REVISING BASEL 2: THE IMPACT OF THE FINANCIAL CRISIS AND IMPLICATIONS FOR DEVELOPING COUNTRIES

Andrew Cornford

No 59, G-24 Discussion Papers from United Nations Conference on Trade and Development

Abstract: This paper is concerned with the following aspects of Basel 2, the new internationally agreed framework for assessing the capital adequacy of banks: (1) its rationale and origins; (2) the process leading to the agreement, including the way in which problems and criticisms which emerged during drafting were handled; (3) data on the introduction of Basel 2 in different countries; (4) the quantitative exercises designed to estimate Basel 2’s effects; (5) the global pattern of introduction in relation to Basel 2’s objectives; (6) the way in which Basel 2 addresses the control of banking risks; and (7) outstanding issues requiring regulatory reform which have been highlighted by the financial crisis and which are either covered by or closely related to the rules of Basel 2. The paper devotes much attention to the challenges to regulation and banks’ role in economic development which are posed by its widespread introduction in emerging-market and other developing countries.

Date: 2010
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