Developments of bank regulation and its institutional framework in the wake of the Global Financial Crisis (GFC) on global, European and/or East-Central-European level
témavezető: Mérő Katalin
helyszín (magyar oldal): University of Szeged helyszín rövidítés: SZTE
A kutatási téma leírása:
The global financial crisis was accompanied by several regulatory failures. The most important ones are as follows: lack of macroprudential approach to regulation and the missing macroprudential regulatory toolkit; shortcomings of liquidity regulation; high leverage and low level of banking capital; shortcomings of banking risk models; inadequacy of credit ratings used for regulatory purposes; gaining ground of securitization and shadow banking without appropriate regulation; bad incentive structures, etc. The aim of reshaping the bank regulation after GFC, in the form of Basel III and Basel IV, and of the related institutional changes (i.e. the establishment of Financial Stability Board, the European Systemic Risk Board and the national macroprudential and designated authorities) was to eliminate these deficiencies. The post-crisis researches on banking regulation, among others, focus on the following issues: What are the advantages and disadvantages of post-crisis regulatory framework? Is the new regulatory framework able to promote financial stability? What are the operational consequences, built-in incentive structures and unintended consequences of the new regulatory and institutional framework?
Own publications related to the topic:
• Mérő Katalin and Piroska Dóra (2018): Rethinking the allocation of macroprudential mandates within the Banking Union: a perspective from east of the BU, JOURNAL OF ECONOMIC POLICY REFORM 21:3 pp. 240-256
• Mérő Katalin (2017) The emergence of macroprudential banking regulation: a review, Acta Oeconomica, 67: 3 pp. 289-309
• Mérő Katalin and Piroska Dóra (2015) Macroprudential Paradigm Shift in Hungarian Bank Regulation, STUDIES IN INTERNATIONAL ECONOMICS: SPECIAL ISSUE OF KŰLGAZDASÁG 1:(1) pp. 3-33.
Literature:
• Admati, A., Hellwig M. (2014) The Bankers’ New Clothes: What’s Wrong with Banking and What to Do about is - Updated Edition, Princeton University Press
• Moloney, N., Ferran,E., Payne,J. (eds) (2015) The Oxford Handbook of Financial Regulation, Oxford University Press
• Schoenmaker, D. (2014) Macroprudentialism, A VoxEU.org eBook, available: https://voxeu.org/sites/default/files/file/macroprudentialism_VoxEU_0.pdf
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