Distorsioni strutturali della regolamentazione prudenziale delle banche
At the national level, financial regulation based on prohibitions, the so-called structural rules, was accused of producing significant distortion. The degree of competition it was limited, encouraging inefficiencies of all types; the culture of risk it was weakened; wide discretionary powers were used by national authorities to distort market mechanisms and public ownership distorted competition and fostered cronyism. A new common regulative culture is therefore emerged, based on internal free competition within the banking sector and the financial system as a whole. It requires the elimination of strict limits to banking, the abandonment of the principle of specialization between commercial banking and financial asset bank, the affirmation of private property, the liability of the banks in a stronger market discipline, even with regard to their corporate governance. The Basel rules distorts no less serious than those attributed to the previous structural rules. Excessive competition is no less harmful than a low degree of competition, setting the "level playing field" helps large dimension and practicas "too big to fail", the Òcapital crunchesÓ produce serious effects on the economy, while the regulatory costs absorb important share resources of smaller banks. It is a matter of further research whether the new approach to regulation has also favored an increase in the share of national income absorbed by the financial system without having produced a better distribution of risk and a proportional increase in what James Tobin (1984) has defined efficiency of full insurance.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Kevin C. Murdock & Thomas F. Hellmann & Joseph E. Stiglitz, 2000. "Liberalization, Moral Hazard in Banking, and Prudential Regulation: Are Capital Requirements Enough?," American Economic Review, American Economic Association, vol. 90(1), pages 147-165, March.
When requesting a correction, please mention this item's handle: RePEc:psl:moneta:2002:11. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Carlo D'Ippoliti)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.