La vigilanza bancaria. Storia, teorie, prospettive by Lorenzo Esposito and Giuseppe Mastromatteo: A Review Article

Authors

  • Elisabetta Montanaro Università di Siena

DOI:

https://doi.org/10.13133/2037-3651/18163

Keywords:

banking supervision and crisis management, money, central banking

Abstract

Questo articolo è una recensione critica del libro di Lorenzo Esposito e Giuseppe Mastromatteo La vigilanza bancaria. Storia, teorie, prospettive (2021). Il volume affronta tutti i principali profili che hanno determinato l’evoluzione della vigilanza degli ultimi decenni, oltre alla disciplina di Basilea: le interazioni fra vigilanza e crisi e le modalità in cui esse sono gestite, a livello nazionale e internazionale, in particolare nell’ambito dell’Unione Bancaria; i rapporti fra creazione di moneta e banche e quindi i rischi derivanti dalle criptovalute, dall’intelligenza artificiale e dalle Big Tech; il ruolo delle banche centrali nel difficile compito di salvaguardare congiuntamente la stabilità finanziaria e il controllo dell’inflazione.

References

American Bankers Association (2022), Comment on the FED discussion paper Money and Payments: The US Dollar in the Age of Digital Transformation, 20 maggio, disponibile all’indirizzo internet: https://www.aba.com/-/media/documents/comment-letter/aba-comments-on-fed-discussion-paper-money-and-payments-05202022.pdf?rev=f951926825b14ad9b6c901e68b36f22d.

Anginer D., Bertay A.C., Cull R., Demirgüç-Kunt A., Mare D.S. (2021), “Bank Capital regulation and risks after the Global Financial Crisis”, Journal of Financial Stability, art. n. 100891.

Banca d’Italia (2022), La Banca d’Italia. Funzioni e Obiettivi, 3a edizione, 27 dicembre, Roma: Banca d’Italia, disponibile all’indirizzo internet: https://www.bancaditalia.it/pubblicazioni/funzioni-obiettivi/2022-funzioni-obiettivi/BancadItalia-funzioni-obiettivi_3ed.pdf.

Banca d’Italia (2023a), Bollettino Economico, 2/2023, aprile, Roma: Banca d’Italia, disponibile all’indirizzo internet: https://www.bancaditalia.it/pubblicazioni/bollettino-economico/2023-2/boleco-2-2023.pdf.

Banca d’Italia (2023b), Relazione Annuale, 31 maggio, disponibile all’indirizzo internet: https://www.bancaditalia.it/pubblicazioni/relazione-annuale/2022/rel_2022.pdf.

Barr M.S. (2023), Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley Bank, 28 aprile, disponibile all’indirizzo internet: https://www.federalreserve.gov/publications/files/svb-review-20230428.pdf.

BCBS – Basel Committee on Banking Supervision (2009), Principles for Sound Stress Testing Practices and Supervision, 20 maggio, Basilea: Bank for International Settlements, disponibile all’indirizzo internet: https://www.bis.org/publ/bcbs155.pdf.

BCBS – Basel Committee on Banking Supervision (2013), Basel III: The Liquidity Coverage Ratio and liquidity risk monitoring tools, 7 gennaio, Basilea: Bank for International Settlements, disponibile all’indirizzo internet: https://www.bis.org/publ/bcbs238.pdf.

BCBS – Basel Committee on Banking Supervision (2017), Regulatory treatment of accounting provisions – interim approach and transitional arrangements, 29 marzo, Basilea: Bank for International Settlements, disponibile all’indirizzo internet: https://www.bis.org/bcbs/publ/d401.pdf.

BIS – Bank for International Settlements (1986), Recent Innovations in International Banking, aprile, Basilea: Bank for International Settlements, disponibile all’indirizzo internet: https://www.bis.org/publ/ecsc01a.pdf.

BIS – Bank for International Settlements (2022a), “The future monetary system”, in Annual Economic Report 2022 (pp. 75-103), Basilea: Bank for International Settlements, disponibile all’indirizzo internet: https://www.bis.org/publ/arpdf/ar2022e3.pdf.

