Implications of Basel II for financial stability. Clouds are darker for developing countries

Mario Tonveronachi ()
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Mario Tonveronachi: Università degli Studi di Siena, Dipartimento di Economia politica, Siena (Italy)

BNL Quarterly Review, 2007, vol. 60, issue 241, 111-135

Abstract: Placing Basel II in the perspective of the more general trend in financial regulation, the paper analyses its efficacy and efficiency as a device to foster financial resiliency. In assessing the criticisms levelled against the New Accord, special attention is devoted to the case of the emerging countries. I suggest that Basel II is neither a sufficient, nor a necessary condition to attain systemic financial stability, especially in weak institutional and macro-policy environments. Taking also into account just how complex and onerous the scheme is, I conclude that the emerging countries should look for new international institutional arrangements based on the principle of astability level playing field.

Keywords: Developing Countries; Policy; Regulation (search for similar items in EconPapers)
JEL-codes: G21 G28 O16 P34 (search for similar items in EconPapers)
Date: 2007
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Citations: View citations in EconPapers (3)

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