Creating a Safer Financial System: Will the Volcker, Vickers, and Liikanen Structural Measures Help?

Business & Finance, Economics, Money & Monetary Policy, Macroeconomics
Cover of the book Creating a Safer Financial System: Will the Volcker, Vickers, and Liikanen Structural Measures Help? by José Vinãls, Ceyla Pazarbasioglu, Jay Surti, Aditya Narain, Michaela Mrs. Erbenova, Julian Mr. Chow, INTERNATIONAL MONETARY FUND
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Author: José Vinãls, Ceyla Pazarbasioglu, Jay Surti, Aditya Narain, Michaela Mrs. Erbenova, Julian Mr. Chow ISBN: 9781484319765
Publisher: INTERNATIONAL MONETARY FUND Publication: May 14, 2013
Imprint: INTERNATIONAL MONETARY FUND Language: English
Author: José Vinãls, Ceyla Pazarbasioglu, Jay Surti, Aditya Narain, Michaela Mrs. Erbenova, Julian Mr. Chow
ISBN: 9781484319765
Publisher: INTERNATIONAL MONETARY FUND
Publication: May 14, 2013
Imprint: INTERNATIONAL MONETARY FUND
Language: English

The U.S., the U.K., and more recently, the E.U., have proposed policy measures directly targeting complexity and business structures of banks. Unlike other, price-based reforms (e.g., Basel 3 and G-SIFI surcharges), these proposals have been developed unilaterally with material differences in scope, design and implementation schedules. This may exacerbate cross-border regulatory arbitrage and put a further burden on consolidated supervision and cross-border resolution. This paper provides an analysis of the potential implications of implementing different structural policy measures. It proposes a pragmatic and coordinated approach to development of these policies to reduce risk of regulatory arbitrage and minimize unintended consequences. In doing so, it also aims to identify a set of common policy measures that countries could adopt to re-scope bank business models and corporate structures.

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The U.S., the U.K., and more recently, the E.U., have proposed policy measures directly targeting complexity and business structures of banks. Unlike other, price-based reforms (e.g., Basel 3 and G-SIFI surcharges), these proposals have been developed unilaterally with material differences in scope, design and implementation schedules. This may exacerbate cross-border regulatory arbitrage and put a further burden on consolidated supervision and cross-border resolution. This paper provides an analysis of the potential implications of implementing different structural policy measures. It proposes a pragmatic and coordinated approach to development of these policies to reduce risk of regulatory arbitrage and minimize unintended consequences. In doing so, it also aims to identify a set of common policy measures that countries could adopt to re-scope bank business models and corporate structures.

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