IMF Working Paper Monetary and Capital Markets Department Possible Unintended Consequences of Basel III and Solvency II

Ahmed Al-Darwish, Michael Hafeman, Gregorio Impavido (), Malcolm Kemp and Padraic O'Malley

British Actuarial Journal, 2014, vol. 19, issue 2, 273-325

Abstract: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. In today's financial system, complex financial institutions are connected through an opaque network of financial exposures. These connections contribute to financial deepening and greater savings allocation efficiency, but are also unstable channels of contagion. Basel III and Solvency II should improve the stability of these connections, but could have unintended consequences for cost of capital, funding patterns, interconnectedness, and risk migration.

Date: 2014
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