BIS – Bank for International Settlements (2022b), Macro-financial stability frameworks and external financial conditions – Report submitted to the G20 Finance Ministers and Central Banks Governors, 15 luglio, Basilea: Bank for International Settlements, disponibile all’indirizzo internet: https://www.bis.org/publ/othp53.pdf.

BIS – Bank for International Settlements (2023), “Blueprint for the future monetary system: improving the old, enabling the new”, Capitolo III in BIS Annual Economic Report 2023 (pp. 85-118), Basilea: Bank for International Settlements, disponibile all’indirizzo internet: https://www.bis.org/publ/arpdf/ar2023e3.pdf.

Borin A., Condeloro F.P., Di Stefano E., Gunnella V., Mancini M. e Panon L. (2022), “Quantitative assessment of the economic impact of the trade disruptions following the Russian invasion of Ukraine”, Questioni di Economia e Finanza (occasional papers), n. 700, giugno, Roma: Banca d’Italia, disponibile all’indirizzo internet: https://www.bancaditalia.it/pubblicazioni/qef/2022-0700/QEF_700_22.pdf?language_id=1.

Borio C., Farag M. e Zampolli F. (2023), “Tackling the fiscal policy-financial stability nexus”, BIS Working Papers, n. 1090, aprile, Basilea: Bank for International Settlements, disponibile all’indirizzo internet: https://www.bis.org/publ/work1090.pdf.

Cohelo R., Restoy F. e Zamil R. (2020), “Convergence in the prudential regulation of banks – what is missing?”, FSI Insights on policy implementation, n. 24, febbraio, Basel: Financial Stability Institute of the Bank for the International Settlements, disponibile all’indirizzo internet: https://www.bis.org/fsi/publ/insights24.pdf.

D’Ippoliti C. (2021), “Italy’s ‘Charter of Workers’s Rights’ turns fitfty”, PLS Quarterly Review, 74 (297), pp. 95-98.

Dahlgren S., Himino R., Restoy F. e Rogers C. (2023), Assessment of the European Central Bank’s Supervisory Review and Evaluation Process. Report by the Expert Group to the Chair of the Supervisory Board of the ECB, 17 aprile, Frankfurt a.M.: European Central Bank, disponibile all’indirizzo internet: https://www.bankingsupervision.europa.eu/ecb/pub/pdf/annex/ssm.pr230417_annex.en.pdf.

de Cecco M. (2014), “The Political Economy of Eurozone Austerity”, Institute for New Economic Thinking, ottobre, disponibile all’indirizzo internet: https://www.ineteconomics.org/uploads/downloads/de-Cecco-Eurozone-speech-Oct-2014-final-INET-version.pdf.

Department of the Treasury, Federal Reserve, and FDIC (2023), Joint Statement, 12 marzo, Washington (DC): Federal Reserve, disponibile all’indirizzo internet: https://home.treasury.gov/news/press-releases/jy1337.

De Rezende R.B. (2023), “An event-driven bank stress indicator: the case of US regional banks”, Finance Research Letters, doi: https://doi.org/10.1016/j.frl.2023.104132.

Díaz-Alejandro C.F. (1985), “Good-bye Financial Repression, Hello Financial Crash”, Journal of Development Economics, 19 (1-2), pp. 1-24.

EBA – European Banking Authority (2023), Monitoring of Liquidity Coverage Ratio and Net Stable Funding Ratio Implementation in the EU, terzo rapporto, 15 giugno, Parigi: European Banking Authority.

ECB – European Central Bank (2022), ECB responses to the European Commission’s call for advice on the review of the EU macroprudential framework, marzo, Frankfurt a.M.: European Central Bank, disponibile all’indirizzo internet: https://www.ecb.europa.eu/pub/pdf/other/ecb.responsetothecallforadvice~547f97d27c.en.pdf.

ECB Banking Supervision, SRB (Single Resolution Board) ed EBA (European Banking Authority) (2023), Statement on the announcement on 19 March 2023 by Swiss Authorities, 20 marzo, disponibile all’indirizzo internet: https://www.bankingsupervision.europa.eu/press/pr/date/2023/html/ssm.pr230320~9f0ae34dc5.en.html.

