Suchergebnisse

[Introduction] The current banking regulation laid down, for example, in the Capital Requirements Regulation and Directive (CRR/CRD IV) for the European Union, consist of a large number of detailed rules for diverse areas of bank risk such as market risk, liquidity risk, credit risk, and operational risk, just to mention the most important. Even for individual regulatory measures such as the minimum capital requirements, it is difficult to assess the effects on a single bank, but very hard to get an estimate for the complete banking sector. However, from an economic policy perspective it is necessary to know how a regulatory measure will affect economic development and growth. It would be of even higher importance to have such knowledge for the regulatory rulebook as a whole, but this seems to be far beyond the scope of theoretical or applied economic models. The aim of our project was to develop a multi-purpose agent-based model targeted to measure the effects of banking regulation, both for the banking sector and for the whole economy. A first important application is to find out if and how strongly banking regulation impacts monetary policy. In the years after the beginning of the financial market crises (i.e. in the years after 2008) the European Central Bank (ECB) did a good job in preventing a collapse of the banking sector in the Eurozone. Nevertheless, even after many years of very low costs of loans for private households and companies (both in nominal and real terms), growth rates of loans to the private sector and M3 are still below pre-crisis levels. Also inflation is still far below the target level of the ECB. This shows in a glance how difficult it is for the ECB to normalise the transmission mechanism of monetary policy. [.]

The lack of cross-border risk sharing in the banking sector, which constitutes the dominant source of funding for European firms and households, is one of the biggest barriers to better integrated financial markets in Europe. In this policy brief, we emphasize the potential of the securitization market for bank-based financial integration. In order to effectively increase cross-border risk sharing through securitization in the EU, we suggest a two-pronged strategy: First, it entails further improving the existing regulatory framework in order to reduce barriers to a thriving securitization market. And second, explicit incentives for risk sharing and securitization in Europe should enter EU regulation and EU programs. Our suggestions are practical in that they build on adaptations of existing regulation and programs instead of devising new ones. Specifically, we make the case for linking the countercyclical capital buffer to a measure of geographic diversification as a way to strengthen incentives for risk sharing. Furthermore, we argue that pertinent changes to the terms and conditions of subsidies to securitized SME loans within the existing SME Initiative will help create cross-border investment opportunities in a strategically import sector of the European economy.

In dieser Studie wird ein umfassender Rückblick auf bereits existierende Auswirkungsstudien (Impact Studies) aus verschiedensten Quellen gegeben. Die folgenden gesetzgeberischen Maßnahmen werden hierbei berücksichtigt: Besteuerung von Banken und die Einbeziehung der Finanzmarktakteure beim Schultern der durch die Krise entstandenen Kosten; systemische Bedeutung; Reform von Einlagensicherungssystemen (und Anlegerentschädigungssystemen) in der EU; Regulierung der Derivatmärkte; Regulierung von Rating-Agenturen/Abbau der Abhängigkeit von Ratings bei bankaufsichtsrechtlichen Vorschriften und Anlagepolitik; Änderungen in der Rechnungslegung von Finanzinstitutionen/Finanzinstrumenten; die EU-Initiative zur Regulierung von Leerverkäufen; Besprechung der Richtlinie über Märkte für Finanzinstrumente (MiFID). Zusätzlich zu diesem Literaturüberblick wird die Studie außerdem weitere Informationen über den Einfluss einiger der verschiedenen gesetzgeberischer Maßnahmen zusammentragen.