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Financial stability, new macro prudential arrangements and shadow banking: regulatory arbitrage and stringent Basel III regulations

机译:金融稳定,新的宏观审慎安排和影子银行:监管套利和严格的巴塞尔协议III

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摘要

Despite Basel III’s efforts to address capital and liquidity requirements, will the risks linked to regulatory arbitrage increase as a result of Basel III’s more stringent capital and liquidity rules?As well as Basel III reforms which are geared towards greater facilitation of financial stability on a macro prudential basis, further efforts and initiatives aimed at mitigating systemic risks – hence fostering financial stability, have been promulgated through the establishment of the De Larosiere Group, the European Systemic Risk Board, and a working group comprising of “international standard setters and authorities responsible for the translation of G20 commitments into standards.”This paper aims to investigate the impact of Basel III on shadow banking and its facilitation of regulatory arbitrage as well as consider the response of various jurisdictions and standard setting bodies to aims and initiatives aimed at improving their macro prudential frameworks. Furthermore, it will also aim to illustrate why immense work is still required at European level – as regards efforts to address systemic risks on a macro prudential basis. This being the case even though significant efforts and steps have been taken to address the macro prudential framework. In so doing, the paper will also attempt to address how coordination within the macro prudential framework – as well as between micro and macro prudential supervision could be enhanced.
机译:尽管巴塞尔协议III致力于解决资本和流动性要求,但由于巴塞尔协议III更加严格的资本和流动性规则以及旨在进一步促进宏观金融稳定的巴塞尔协议III的改革,与监管套利相关的风险是否会增加?通过建立De Larosiere集团,欧洲系统性风险委员会以及一个由“国际标准制定者和负责当局的机构”组成的工作组,已颁布了审慎的基础,旨在减轻系统性风险,从而促进金融稳定的进一步努力和举措。本文旨在研究《巴塞尔协议III》对影子银行的影响及其对监管套利的促进作用,并考虑各个司法管辖区和标准制定机构对旨在改善其宏观水平的目标和举措的反应审慎的框架。此外,它也旨在说明为何在欧洲范围内仍需要进行大量工作–关于在宏观审慎的基础上应对系统性风险的工作。即使为解决宏观审慎框架而付出了巨大的努力和步骤,情况依然如此。通过这样做,本文还将尝试解决如何在宏观审慎框架内以及微观和宏观审慎监管之间加强协调。

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    Ojo Marianne;

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  • 年度 2011
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  • 正文语种 {"code":"en","name":"English","id":9}
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