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New Regulation and the New World of Global Banking

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  • Stephen G. Cecchetti

    (Bank for International Settlements (BIS), National Bureau of Economic Research, and Centre for Economic Policy Research.)

  • Dietrich Domanski
  • Goetz von Peter

    ()

Abstract

Global banks are changing. With a new set of rules come new business models. We review the international dimension of the financial crisis, centring on cross-border losses and cross-currency funding problems that prompted authorities to adopt wide-ranging rescue measures and liquidity operations. Against this background, we proceed to examine the regulatory response, focusing on the Basel III framework and the ongoing work of the Basel Committee and Financial Stability Board regarding the amount of capital banks are required to hold, restrictions on maturity transformation on banks’ balance sheets and proposals to mitigate the risks posed by systemically important financial institutions. Our conclusion is that capital and liquidity regulation will have distinctly different effects on the international organisation of banks. Liquidity regulation, especially when applied locally, has the greatest potential to reshape the global banking landscape.

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Bibliographic Info

Article provided by National Institute of Economic and Social Research in its journal National Institute Economic Review.

Volume (Year): 216 (2011)
Issue (Month): 1 (April)
Pages: R29-RR40

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Handle: RePEc:sae:niesru:v:216:y:2011:i:1:p:r29-rr40

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Keywords: Global banks; financial crisis; multinational banking; local operations; regulatory reform; Basel III; capital regulation; liquidity regulation.;

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