Harmonized Regulations and Systemic Risk PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Harmonized Regulations and Systemic Risk PDF full book. Access full book title Harmonized Regulations and Systemic Risk by Kathryn L. Dewenter. Download full books in PDF and EPUB format.
Author: Kathryn L. Dewenter
Publisher:
ISBN:
Category :
Languages : en
Pages : 67
Get Book Here
Book Description
In 2011 the Financial Stability Board designated 29 of the world's largest banks as global-systemically important banks (G-SIB), and imposed additional restrictions on their activities. After implementation of the G-SIB regulatory regime, we find that relative to other large banks, G-SIBs' individual default risks increased, the co-movements among G-SIBs' stock returns, CDS spreads and implied option volatilities increased, and several accounting performance measures converged. Consequently, an adverse shock to one G-SIB is more likely to be associated with an adverse shock to other G-SIBs, which weakens the ability of the banking system to withstand the shock.
Author: Kathryn L. Dewenter
Publisher:
ISBN:
Category :
Languages : en
Pages : 67
Get Book Here
Book Description
In 2011 the Financial Stability Board designated 29 of the world's largest banks as global-systemically important banks (G-SIB), and imposed additional restrictions on their activities. After implementation of the G-SIB regulatory regime, we find that relative to other large banks, G-SIBs' individual default risks increased, the co-movements among G-SIBs' stock returns, CDS spreads and implied option volatilities increased, and several accounting performance measures converged. Consequently, an adverse shock to one G-SIB is more likely to be associated with an adverse shock to other G-SIBs, which weakens the ability of the banking system to withstand the shock.
Author: Roberta Romano
Publisher:
ISBN:
Category :
Languages : en
Pages : 29
Get Book Here
Book Description
The working hypothesis of international financial regulation is that it should be globally harmonized. This paper contends, to the contrary, that we should be wary about the efficacy of global harmonization, and in particular, harmonization of systemic risk measurement and regulation. The thesis is informed by what I consider two key lessons from the recent global financial crisis. The first lesson is that, when business strategies that internationally-harmonized regulation induces banks to follow go seriously awry, the adverse consequences will spread globally and not be limited to one regulator's domain. The second lesson is that, innovations in financial technology that have been engines of prosperity across the globe also may contain the seeds of financial calamity with imprudent use and regulatory inattention. In addition, three kinds of uncertainty operate in this context: i) uncertainty regarding how best to define and measure systemic risk; (ii), dynamic uncertainty, that financial institutions respond to regulation in unpredictable ways that tend to undermine regulatory effectiveness; and (iii) radical uncertainty, that we do not know all possible future states of the financial system and therefore cannot compute the probabilities of outcomes that would be necessary for informing rules regarding systemic risk measures. The uncertainty in the regulatory context, in conjunction with the lessons from the crisis, suggest that a value-added international regulatory strategy would foster at least a modicum of diversity across national regulatory regimes, along with periodic updating of global standards. At the national level, they suggest adopting a dual-pronged regulatory approach that focuses regulators' attention on monitoring developments in short-term debt markets, leverage levels, and the impact of new financial products and services, as well as on promoting experimentation, to better inform regulatory decisionmaking.
Author: Andromachi Georgosouli
Publisher: Taylor & Francis
ISBN: 1317799968
Category : Law
Languages : en
Pages : 237
Get Book Here
Book Description
This book examines policy developments that have been occurring in the field of financial regulation and their implications for the insurance industry and markets. With UK and US contributors from academia and legal practice, this book will be essential reading for policy-makers, insurance regulators, insurance and legal professionals as well as students and academics researching and studying insurance law.
Author: Richard J. Herring
Publisher: Brookings Institution Press
ISBN: 9780815791553
Category : Business & Economics
Languages : en
Pages : 236
Get Book Here
Book Description
In recent years, the major industrialized nations have developed cooperative procedures for supervising banks, harmonized their standards for bank capital requirements, and initiated cooperative understanding about securities market supervision. This book assesses what further coordination and harmonization in financial regulation will be required in an era of increased globalization. A volume of Brookings' Integrating National Economies Series
Author: Robby Houben
Publisher:
ISBN: 9789400007789
Category : Banking law
Languages : en
Pages : 0
Get Book Here
Book Description
This book takes stock after a year of application of the SRM and examines the situation from various perspectives: the perspective of the SRB, the NRA, the supervised bank and judicial protection. Special attention is given to the division of power between the RB and the NRA and the impact on the supervised bank, the relationship and links between the SRM and the SSM and the query whether the right balance between national and supranational powers has been struck, also in view of the principle of subsidiarity.
Author: Phoebus Athanassiou
Publisher: Kluwer Law International B.V.
