Passata e futura regolamentazione per prevenire una crisi finanziaria sistemica.(Past and future regulation to prevent a systemic financial crisis)
Parole chiave:Cultura economica, Crisi finanziaria, Regole
Up to now, the G20 has supervised the process to revitalize the real economy affected by the Great Recession through fiscal stimuli and a very easy monetary policy, and to rescue the battered financial system by injecting capital into giant banks and firms. The G20 is now turning its attention to financial regulation, with the FSB as its main operational arm. The ideas that are being proposed stress the need for disincentives toward too much risk taking (more capital, higher liquidity, limits to remunerations and bonuses, etc.), particularly by big and complex financial institutions that are likely to entail systemic risks. The paper maintains that, as the disincentive approach is insufficient to deter financial managers looking for power, some kind of segmentation needs to be introduced, as suggested by Paul Volcker.
JEL: E44, G1, G18, G28
ACHARYA V., PEDERSEN L., PHIIPPON T., RICHARDSON M. (2009), "Regulating Systemic Risk," in Restoring Financial Stability: How to Repair a Failed System, ed. by Viral Acharya and Matthew Richardson, Wiley and Sons, New York.
ALFORD H. (2010), "18 Ways to Break the Bank", The New York Times, February 4, retrievable on line atwww.nytimes.com/2010/02/04/opinion/.
ALLEN F., GALE D. (2000), Comparing Financial Systems, The MIT Press, Cambridge, Mass.
ANDREWS E.L. (2009), "Bernanke in Nod to Critics, Suggests Board of Regulators", New York Times, October 2, retrievable on line at www.nytimes.com.2009/10/02 /business/economy/
ANDRITZKY J., KIFF J., KODRES L., MADRID P., MAECHLER A., NARAIN A., SACASA N., SCARLATA J. (2009), "Policies to Mitigate Procyclicality," IMF Staff Position Notes,No. 09/09, International Monetary Fund, Washington.
BCBS (2009), Strengthening the resilience of the banking sector, December, retrievable on line atwww.bis.org/publ/bcbs164.htm.
BCBS (2009), International framework for liquidity risk measurement, standards and monitoring, December, retrievable at www.bis.org/publ/bcbs165.htm.
BCBS (2009), Enhancements to the Basel II framework, July, retrievable at www.bis.org/publ/bcbs157.htm.
BCBS (2009), Report and recommendations of the Cross-border Bank Resolution Group, September,www.bis.org/publ/bcbs162.htm.
BCBS (2008), Principles for Sound Liquidity Risk Management and Supervision, September, retrievable atwww.bis.org/publ/bcbs144.htm.
BERGER A.N., HUMPHREY D.B. (1994), "Bank Scale Economies, Mergers, Concentration, and Efficiency: The U.S. Experience," Center for Financial Institutions Working Papers, No. 94-25, Wharton School Center for Financial Institutions, University of Pennsylvania.
BIS (2009), 79th Annual Report 2008–09, Basel, retrievable on line at www.bis.org/.
BORIO C., LOWE P. (2002), "Asset prices, financial and monetary stability: exploring the nexus", contributo presentato alla conferenza della BIS su "Changes through Time: Measurement and Policy Options", BIS Working Papers, No. 114, July, Basel
BRUNNERMEIER M., CROCKETT A., GOODHART C., PERSAUD A.D., SHIN H. (2009), "The Fundamental Principles of Financial Regulation," Geneva Reports on the World Economy 11, Preliminary Conference Draft, International Centre for Monetary and Banking Studies, Geneva.
DE LAROSIÈRE J. (chair – 2009), Report of the High-Level Group on Financial Supervision in the EU,ec.europa.eu/internal_market/finances/docs/de_larosiere_report_en.pdf.
FABI F., LAVIOLA S., MARULLO REEDTZ P. (2005), "Lending Decisions, Procyclicality and the New Basel Capital Accord", in "Investigating the Relationship Between the Financial and the Real Economy», BIS Papers, No. 22, Basel, April, pp. 361-91.
FREIXAS X., ROCHET J.C. (1997), Microeconomics of Banking, The MIT Press, Cambridge, Mass.
FSB (2009), Overview of Progress in Implementing the London Summit Recommendations for Strengthening Financial Stability, 25 September, retrievable on line at www.financialstabilityboard.org/.
FSB (2009), Improving Financial Regulation, 25 September, retrievable on line atwww.financialstabilityboard.org/.
FSF (2009), Principles for Sound Compensation Practices, 2 April, retrievable on line atwww.financialstabilityboard.org/.
G20 (2009), Leaders’ Statement, The Pittsburgh Summit,25 September, retrievable on line at www.g20.org .
G20 (2009), Leaders’ Statement, The Global Plan for Recovery and Reform, London, 2 April, retrievable on line at www.g20.org .
G20 (2009), Declaration on strengthening the financial system, London, 2 April, retrievable on line atwww.g20.org
G20 (2008), Declaration – Summit on Financial Markets and World Economy,Washington, 15 November, retrievable on line at www.g20.org .
G20 FMCBG (2009), Communiqué, 5 September, retrievable on line at www.g20.org .
G20 FMCBG (2009), Declaration on Further Steps to Strengthen the Financial System, 5 September, retrievable on line at www.g20.org .
G20 FMCBG (2009), Progress Report on the Actions of the London and Washington G20 Summits, 5 September, retrievable on line at www.g20.org .
GIOVANNINI A. (2008), "Reforms that can Boost Securities Markets", Financial Times, July 31, retrievable on line at www.ft.com/cms/ .
