Containing Systemic Risk : Are Regulatory Reform Proposals on the Right Track?

de la Torre, Augusto ; Ize, Alain

World Bank, Washington, DC

关键词: ACCESS TO CAPITAL;    ACCESS TO CAPITAL MARKETS;    AGENCY PROBLEMS;    ARBITRAGE;    BALANCE SHEET;   

RP-ID  :  53545

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This note questions two emerging viewson ways to tackle systemic risk. As evidenced by theexplosive growth of investment banks, which were regulatedmore lightly because they were assumed to be systemicallyless important, regulatory unevenness can trigger acutelydestabilizing regulatory arbitrage. Hence, unless systemicfootprints can be accurately measured and updated, somethingwe think is unlikely, regulating differentially thoseinstitutions that are deemed to be the most systemicallyrelevant looks like a perilous return to the past.Similarly, internalizing systemic liquidity risk by taxingmaturity mismatches looks like a remnant of idiosyncraticthinking. Matching short liabilities with short assets canprotect an individual intermediary's liquidity but atthe expense of exacerbating systemic vulnerability.