ISBN: 904114465X
Category : Law
Languages : en
Pages : 384
Get Book Here
Book Description
While hedge funds have been part and parcel of the global asset management landscape for well over fifty years, it is only relatively recently that they came to prominence as one of the fastest growing and most vigorous sub-sectors of the financial services industry. Despite their growing significance for global and European financial markets, hedge funds continue enjoying a sui generis regulatory status. The ongoing credit crisis and its lessons for the wisdom of unregulated or loosely regulated pockets of financial activity raise, with renewed urgency, the issue of deciding how long for the relative regulatory immunity of hedge funds is to be tolerated in the name of financial innovation. This well-thought-out book, the first of its kind in this particular field, examines the case for the European onshore hedge fund industry’s regulation, making concrete proposals for its normative future. Following a detailed account of the ‘established’ regulatory systems in Ireland and Luxembourg, as well as of the ‘emerging’ hedge fund jurisdictions in Italy, France, Spain and Germany, and of the regulatory treatment of hedge funds in the UK, this book examines to what extent the continuing exclusion of hedge funds from harmonized European regulation is defensible, whether their differences to traditional asset management products justify their distinct regulatory treatment and, ultimately, if their EU-wide regulation is possible and, if so, what form this should take. This book offers enormously valuable insights into all facets of the subject of the regulation of hedge funds, including: the legitimacy of the public policy interest in their activities; the conceptual underpinnings and systemic stability emphasis of a realistic hedge fund regulatory scheme; the main parameters of a workable onshore hedge fund regulatory framework; the role of investor protection and market integrity as part of a holistic hedge fund regulatory scheme; the possible use of the UCITS framework as a foundation for the EU-wide regulation of hedge funds; the MiFID’s impact on the regulatory future of the European hedge fund industry; existing cross-jurisdictional differences and similarities in the normative treatment of hedge funds within the EU; hitherto initiatives and recommendations of the Community institutions and bodies; and the need for more efficient co-operation and information-sharing arrangements amongst national supervisors for the monitoring of the cross-border risks inherent in the activities of hedge funds. As the first ever comprehensive account of the profile, main features and normative future of the contemporary global and European hedge fund markets – including a systematic inquiry into the conceptual underpinnings of hedge fund regulation and a detailed examination of the European hedge fund industry’s treatment under Community and domestic law – this book represents a major contribution to the literature on hedge funds and their regulation which, through its concrete proposals for the onshore industry’s regulation and its clear analysis of the conditions necessary for their implementation, should be of extraordinary value to policymakers, supervisors and academics alike.
Author: Stavroula Chrisdoulaki
Publisher: GRIN Verlag
ISBN: 3640737180
Category : Political Science
Languages : en
Pages : 17
Get Book Here
Book Description
Seminar paper from the year 2010 in the subject Politics - Topic: European Union, grade: A, University of Flensburg, language: English, abstract: European Union consists of a unique integration model not only due to the long term and ongoing process but also because of the Institutions and regulations under 27 Member States, which attempt to comprise and mostly to harmonize the national laws. Especially after Maastricht Treaty, when the supranational building of the EU was introduced plenty of reforms had introduced in order to increase from the one hand the effectiveness of the complicated and bureaucratic body of EU and from the other hand to control the way that European Union and the individual Member States function in a more effective and productive way. After the adoption of a single currency- the Euro- for sixteen of the Members of the EU in parallel of the important enlargement the structural body of the EU became even more complicated that needed the consistent control whether structural reforms had to be introduced in order the effective function of the EU was to be assured. Under these circumstances, the financial sector is of the greatest importance within the EU as it is –so far- the basement of the integration model and consists of the guardian of deepening integration within the EU. Therefore, the supervision and the reforms in financial services within EU has increased dramatically from 1993, after the Maastricht Treaty and the introduction of supranationality, through 2004-with the great Eastern enlargement and finally until now that the current financial crisis consisted a shock for EU, that attempted to implement new measures and to establish institutional changes in order to supervise the financial sector effectively in a long term.
Author: International Monetary Fund. Monetary and Capital Markets Department
Publisher: International Monetary Fund
ISBN: 149833637X
Category : Business & Economics
Languages : en
Pages : 28
Get Book Here
Book Description
This paper seeks to draw lessons for financial sector regulation and supervision and central bank liquidity management from the ongoing crisis, focusing principally on implications for the future rather than on immediate crisis management policies. Inadequacies in macroeconomic policies and the design of the international financial architecture exposed in the crisis will also have to be addressed to make the suggested changes in the regulatory framework effective.
Author: José Vinãls
Publisher: International Monetary Fund
ISBN: 1484340949
Category : Business & Economics
Languages : en
Pages : 27
Get Book Here
Book Description
The U.S., the U.K., and more recently, the E.U., have proposed policy measures directly targeting complexity and business structures of banks. Unlike other, price-based reforms (e.g., Basel 3 and G-SIFI surcharges), these proposals have been developed unilaterally with material differences in scope, design and implementation schedules. This may exacerbate cross-border regulatory arbitrage and put a further burden on consolidated supervision and cross-border resolution. This paper provides an analysis of the potential implications of implementing different structural policy measures. It proposes a pragmatic and coordinated approach to development of these policies to reduce risk of regulatory arbitrage and minimize unintended consequences. In doing so, it also aims to identify a set of common policy measures that countries could adopt to re-scope bank business models and corporate structures.
Author: Lorenza Jachia
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 124
Get Book Here
Book Description
Recent years have been marked by many catastrophic events both natural and man-made. Close interconnections mean that the impact of these crises has been felt throughout the world. Although many tools have been developed to manage risks successfully, there can be no doubt that many of the losses we have recently witnessed could have been prevented, or minimised, in the context of an effective and well-balanced regulatory system. The goal of this publication is to provide insights and recommendations for policymakers on designing regulatory systems that result in an efficient, effective and transparent management of risks. This is a practical book. It introduces a holistic model of a regulatory system, function by function and with real-life examples, which is based on the objective of managing risks effectively.
