Cross-Border Spillover Effects of the G20 Financial Regulatory Reforms : Results from a Pilot Survey

Briault, Clive ; Feyen, Erik ; Gonzalez Del Mazo, Ines ; Kwok Chung Yee, Brian ; Rademacher, Jan ; Skamnelos, Ilias

World Bank, Washington, DC

关键词: FINANCIAL REFORM;    FINANCIAL REGULATION;    FINANCIAL SUPERVISION;    BASEL III;   

DOI  :  10.1596/1813-9450-8300
RP-ID  :  WPS8300

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

In 2009, the G20 embarked on anambitious financial regulatory reform agenda to address thefault lines that caused the global financial crisis.Although the global benefits are expected to outweigh theoverall costs, these reforms could produce cross-borderadverse spillover effects to individual emerging markets anddeveloping economies that are not required to implement thereforms themselves, but are affected by their implementationelsewhere. To improve the evidence base on such potentialadverse impacts, the World Bank has undertaken qualitativesurveys of senior officials at regulatory agencies, localbanks, and global banks that are active in seven emergingmarkets and developing economies. While important caveatsprevent the formulation of definitive conclusions, thesurvey finds that banks and regulators routinely havedifferent perspectives on the impacts. Most banks claimadverse effects on financial products, services, andmarkets; regulators broadly expect the effects to bepositive over the longer term, but some recognize they maybe negative during the transition phase. Regulators tend toagree that the (potential for) spillover impacts demandstronger home-host coordination, impose a higher supervisoryburden, and require a stronger role for the internationalcommunity to monitor and evaluate the impacts. The findingsalso emphasize the need for regulatory consistency withinand between jurisdictions to ensure a level playing field.Taken together, more work remains to better understand thenature of these spillover effects, how they shape theprovision of commercial financing to meet developmentalobjectives, and what action can be taken to mitigate anyadverse impacts.