of subordinated debt in financial regulatory reform
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Enhancing market discipline in banking: The role of subordinated debt in financial regulatory reform

机译：加强银行业的市场纪律：次级债在金融监管改革中的作用

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摘要

The increasing complexity of large financial firms has led to consideration of alternative regulatory structures. This has intensified recently because of the worldwide turmoil in financial markets. One important consideration has been to increase reliance on market discipline—most notably, increased reliance on subordinated debt (sub-debt) in the bank capital structure to discipline banks' risk taking. This proposal, however, has been subject to criticism related to the quality of the signal generated in current sub-debt markets. We argue that previous studies evaluating the potential usefulness of sub-debt proposals have evaluated sub-debt spreads in a very different environment from that characterized by a fully implemented sub-debt program, where the market will become deeper, issuance will be more frequent, debt will be viewed as a more viable means to raise capital, bond dealers will be less reluctant to publicly disclose more details on debt transactions, and generally, the market will be more closely followed. As a test to see how the quality of the signal may change, we evaluate the risk-spread relationship—accounting for the enhanced liquidity and market transparency surrounding new debt issues. Our empirical results indicate a superior risk-spread relationship surrounding the period of new debt issuance due, we posit, to greater liquidity and transparency. Our results overall suggest that the degree of market discipline would be significantly enhanced by a mandatory sub-debt program, thus suggesting a potential role for sub-debt in the banking regulatory reform.
机译：大型金融公司日趋复杂，导致需要考虑其他监管结构。由于全球金融市场动荡，这种情况最近加剧了。一个重要的考虑因素是增加对市场纪律的依赖-最显着的是，在银行资本结构中对次级债（次级债）的依赖也越来越多，以约束银行的冒险行为。但是，该提议受到了与当前次级债市场产生的信号质量有关的批评。我们认为，以前的评估次级债建议潜在用途的研究已经在与完全实施次级债计划不同的环境中评估了次级债息差，在这种环境下，市场将变得更加深入，发行将会更加频繁，债务将被视为筹集资金的一种更可行的手段，债券交易商将不太愿意公开披露有关债务交易的更多细节，并且通常，市场将更加紧随其后。为了检验信号质量可能如何变化，我们评估了风险与利差的关系-考虑到围绕新债务发行的流动性增强和市场透明性。我们的经验结果表明，由于新流动性和透明度的提高，在新债券发行期间围绕较高的风险-分布关系。我们的总体结果表明，强制性次级债计划将大大提高市场纪律程度，从而表明次级债在银行业监管改革中的潜在作用。

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