GREENSPAN A. (1999), Do Efficient Financial Markets Mitigate Financial Crises?, remarks before the 1999 Financial Markets Conference of the Federal Reserve Bank of Atlanta, October 19, Sea Island, Georgia, retrievable on line at www.federalreserve.gov .
GREENSPAN A. (1996), The Challenge of Central Banking in a Democratic Society, remarks at the Annual Dinner and Francis Boyer Lecture of The American Enterprise Institute for Public Policy Research, December 5, Washington, D.C., retrievable on line at www.federalreserve.gov .
GROUP of THIRTY (2009), Financial Reform: A Framework for Financial Stability, Washington, D.C., retrievable on line at www.group30.org/pubs .
IMF (2009), Global Financial Stability Report – Navigating the Financial Challenges Ahead, October, retrievable on line at www.imf.org/external/pubs/ft/gfsr/2009/ .
IMF (2009), Global Financial Stability Report – Responding to the Financial Crisis and Measuring Systemic Risk, April, retrievable on line at www.imf.org/ external/ pubs/ft/gfsr/2009/ .
KAPLAN R., MERTON R., RICHARD S. (2009), "Il fair value sperduto nel labirinto delle banche", Il Sole 24 Ore, 19 agosto, p. 1 e p.2.
KASHYAP A., RAJAN R., STEIN J. (2008) "Rethinking Capital Regulation", paper prepared for the Federal Reserve Bank of Kansas City’s symposium on Maintaining Stability in a Changing Financial System, August 21–23, Jackson Hole, Wyoming.
MAES I. (2009), "On the origins of the BIS macro-prudential approach to financial stability: Alexandre Lamfalussy and financial fragility", Working Paper Research, n. 176, National Bank of Belgium, Brussels, October.
MASERA R.S. (ed. – 2009), The Great Financial Crisis – Economics, Regulation and Risk, Bancaria Editrice, Roma.
MILLER M.H. (1986), "Financial innovation: The last twenty years and the next", Journal of Financial and Quantitative Analysis", 21 (4), pp. 459-471.
ONIDA F. (2009),"Protezionismo – Non mettete la camicia di forza al commercio", Il Sole-24 Ore, 30 agosto, p. 1.
POOLE W. (2009), "A Market Solution to Secure Banks’ Future", Financial Times, May 20.
PRICEWATERHOUSECOOPERS (2004), Markt/2003/02/F– Study on the financial and macroeconomic consequences of the draft proposed new capital requirements for banks and investment firms in EU, 8 April.
RONCAGLIA A. (2010), Economisti che sbagliano. Le radici culturali della crisi, Laterza, Roma-Bari.
SARCINELLI M. (2009), "2007: la crisi da subprime", in Rita Perez (a cura di), Finanza privata e finanza pubblica – I mutui subprime e la spending review, Maggioli editore, Santarcangelo di Romagna, 2009, pp. 97-123.
SARCINELLI M. (2009), "Globalizzazione, squilibri nelle bilance dei pagamenti e sistema monetario internazionale", AREL, la rivista, n. 2, 2009, pp. 151-157.
SARCINELLI M. (2009), "Innovazione finanziaria: opportunità e criticità", Bancaria, anno 65, luglio-agosto 2009, n. 7-8, pp. 69-72.
SARCINELLI M. (2009), "La riscoperta della liquidità", Notiziario della Banca Popolare di Sondrio, n. 110, agosto 2009, pp. 24-26.
SARCINELLI M. (2005), Il nuovo accordo di Basilea e la sua pro-ciclicità, dattiloscritto, 17 maggio.
SARCINELLI M. (2004), "La vigilanza sul sistema finanziario: obiettivi, assetti e approcci", Moneta e Credito, n. 227, settembre, riedito elettronicamente (2009) in Moneta e Credito, nn. 245-248, pp. 145-190 ottenibile on line dawww.monetaecredito.info .
SARCINELLI M. (2003), "Crisi economiche e mercati finanziari: è di aiuto un nuovo ordine finanziario?", Moneta e Credito, n. 224, dicembre.
SHILLER R.J. (2003), The New Financial Order: Risk in the 21st Century, Princeton University Press, Princeton.
SHILLER R.J. (2000), Irrational Exuberance, Princeton University Press, Princeton.
SHILLER R.J.AKERLOF G.A. (2009), Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism, Princeton University Press.
THE ECONOMIST (2009), "Death warmed up", October 1st, retrievable on line atwww.economist.com/businessfinance/ .
TUCKER P. (2009), "Restoring Confidence – Moving Forward," speech to the British Bankers’ Association Annual International Banking Conference, London, June 30.
VOLCKER P. (2010), "How to Reform Our Financial System", New York Times, January 31, retrievable on line atwww.nytimes.com/2010/01/31/opinion/31volcker.html .
VOLCKER P. (2009), "Le banche devono fare solo le banche", intervista di Claudio Gatti, Il Sole-24 Ore, 10 settembre, p. 10.
Ogni materiale pubblicato sul sito e gli articoli pubblicati sulla rivista sono distribuiti con Licenza internazionale Creative Commons Attribuzione - Non commerciale - Non opere derivate 4.0. Copia della licenza è disponibile alla URL http://creativecommons.org/licenses/by-nc-nd/4.0. Gli autori mantengono i diritti sulla loro opera e cedono alla rivista il diritto di prima pubblicazione dell'opera con la licenza suindicata.