Esposito L. e Mastromatteo G. (2021), La vigilanza bancaria. Storia, teorie, prospettive, Roma: Carocci.

Esposito L. e Tori D.(2022), “Guerra e moneta: come il conflitto in Ucraina cambierà il sistema monetario internazionale”, Moneta e Credito, 75 (298), pp. 163-183.

European Commission (2023), Mergers: Commission approves the merger between Credit Suisse and UBS, 25 maggio, disponibile all’indirizzo internet: https://ec.europa.eu/commission/presscorner/api/files/document/print/en/ip_23_2889/IP_23_2889_EN.pdf.

Fantacci L., Gobbi L. e Luciani D. (2022), “Bene pubblico globale o arma finanziaria? L’egemonia del dollaro alla prova delle sanzioni”, Moneta e Credito, 75 (298), pp. 123-147.

FDIC – Federal Deposit Insurance Corporation (2023a), FDIC’s Supervision of Signature Bank, 28 aprile, Washington (DC): Federal Deposit Insurance Corporation, disponibile all’indirizzo internet: https://www.fdic.gov/news/press-releases/2023/pr23033a.pdf

FDIC – Federal Deposit Insurance Corporation (2023b), Options for Deposit Insurance Reform, 1 maggio, Washington (DC): Federal Deposit Insurance Corporation, disponibile all’indirizzo internet: https://www.fdic.gov/analysis/options-deposit-insurance-reforms/report/options-deposit-insurance-reform-full.pdf.

Federal Reserve Board (2023), Federal Reserve Board announces it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors, 12 marzo, Washington (DC): Board of Governors of the Federal Reserve System, disponibile all’indirizzo internet: https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312a.htm.

FINMA (2023), FINMA approves merger of UBS and Credit Suisse, 19 marzo, disponibile all’indirizzo internet: https://www.finma.ch/en/news/2023/03/20230319-mm-cs-ubs/.

Gaillard N. e Michaleck R. (2022), “Remarks and policy recommendations to fight moral hazard”, in Zendejas J.F., Gaillard N. e Michaleck R. (a cura di), Moral Hazard. A Financial, Legal, and Economic Perspective (pp. 202-213), Abingdon (UK): Routledge.

Giangrande N. (2022), “Le conseguenze della guerra russo-ucraina sull’economia italiana. Un’analisi sui salari e sull’occupazione”, Moneta e Credito, 75 (298), pp. 213-223.

Goodhart C.A.E e Lastra R.M. (2023), “Lender of Last Resort and Moral Hazard”, CEPR Discussion Papers, n. DP18041, London: Centre for Economic Policy Research, disponibile all’indirizzo internet: http://eprints.lse.ac.uk/118679/1/Goodhart_lender_of_last_resort_discussion_paper.pdf.

Haldane A.G. (2014), “Constraining Discretion in Banking Regulation”, in Goodhart C., Gabor D., Vestergaard J. e Ertürk I. (a cura di), Central Banking at a Crossroads (pp. 15-31), London e New York: Anthem Press.

IMF – International Monetary Fund (2020), “United States: Financial System Stability Assessment”, IMF Country Reports, n. 2020/242, 10 agosto, Washington (DC): International Monetary Fund, disponibile all’indirizzo internet: https://www.imf.org/-/media/Files/Publications/CR/2020/English/1USAEA2020002.ashx.

IMF – International Monetary Fund (2023), “A Financial System Tested by Higher Inflation and Interest Rates”, cap. 1 in Global Financial Stability Report: Safeguarding Financial Stability amid High Inflation and Geopolitical Risks (pp. 1-57), aprile, Washington (DC): International Monetary Fund, disponibile all’indirizzo internet: https://www.imf.org/-/media/Files/Publications/GFSR/2023/April/English/text.ashx.

IMF – International Monetary Fund (2023), “United States 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Unites States”, IMF Country Report, n. 2023/208, giugno, Washington (DC): International Monetary Fund, disponibile all’indirizzo internet: https://www.imf.org/-/media/Files/Publications/CR/2023/English/1USAEA2023001.ashx.

