Три цели международного банковского регулирования: анализ взаимозависимости и противоречий
In response to the Global Financial Crisis of 2008–2009, international financial regulators tightened the regime of banking supervision in order to minimize systemic risks, strengthen stability in the banking sector and ultimately ensure financial stability and minimize the risks of new crises that contributes to economic growth. Extant academic literature lacks studies that would provide an unambiguous conclusion about whether the post-crisis banking regulation reform has achieved each of the above mentioned objectives, which determines the relevance of our study. Given the increased level of credit risks and the issue of liquidity in the banking sector as well as the role of banks in promoting economic growth, the objectives of banking regulation, through their interrelationship, can enter into conflict with one another, and the research of this phenomenon is the subject of this article. The research novelty is attributed to the principally different approach proposed by the authors in assessing the effectiveness of the post-crisis model of international banking regulation, which is based on the analysis of the interplay and contradictions of the objectives of the contemporary regulatory policy. This study attempts to find out whether and to what extent the analyzed objectives of the post-crisis model of international banking regulation were achieved, including that through the interplay of the objectives with each other, and to what extent the efforts of regulators in minimization of credit risks, maintaining stress resilience of banks and adaptation them to the post-crisis regulatory model contributed to mitigation of systemic stress and systemic risks. To achieve the research objectives, the authors applied methods of statistical and comparative analysis; synthesis of factors underlying the post-crisis mechanism of international banking regulation and standards of prudential banking supervision; systematization, generalization and forecasting. The authors analyzed the main elements of the post-crisis regulatory reform, examined the dynamics of the banking sector, and assessed the effect of the reform on systemic risks and economic growth. The research results suggest that the tightened, more rigorous Basel III supervisory standards had a positive effect on stress resilience of banks and the banking sector, reduced the level of systemic risks, and had a limited effect on economic growth. In other words, the elements of the regulatory trilemma do not conflict with one another, a consistent transition to new standards of supervision allows each objective to be achieved. Further research could unwrap the specifics of the macroprudential approach, which is an integral part of the post-crisis model of international banking regulation, together with its role in ensuring financial stability amid macro-level uncertainty.