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首页> 外文期刊>Journal of world trade >Financial Innovation and Prudential Regulation: The New Basel Ⅲ Rules
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Financial Innovation and Prudential Regulation: The New Basel Ⅲ Rules

机译：金融创新与审慎监管：新的巴塞尔协议Ⅲ规则

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摘要

With the benefit of hindsight, financial markets and institutions proved to be much more fragile to shocks than regulators and supervisors expected. Financial innovation was accused of having played a decisive role in the recent financial turmoil. In the wake of the crisis and after the adoption of generous rescue packages and liquidity facilities by several governments, a coordinated effort is being made to revise prudential standards, both at the micro- and the macro-prudential level. In these efforts, governments appear to follow the rules promulgated within the Basel Committee on Banking Supervision (BCBS). After an examination of the interaction between prudential regulation and financial innovation, the paper critically reviews the new prudential standards adopted within the BCBS known as 'Basel Ⅲ', in particular those relating to regulatory capital and liquidity. One of the essential lessons of the crisis is that such requirements can no longer be limited to banks, in view of the contribution of the shadow banking system to the crisis. Furthermore, relevant national initiatives in the EU and the US are discussed and potential conflicts with the Basel Ⅲ framework are pinpointed. In addition, the relevance of the prudential carve-out within the General Agreement on Trade in Services (GATS) is examined. As rule creation outside the GATS grows, rule outsourcing in the area of financial services becomes well-established, thereby increasingly pointing to the limited role of the GATS in this area.
机译：得益于事后观察，事实证明，金融市场和机构遭受的冲击比监管者和监管者所预期的脆弱得多。人们指责金融创新在最近的金融动荡中起了决定性作用。危机发生后，一些政府采取了慷慨的救助方案和流动性设施后，正在协调努力，从微观和宏观审慎角度修订审慎标准。在这些努力中，政府似乎遵循了巴塞尔银行监管委员会（BCBS）颁布的规则。在审视审慎监管与金融创新之间的相互作用之后，本文对BCBS内部采用的称为“巴塞尔协议Ⅲ”的新审慎标准进行了批判性审查，特别是与监管资本和流动性相关的审慎标准。危机的基本教训之一是，鉴于影子银行系统对危机的影响，此类要求不再局限于银行。此外，还讨论了欧盟和美国的相关国家计划，并指出了与《巴塞尔协议Ⅲ》框架可能存在的冲突。此外，审查了《服务贸易总协定》（GATS）中审慎分割的相关性。随着GATS外部规则创建的发展，在金融服务领域的规则外包已变得十分完善，从而越来越多地指出GATS在该领域的作用有限。

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  • 来源
    《Journal of world trade》 |2012年第6期|1309-1342|共34页
  • 作者

    Panagiotis Delimatsis;

  • 作者单位

    Tilburg Law and Economics Centre (TILEC), Tilburg University, the Netherlands;

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  • 正文语种 eng
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