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Come difendere la globalizzazione e salvaguardare i sistemi bancari dal contagio

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  • Mario Sarcinelli

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    (Dexia Crediop)

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    Abstract

    The work summarises the main literature on the impact of globalisation and of the crisis on banking systems.The main conclusion is that a more compelling approach to financial regulation appears as necessary, though the complete homogenisation of financial systems is not a goal to be sought. The current approaches in the Anglo-Saxon countries, based on the segmentation of banking activities seems a right choice, due to both the political difficulties in enacting a stricter regulation of finance and the practical difficulty of regulating a sector pervaded by financial innovation. However, both the Volcker rule and the British approach of ring-fencing, suffer from two limitations: the risk of transferring even more risk to the shadow banking system, and the difficulty in practice to distinguish between legitimate hedging activities and forbidden speculative activities.

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    File URL: http://ojs.uniroma1.it/index.php/monetaecredito/article/view/9941/9824
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    Bibliographic Info

    Article provided by Economia civile in its journal Moneta e Credito.

    Volume (Year): 65 (2012)
    Issue (Month): 257 ()
    Pages: 9-47

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    Handle: RePEc:psl:moneta:2012:12

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    Related research

    Keywords: sistemi bancari; globalizzazione; contagio crisi;

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    References

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    1. Gary Gorton & Andrew Metrick, 2012. "Getting Up to Speed on the Financial Crisis: A One-Weekend-Reader's Guide," Journal of Economic Literature, American Economic Association, vol. 50(1), pages 128-50, March.
    2. Anil Kashyap & Raghuram Rajan & Jeremy S. Stein, 1998. "Banks as liquidity providers: an explanation for the co-existence of lending and deposit-taking," Proceedings 582, Federal Reserve Bank of Chicago.
    3. Andrew W. Lo, 2012. "Reading about the Financial Crisis: A Twenty-One-Book Review," Journal of Economic Literature, American Economic Association, vol. 50(1), pages 151-78, March.
    4. Miller, Merton H., 1986. "Financial Innovation: The Last Twenty Years and the Next," Journal of Financial and Quantitative Analysis, Cambridge University Press, Cambridge University Press, vol. 21(04), pages 459-471, December.
    5. Mario Tonveronachi, 2010. "Cominciamo a parlare della prossima crisi," Moneta e Credito, Economia civile, Economia civile, vol. 63(249), pages 35-50.
    6. Jonathan Fiechter & Inci Ötker & Anna Ilyina & Michael Hsu & Andre Santos & Jay Surti, 2011. "Subsidiaries or Branches," IMF Staff Discussion Notes 11/04, International Monetary Fund.
    7. Gary Gorton & Andrew Metrick, 2010. "Regulating the Shadow Banking System," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 41(2 (Fall)), pages 261-312.
    8. Patrick Slovik, 2012. "Systemically Important Banks and Capital Regulation Challenges," OECD Economics Department Working Papers 916, OECD Publishing.
    9. Inci Ötker & Aditya Narain & Anna Ilyina & Jay Surti, 2011. "The Too-Important-to-Fail Conundrum," IMF Staff Discussion Notes 11/12, International Monetary Fund.
    10. Stefano Fenoaltea, 2010. "The reconstruction of historical national accounts: the case of Italy," PSL Quarterly Review, Economia civile, Economia civile, vol. 63(252), pages 77-96.
    11. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, Princeton University Press, edition 1, volume 1, number 8973.
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    Cited by:
    1. Elisabetta Montanaro, 2013. "Regole di Basilea e modelli di vigilanza: quale convergenza? (Basel rules and supervisory models: What convergence?)," Moneta e Credito, Economia civile, Economia civile, vol. 66(264), pages 415-442.
    2. Mario Sarcinelli, 2013. "The European Banking Union: Will It Be a True Union without Risk Sharing?," PSL Quarterly Review, Economia civile, Economia civile, vol. 66(265), pages 137-167.
    3. Mario Sarcinelli, 2013. "L'unione bancaria europea e la stabilizzazione dell'Eurozona," Moneta e Credito, Economia civile, Economia civile, vol. 66(261), pages 7-42.
    4. Mario Tonveronachi, 2013. "L'Unione Bancaria Europea. Di nuovo un disegno istituzionale incompleto (The European banking union. An incomplete institutional design, again)," Moneta e Credito, Economia civile, Economia civile, vol. 66(264), pages 397-413.

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