Базель III: влияние на экономический рост (обзор эмпирических исследований)
According to recent empirical studies, the new regulatory proposals concerning capital and liquidity standards as well as monitoring of global systemically important financial institutions may lead in a decline of the annual growth rates of GDP due to increase in lending rates and reduction of lending activities of commercial banks. At the same time, some studies show that the new measures may stimulate stability of financial system and help to reduce the probability of banking crises. This paper reviews the results of empirical studies on potential influence of new Basel III standards on functioning of the banking system, economic growth and financial stability.
The monograph deals with the issues of macroprudential policy that is organically linked to the system of international banking regulation. The author looks into interrelationship between macro- and micro-prudential regulatory mechanisms, explores the role of macroprudential regulation in minimization of systemic risks, as well as the extent to which the effectiveness of macroprudential tools and techniques will help ensure stress resilience of the banking sector. The author also delves into the most disputable topics on the tradeoff between macroprudential regulation and monetary policy. Without doubt the monograph is a landmark book that expands the most complex topic of macroprudential policy in the post-crisis recovery, as well as the specifics of macroprudential regulation in the post-crisis banking regulation paradigm shift.
Bank of Russia instruction No. 154-I requests to develop remuneration system for bank employees that take and control risks, particularly paying attention to defining variable and deferred parts of remuneration. This paper addresses the first issue to define veariable part of remuneration. Paper offers optimal incentive contract for agents that differ by risk-perception considering the level of effort applied and the level of risk they take. It is shown that agents (employees) with different risk-perception should have different contract parameters. It is argued that for efficiency purpose variableremuneration parts should be differentiated by the level of risk taken.
This article looks into the conceptual framework of regulation of the M&A processes that involve banks. Banking M&A still pose a serious threat to the post-crisis recovery and at the same time they remain one of the factors that can easily exacerbate systemic risks, which is also attributable to poor post-M&A synergy. Inconsistency in the M&A deal-making may aggravate post-M&A integration thus causing value deficiency, which may further trigger the contagion effect throughout the financial system and beyond. Despite the rigor paradigm of Basel III underlying contemporary banking regulation and irrespective of the increasing interconnectedness of financial institutions, M&A in the banking industry still lacks the regulatory touch.
It is doubtful that vulnerability of banking M&A to systemic risks could be solely mitigated by means of existent micro- and macroprudential regulation, since it is much about banking performance and not banking processes including the consolidation process. In fact, prudential regulation is currently devoid of multidisciplinary approach and it does not adequately meet the objectives of risk minimization in banking consolidations. Therefore, it can not appear as an unbiased and accurate measure of M&A integrity.
Guided by criticality of banking M&A regulation we propose a conceptual framework of M&A prudential regulation, or “mergulation” (“merger” + “regulation”), based on risk quantification and/or risk matrix approach together with an M&A-related rulebook. “Mergulation” will further shape mechanism of systemic risk alarmism, while standing integrated with prudential banking regulation. “Mergulation” will also aim at consistency of banking consolidations so that they would not only contribute to financial stability but also become its risk regulation platform.
This study investigates the benefits and costs to nonprofit organizations emanating from the adoption of the Sarbanes-Oxley Act (2002). The Act was intended to stem financial malfeasance in the for-profit sector, nevertheless the study finds that about half the surveyed nonprofits adopted provisions of the Act and experienced effects in proportion to the level of adoption. About one in four of the nonprofits attributed benefits of better financial controls (27.3%) and reduced risk of accounting fraud (24.3%) to the adoption of the Sarbanes-Oxley Act. With regard to the costs of adoption, more than one-third of the nonprofit organizations reported increased fees for external audit (36.5%), and about 15 percent cited “reallocation of resources from program to administrative expenses” (14.8%). This research discusses the unintended positive and negative effects of public policy on nonprofit organizations.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.