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¿Cómo deberíamos regular el capital bancario y los productos financieros? ¿Cuál es el papel de los “testamentos en vida”?

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  • Charles Goodhart

    ()
    (London School of Economics)

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    Abstract

    Financial regulation is normally imposed in reaction to some prior crisis, rather than founded on theoretical principle. In the past, regulation has been deployed to improve risk management practices in individual banks. This was misguided. Instead, regulation should focus first on systemic externalities (contagion) and second on consumer protection (asymmetric information). The quantification of systemic externalities is difficult. Since the costs of financial breakdown is high, a natural response is to pile extra regulation onto a set of regulated intermediaries, but this can impair their capacity to intermediate and leads onto border problems, between regulated and unregulated and between different national regulatory systems.

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    File URL: http://www.uexternado.edu.co/facecono/ecoinstitucional/workingpapers/cgoodhart23.pdf
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    Bibliographic Info

    Article provided by Universidad Externado de Colombia - Facultad de Economía in its journal Revista de Economía Institucional.

    Volume (Year): 12 (2010)
    Issue (Month): 23 (July-December)
    Pages: 85-109

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    Handle: RePEc:rei:ecoins:v:12:y:2010:i:23:p:85-109

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    Related research

    Keywords: financial regulation; contagion; bank governance; risk assessment; systemic risk; boundary problems;

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    References

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    1. Hart, Oliver & Zingales, Luigi, 2009. "A New Capital Regulation For Large Financial Institutions," CEPR Discussion Papers 7298, C.E.P.R. Discussion Papers.
    2. Markus K Brunnermeier & Lasse Heje Pederson, 2003. "Predatory Trading," FMG Discussion Papers dp441, Financial Markets Group.
    3. Willem H. Buiter, 2010. "Reversing unconventional monetary policy: technical and political considerations," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
    4. Miguel Segoviano, 2006. "Consistent Information Multivariate Density Optimizing Methodology," FMG Discussion Papers dp557, Financial Markets Group.
    5. Charles Goodhart & Miguel Segoviano, 2009. "Banking Stability Measures," FMG Discussion Papers dp627, Financial Markets Group.
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