Sonntag, 9. Juni 2013

Finanzmarktregulierung

Must-Read von Sheila Bair (ehemaliger Chair der FDIC in den USA) auf voxeu über die Regulierung des Finanzsystems.

"1) Does anybody have a clear vision of the desirable financial system of the future?
Yes, me. It should be smaller, simpler, less leveraged and more focused on meeting the credit needs of the real economy. And oh yes, we should ban speculative use of credit default swaps from the face of the planet. [...]

5) How much do higher capital ratios actually affect the efficiency and the profitability of banks?
You don’t have to be very efficient to make money by using a lot of leverage to juice profits then dump the losses on the government when things go bad. In my experience, the banks with the stronger capital ratios are the ones that are better managed, do a better job of lending, and have more sustainable profits over the long term, with the added benefit that they don’t put taxpayers at risk and keep lending during economic downturns.

6) Should we go for very high capital ratios?
Yep. I’ve argued for a minimum leverage ratio of 8%, but I like John Vickers 10% even better (and yes, he put out that news-making number during my panel…)

7) Is there virtue in simplicity, for example, simple leverage rather than capital ratios, or will simplicity only increase regulatory arbitrage?
The late Pat Moynihan once said that there are some things only a PhD can screw up. The Basel Committee’s rules for risk weighting assets are Exhibit A. [...] These rules are hopelessly overcomplicated. [...]

12) Given the cat and mouse game between regulators and regulatees, do we have to live with regulatory uncertainty?
Simple regulations which focus on market discipline and skin-in-the-game requirements are harder to game and more adaptable to changing conditions than rules which try to dictate behaviour. For instance, thick capital cushions will help ensure that whatever dumb mistakes banks may make in the future (and they will), there will be significant capacity to absorb the resulting losses. Unfortunately, the trend has been toward complex, prescriptive rules which smart banking lawyers love to exploit. Industry generally likes the prescriptive rules because they always find a way around them, and the regulators don’t keep up. [...]"
Alle Argumente lesen sich ähnlich wie bei Martin Hellwig et al.

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