Where to From Here for Financial Regulatory Policy?

David Scharfstein

Chapter 29 in The New International Financial System:Analyzing the Cumulative Impact of Regulatory Reform, 2015, pp 589-593 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The financial crisis of 2007–2009 revealed major deficiencies in financial regulation. Since then, policymakers around the world have undertaken a major overhaul of financial regulation, particularly in the realm of bank regulation. These reforms include:An increase in the quantity and quality of capital that banks are required to hold, particularly for the largest, most systemically important banks.The greater use of stress tests for the largest, most systemically important banks to ensure that they have enough capital to withstand a stress scenario.Increase in liquid asset holdings for banks with less stable short-term funding (combined with a proposal that such banks also hold more capital).Enhanced authority to restructure liabilities of banks and affiliated non-bank subsidiaries, and agreement to require banks to issue debt that can be written down in times of a crisis (i.e., ‘bailed-in’).Requirements that many derivatives be traded through clearing-houses rather than in over-the-counter markets…

Keywords: Financial Stability; Systemic Risk; Financial Regulation; Too-Big-to-Fail; Regulatory Burden; Financial Institutions (search for similar items in EconPapers)
Date: 2015
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