世界银行-2019-2020年全球金融发展报告：全球金融危机后的十年银行监管（英文）156页_4mb

Bank Regulation and Supervision a Decade after the Global Financial Crisis

Core Content

The Global Financial Development Report 2019/2020 examines the evolution of bank regulation and supervision over the past decade, focusing on the lessons learned from the 2007-09 Global Financial Crisis and the subsequent regulatory reforms. The report highlights the importance of effective regulation and supervision in ensuring financial stability and inclusive growth, especially in developing countries.

Main Views

• Root Causes of the Crisis: The crisis was primarily due to excessive risk-taking by financial institutions, increased leverage, reliance on wholesale funding, lower lending standards, and inaccurate credit ratings.

• Regulatory Reforms: The crisis prompted a global shift towards stricter regulation and supervision. Key initiatives include:

  • The Basel III framework, which introduced new capital and liquidity requirements.
  • Macroprudential policies to address systemic risks.
  • Bank resolution frameworks, such as the Single Resolution Mechanism (SRM), to manage failing banks without resorting to public bailouts.
  • Consumer protection measures and enhanced transparency in bank operations.

• Market Discipline: The report emphasizes the role of market discipline in reducing systemic risk. It argues that strong governance and transparent risk disclosure are crucial for aligning private and public incentives and preventing excessive risk-taking.

• Bank Capital Regulation: Capital requirements are essential for bank stability. The report discusses different types of capital, including Common Equity Tier 1 (CET1), Additional Tier 1 (AT1), and Tier 1 capital. It also highlights the importance of capital buffers and the leverage ratio in ensuring financial resilience.

• Developing Countries: Despite the global focus on reform, developing countries have often been neglected in the regulatory agenda. The report aims to fill this gap by analyzing the regulatory changes and their impact on local banking systems using new data from the World Bank's Bank Regulation and Supervision Survey (BRSS).

Key Information

• Data Sources: The report draws on 10 years of data and new insights from the BRSS, which includes 160 jurisdictions, 66 high-income countries, and 93 developing countries.

• Regulatory Frameworks: The Basel Accords (I, II, III) have played a central role in shaping global regulatory standards. These standards are not legally binding but need to be incorporated into local legal frameworks.

• Systemic Risk: The report underscores the importance of identifying and managing systemic risk, particularly in systemically important banks (SIBs) and systemically important financial institutions (SIFIs). It also discusses the impact of regulatory changes on systemic stability.

• Governance and Stability: Better bank governance is associated with higher systemic risk for large banks. This highlights the complex interplay between governance reforms and financial stability.

• Challenges: The report identifies incentive distortions that arise from government guarantees and resolution mechanisms, which can lead to excessive risk-taking by banks. It stresses the need to align private incentives with public interest to minimize these distortions.

Structure of the Report

Overview

• Summarizes the causes of the financial crisis and the regulatory responses.
• Emphasizes the importance of regulation and supervision in financial stability and growth.

Chapters

1. Banking Regulation and Supervision: Conceptual Framework and Stylized Facts

   • Discusses the root causes of the crisis and policy lessons for developing countries.
   • Highlights historical perspectives on international coordination and regulatory harmonization.
   • Examines regulation of fintech and cybersecurity and bank resolution cases like the Ukrainian Banking Crisis.

2. Market Discipline

   • Analyzes the elements of market discipline.
   • Reviews the impact of deposit insurance and government interventions on bank stability.
   • Discusses the role of transparency and information disclosure in market discipline.

3. Bank Capital Regulation

   • Explores types of regulatory capital and their roles in financial stability.
   • Reviews the capital requirements under Basel II and III.
   • Examines the effectiveness of recapitalization and capital buffers in financial crises.

Appendices

• Statistical Appendixes: Includes data on financial system characteristics and selected indicators of market discipline, capital regulation, and supervision.

Boxes

• Box O.1: Provides an overview of the World Bank's 2019 BRSS.
• Box O.2: Summarizes the main messages of the report.
• Box O.3: Highlights views from practitioners on postcrisis regulations.
• Box O.4: Explains how to navigate the report.

Figures

• Includes charts and graphs illustrating trends in capital requirements, deposit insurance coverage, and regulatory capital-to-asset ratios.

Tables

• Lists key characteristics of Basel I and II, regulatory capital instruments, and financial system indicators.

Conclusion

The report concludes that bank regulation and supervision are essential for financial stability and inclusive growth. It calls for continued reform and improved coordination to address systemic risks and align private incentives with public interest. The World Bank aims to support developing countries in their regulatory journey by providing data and policy insights.

Acknowledgments

• The report is a collaborative effort involving World Bank staff and external experts.
• Key contributors include Franklin Allen, James R. Barth, Thorsten Beck, Allen Berger, Charles Calomiris, Gerard Caprio, Stijn Claessens, Patrick Honohan, Harry Huizinga, Edward Kane, and Ross Levine.

Abbreviations and Glossary

• AQR: Asset Quality Review
• AT1: Additional Tier 1 Capital
• BCBS: Basel Committee on Banking Supervision
• BIS: Bank for International Settlements
• BRSS: Bank Regulation and Supervision Survey
• CET1: Common Equity Tier 1 Capital
• CoCo: Contingent Convertible Bonds
• D-SIB: Domestic Systemically Important Bank
• G-SIB: Global Systemically Important Bank
• IRB: Internal Ratings-Based Approach
• LAC: Latin America and the Caribbean
• LEI: Legal Entity Identifier
• MES: Marginal Expected Shortfall
• MPOE: Multiple Points of Entry
• NPL: Nonperforming Loan
• NSFR: Net Stable Funding Ratio
• OECD: Organisation for Economic Co-operation and Development
• ROA: Return on Assets
• ROE: Return on Equity
• RWA: Risk-Weighted Assets
• SIB: Systemically Important Bank
• SIFI: Systemically Important Financial Institution
• SPOE: Single Point of Entry
• SRM: Single Resolution Mechanism
• SSA: Sub-Saharan Africa
• TARP: Troubled Asset Relief Program
• TBTF: Too Big to Fail
• TLAC: Total Loss-Absorbing Capacity
• WMP: Wealth Management Product

Summary

The Global Financial Development Report 2019/2020 provides a comprehensive analysis of bank regulation and supervision over the past decade. It highlights the impact of the 2007-09 crisis and the regulatory responses aimed at preventing future financial instability. The report emphasizes the importance of market discipline, capital regulation, and supervision in ensuring financial stability and inclusive growth, especially in developing countries. Using new data from the World Bank's BRSS, the report aims to fill knowledge gaps and provide insights for policy discussions. It underscores the need for alignment between private and public incentives and the importance of regulatory harmonization.