Kregel J. (2014), “Minsky and dynamic macroprudential regulation”, PLS Quarterly Review, 67 (209), pp. 217-238.

Lampa R. e Garbellini N.(2022), “Sanzioni, shock da offerta e inflazione: la rilevanza del conflitto russo-ucraino”, Moneta e Credito, 75 (298), pp. 95-99.

Makhlouf G. (2023), Has Europe moved beyond financial fragility? Opening remarks by the Governor of Central Bank of Ireland at a public event at the Hertle School, “Has Europe moved beyond financial fragility”, Berlino, 14 febbraio, disponibile all’indirizzo internet: https://www.bis.org/review/r230215c.pdf.

Mastromatteo G. (2009), “The role of the public sector in the thought of Hyman Minsky”, in Salvadori N. e Opocher A. (a cura di), Long-Run Growth, Social Institutions and Living Standards (pp. 46-77), Cheltenham (UK) e Northampton (MA, USA): Edward Elgar Pub.

Mastromatteo G. ed Esposito L. (2023), “Il ruolo della Banca d’Italia dalla ricostruzione post-bellica alla fine degli anni Settanta: una nota”, Moneta e Credito, 76 (301), marzo, pp. 77-93.

Mastromatteo G. e Rossi S. (2019), “The Mirage of expansionary fiscal consolidation to resolve the euro-area crisis”, in Power K., Ali T. e Lebdušková E. (a cura di), Discourse Analysis and Austerity: Critical Studies from Economics and Linguistics (pp. 253-266), Abingdon (UK): Routledge.

Metrick A. e Tarullo D.K. (2021), “Congruent Financial Regulation”, Brookings Papers on Economic Activity, Spring, pp. 143-181.

McHenry P. (2023), “Statement on regulator actions regarding Silicon Valley Bank,” United States House of Representatives, Financial Services Committee, 12 marzo, disponibile all’indirizzo internet: https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=408652.

Minsky H.P. (1982), “Debt Deflation Processes in Today’s Institutional Environment”, PLS Quarterly Review, 35 (143), pp. 375-393.

Minsky H.P. (1984), “The Potential for Financial Crises”, in Agmon T., Hawkins R.G. e Levich R.M. (a cura di), The Future of the International Monetary System (pp. 91-109), Lexington (MA): Lexington Books, D.C. Heath & Co.

Minsky H.P. (1986), “Global Consequences of Financial Deregulation”, Marcus Wallenberg Papers on International Finance, 2 (1), Hyman P. Minsky Archive, Paper 378.

Minsky H.P. (1994), “Outline for Issues in Bank Regulation and Supervision”, 4 agosto, Levy Economics Institute of Bard College, Hyman P. Minsky Archive, Paper 73.

Minsky H.P. (2008, 2a edizione, [1a edizione 1986]), Stabilizing an Unstable Economy, New York: McGraw-Hill.

Montanaro E. (2016), “Central Banks and Financial Supervision: New Tendencies”, in Mancini M., Paciello A. e Santoro V. (a cura di), Regole e Mercato (Tomo I, Capitolo 19, pp. 539-569), Torino: Giappichelli.

Montanaro E. e Tonveronachi M. (2009), “Il Secondo Pilastro di Basilea 2. Prove di Stress per le Banche o per la Vigilanza?”, Banca Impresa Società, 28 (1), pp. 73-93.

Rajan R.G. e Acharya V.V. (2023), “The Fed’s Role in the Bank Failures”, Project Syndicate, 28 marzo, disponibile all’indirizzo internet: https://www.project-syndicate.org/commentary/federal-reserve-qe-role-in-svb-signature-bank-failures-by-raghuram-rajan-and-viral-acharya-2023-03.

Rey H. (2019), Sistema monetario internazionale e cicli finanziari globali, Paolo Baffi Lecture, 22 Novembre, Roma: Banca d’Italia.

