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The purpose of this report is to provide a detailed, up-to-date and critical analysis of the New Basel Capital Accord framework. It focuses on the limitations and pitfalls that may deserve further investigation, particularly at the European level. Moreover, it provides a provisional assessment of its effects on small- and medium-sized European banks, as well as small- and medium-sized European enterprises. It examines the procyclicality of the new Accord and offers mechanisms to counter it. Finally, it addresses the challenges of implementing the new rules at the EU level.
"Following a period of protracted turbulence, regulators on both sides of the Atlantic face the challenge of re-evaluating prudential standards in the midst of implementing the new so-called 'Basel II' rules, issued by the Basel Committee on Banking Supervision. Indeed, the 2007 subprime lending crisis and other scandals have cast doubt on the credibility of banks' internal governance and risk assessment and management systems and the role of credit rating agencies in externally assessing the risk of complex structured products. Equally, the capacity of regulators to monitor the risky, multifaceted activities of large cross-border institutions has been subjected to immense stress." "In addressing these issues, this CEPS Task Force report supports a regulatory paradigm shift, which resets the incentives to establish an integrated risk-assessment, -management and -governance culture at an institution-wide level. Towards this end, it stresses the need to strengthen the roles of pillars 2 and 3 (supervisory review and market discipline) and to avoid relying solely on the outcome of easily manipulated, excessively sophisticated internal models to determine capital requirements and a supervisory 'box-ticking' approach. The report also examines the potential consequences of the new rules on the basis of early quantitative impact studies and warns of undesirable impacts under adverse market conditions. Finally, it examines the progress achieved in implementing Basel II in Europe and in the US and raises questions about global regulatory consistency and convergence."--BOOK JACKET.
This study examines the economic and policy context for environmental investments in the candidates countries from Central and East Europe. This context is created by macroeconomic constraints, the unfinished process of transition and the requirements of membership. The task of this new CEPS paperback book is to identify these constraints and point to policy options for decision-makers on both sides of the enlargement process.
Political and social forces exert pressure on our globalized economy in many forms, from formal and informal policies to financial theories and technical models. Our efforts to shape and direct these forces to preserve financial stability reveal much about the ways we perceive the financial economy. The Handbook of Safeguarding Global Financial Stability examines our political economy, particularly the ways in which these forces inhabit our institutions, strategies, and tactics. As economies expand and contract, these forces also determine the ways we supervise and regulate. This high-level examination of the global political economy includes articles about specific countries, crises, and international systems as well as broad articles about major concepts and trends.. Substantial articles by top scholars sets this volume apart from other information sources Diverse international perspectives result in new opportunities for analysis and research Rapidly developing subjects will interest readers well into the future
Managing Credit Risk, Second Edition opens with a detailed discussion of today’s global credit markets—touching on everything from the emergence of hedge funds as major players to the growing influence of rating agencies. After gaining a firm understanding of these issues, you’ll be introduced to some of the most effective credit risk management tools, techniques, and vehicles currently available. If you need to keep up with the constant changes in the world of credit risk management, this book will show you how.
"This special report by the CEPS Macroeconomic Policy Group (MPG) is concerned with the implementation of the prohibition of excessive deficits contained in the Treaty of Maastricht via the Stability and Growth Pact. Specifically, it deals with the controversy that was provoked by the failure of the ECOFIN Council of 25 November 2003, to endorse recommendations of the European Commission to put France and Germany on notice that they had violated the Treatys prohibition of excessive deficits"--CEPS website.
The effect of bank capital on lending is a critical determinant of the linkage between financial conditions and real activity, and has received especial attention in the recent financial crisis. The authors use panel-regression techniques to study the lending of large bank holding companies (BHCs) and find small effects of capital on lending. They then consider the effect of capital ratios on lending using a variant of Lown and Morgan's VAR model, and again find modest effects of bank capital ratio changes on lending. The authors¿ estimated models are then used to understand recent developments in bank lending and, in particular, to consider the role of TARP-related capital injections in affecting these developments. Illus. A print on demand pub.