Roncaglia A. (2010), “Le origini culturali della crisi”, Moneta e Credito, 63 (250), pp. 107-118.

Roncaglia A. (2011), “Macroeconomics in crisis and macroeconomics in recovery”, PLS Quarterly Review, 64 (207), pp. 167-185.

Roncaglia A. (2013), “Il ruolo delle istituzioni nell’economia”, Moneta e Credito, 66 (261), pp. 3-6.

Sarcinelli M. (2012), “Euro crisis or public debt crisis: With a remedy for a latter case”, PLS Quarterly Review, 65 (262), pp. 215-236.

Sarcinelli M. (2013), “L’unione bancaria europea e la stabilizzazione dell’Eurozona”, Moneta e Credito, 66 (261), pp. 7-43.

Sylos Labini P. (2009), “Le prospettive dell’economia mondiale”, Moneta e Credito, 62 (245-248), pp. 61-89.

Tarullo D.K. (2014), “Macroprudential Regulation”, Yale Journal on Regulation, 31, pp. 505-521.

Thomson J.B. e Todd W. (2023), “Shifting Downward: How a Change in Fed Culture Hurt Bank Supervision”, Institute for New Economic Thinking, 27 marzo, disponibile all’indirizzo internet: https://www.ineteconomics.org/perspectives/blog/shifting-downward-how-a-change-in-fed-culture-hurt-bank-supervision.

Tonveronachi M. (2010), “Empowering supervisors with more principles and discretion to implement them will not reduce the dangers of the prudential approach to financial regulation”, PLS Quarterly Review, 63 (255), pp. 363-378.

Tonveronachi M. (2015a), “Making the ECB the central bank of a non-federal coalition of states”, PSL Quarterly Review, 68 (273), pp. 91-114.

Tonveronachi M. (2015b), “Revising the European Central Bank’s fiscal rules to support growth and employment”, Journal of Post Keynesian Economics, 38, pp. 405-508.

Tonveronachi M. (2016), “Tre proposte per rivitalizzare l’Unione Europea”, Moneta e Credito, 69 (276), pp. 367-404.

Tonveronachi M. (2021), “Ernesto Rossi, economista di Giustizia e Libertà”, Moneta e Credito, 74 (295), pp. 191-211.

Trapanese M. (2020), “The regulatory cycle in banking: what lessons from the U.S. experience? (from the Dodd-Frank Act to Covid-19”, Questioni di Economia e Finanza (occasional papers), n. 585, novembre, Roma: Banca d’Italia.

Tropeano D. (2011), “Financial Regulation After the Crisis”, International Journal of Political Economy, 40 (2), pp. 45-60.

Visco I. (2014), Considerazioni finali, Assemblea Ordinaria dei Partecipanti, 30 maggio, Roma: Banca d’Italia, disponibile all’indirizzo internet: https://www.bancaditalia.it/pubblicazioni/interventi-governatore/integov2014/cf13_considerazioni_finali.pdf.

Visco I. (2018), “Banks and finance after the crisis: Lessons and challenges”, PLS Quarterly Review, 71 (286), pp. 255-277.

Visco I. (2022), Inflazione e politica monetaria, Prima ‘Lezione Ugo La Malfa’, Camera dei Deputati, Roma, 16 novembre, disponibile all’indirizzo internet: https://www.bancaditalia.it/pubblicazioni/interventi-governatore/integov2022/Visco_inflazione_e_politica_monetaria_16_novembre_2022.pdf.

Visco I. (2023a), Monetary policy and the return of inflation, The Warwick Economics Summits 2023, Bishnodat Persaud Lecture, Conventry (UK), 11 febbraio, disponibile all’indirizzo internet: https://www.bancaditalia.it/pubblicazioni/interventi-governatore/integov2023/Visco_Warwick_110223.pdf.

Visco I. (2023b), Considerazioni finali del Governatore, Relazione Annuale, 31 maggio, Roma: Banca d’Italia, disponibile all’indirizzo internet: https://www.bancaditalia.it/pubblicazioni/interventi-governatore/integov2023/cf_2022.pdf.

Published

2023-08-01

Issue

Section

Articoli