In search of the golden bank fleece: does the US deregulation wave break the european financial regulation dam?

• Moreiro González, Carlos J. ^[1]
  1. [1] Carlos III University
• Localización: Cuadernos de derecho transnacional, ISSN-e 1989-4570, Vol. 12, Nº. 2, 2020, págs. 10-29
• Idioma: inglés
• DOI: 10.20318/cdt.2020.5600
• Títulos paralelos:
  • En busca del vellocino de oro bancario: ¿romperá la ola desreguladora de los EE. UU. El muro de la regulación financiera europea?
• Enlaces
  • Texto completo
• Dialnet Métricas: 1 Cita
• Resumen
  • español

    Actualmente están configurándose regímenes jurídicos divergentes en los dos mercados bancarios más importantes del mundo: el proceso desregulador impulsado por la actual administración de EEU y las políticas reguladoras de la UE. Este estudio analiza la implementación de las reglas internacionales relativas a la liquidez y la solvencia de las entidades de crédito de ambos marcos normativos regionales controvertidos. Se realiza también una referencia al papel que desempeñan las organizaciones internacionales especializadas preservando la estabilidad del sistema financiero. Finalmente se confrontan ambos regímenes normativos regionales a la luz de la estabilidad del sector bancario.

  • English

    Two different legal regimes are being modelled up within the two main banking markets in the world: the deregulatory trends driven by the US administration and those regulatory policies enacted by the EU. Measures taken up to foster both liquidity and solvency, at an international level, the two cornerstones for the functioning and stability of the credit institutions are being analyzed throughout this geographical and unpeaceful two-folded legal framework. The study finalize with the confrontation between the two regional systems focusing the stability of the financial sector.

• Referencias bibliográficas
  • N. A. Lash, Banking Laws and Regulations, N.J. Prentice-Hall, 1987, at. 12.
  • Ch. P. Kindleberger and R. Aliber: Manias, Panics and Crashes. A History of Financial Crises, Palgrave McMillan, 6th edn, 2011.
  • R. A. Schotland, “An overview: New Myths and Old Realities” in The Regulation of Banking and Securities Industries, Lexington Books, 1979,...
  • T.H.F. Cargill/ C. G. García, Financial Deregulation and Monetary Control, Stanford UP, 1982, at 9;
  • M. Friedman and A.J. Schwartz, A Monetary History of the United States: 1867-1960, Princeton UP, 1967, at 311-12.
  • R. G. Raja and R. Ramcharan “Land and Credit: A Study of The Political Economy of Banking in the United States in the Early 20th Century”,...
  • N. Cetorelli/ L. S. Goldberd, “Banking Globalization, Monetary Transmission, and the Lending Channel”, NBER Working Paper No W 14101, 14 July...
  • F. Lupo Pasini, Theologic of Financial Nationalism, Cambridge UP, 2018, at. 7-9.
  • P. J. Wallison, “Why Do We Regulate Banks?, [Winter 2005-2006] American Enterprise Institute 14, at 16.
  • K. W. Dam, “The Subprime Crisis and Financial Regulation: International and Comparative Perspectives”, 10 Chi. J. Int’l L. 581, 2009-2010,...
  • "Regulatory Cycles: Revisiting the Political Economy of Financial Crises”, IMF Working Paper No WP/18/8, January 2018, at 4.
  • M.H. Eken/ S. Kale/ H. Selimler, “The Evolution of Regulations in Banking: A Cycle Based Approach (2013) 2 Journal of Finance and Risk Perspectives,...
  • K. Spong: Banking Regulation. Its Purposes, Implementation and Effects, Federal Reserve Bank of Kansas City, 5th edit, 2000, at. 5.
  • Ch. W. Calomiris and S. H. Haber: Fragile by Design. The Political Origins of Banking Crises & Scarce Credit, Princeton University Press,...
  • R. A. Werner, “A lost century in economics. Three theories of banking and the conclusive evidence” (2016) 46 International review of Financial...
  • H. Powley and K. Staton, “The Post-Crisis Approach and New Challenges to Banking Regulation”, (2017) 1, Institute of Law Journal, at 79-80.
  • C. Borio, C. Furfine and Ph. Lowe: “Procyclicality of the financial system and financial stability: issues and policy options”, BIS Papers...
  • Basel III: A global regulatory framework for more resilient banks and banking systems-revised version June 2011, BIS, 1 June 2011.
  • R. Posner. The Crisis of Capitalist Democracy, HarvardUP, 2010.
  • ¨Ö. Orhangazi: “Financial Deregulation and the 2007-08 US Financial Crisis”, FESSUD Working Paper Series No 49, 2014, at 6-10.
  • A. Abiad and A. Mody: “Financial Reform: What Shakes It? What Shapes It?”, 95 (1) American Economic Review, 2005, at 67;
  • H. M. Treasury, “Fixing the foundations: creating a more prosperous nation”, Cm 9098, July 2015, at 12;
  • A. Mullineux, “Banking for the Public Good”, 36 International Review of Financial Analysis, 2013, at 89;
  • W. Chen, M. MrKaic and M. Nabar, “The Global Economic Recovery 10 Years After the 2008 Financial Meltdown”, World Economic Outlook. Challenges...
  • R. Glick, X. Guo and M. Hutchison, “Currency Crises, Capital. Account Liberalization, and Selection Bias”, 88 (4) The Review of Economics...
  • IMF: Global Financial Stability Report, April 2020, Chapter 1, “The Sharp Tightening of Global Financial Conditions Significantly Increased...
  • IMF World Economic Outlook. Challenges to Steady Growth (n 19) at 22.
  • IMF, World Economic Outlook, April 2019. Growth, Slowdown, Precarious Recovery, Chapter 1: Global Prospects and Policies, at 19-20.
  • S. Çelik, G. Demirtas and M. Isaksson (2020), “Corporate Bond Market Trends, Emerging Risks and Monetary Policy”, OECD Capital Market Series,...
  • IMF, Fiscal Monitor, April 2020, Chapter 2, at 2-8;
  • BIS Annual Economic Report, June 2019, “Editorial”, underlying Contagion Risk in International Banking through price adjustments of CLOs,...
  • IMF: The October 2019 Global Financial Stability Report at a Glance, at 25-34 25
  • Q. Chen, A. Filardo and F. Zhu, “Financial crisis, US unconventional monetary policy and international spillovers”, 2016, 67, Journal of International...
  • C. Borio and F. Zhu, “Capital regulation, risk-taking and monetary policy: A missing link in the transmission mechanism?”, 2012, 8 (4) Journal...
  • ECB Annual Report 2018, April 2019 at 41-43.
  • D. Nouy, “From a wish list to a to-do list: how supervisors can help banks prepare for crisis”, Brussels, 23 November 2018, ECB www.bankingsupervision.europa.eu.
  • ESRB, Reports of the Advisory Scientific Committtee, No 10. February 2020, The Global dimensions of macroprudential policy, at 4.
  • A. D’Avernas, Q. Vandermeyer and M. Darracq Pariés: Unconventional monetary policy and funding liquidity risk, ECB/WPS, No 2350/January 2020,...
  • Leverage- A Broader View, IMF Working Paper, WP/18/62, March 2018, at 4, 6.
  • T. Goel “The rise of leveraged loans: a risky resurgence?”, BIS Quaterly Review, September 2018, at 10-11.
  • S. Aramonte and F. Avalos: “Structured Finance then and now: a comparison of CDOs and CLOs”, BIS QR, International banking and financial markets...
  • BIS QR, Easing trade tensions lift sentiment, December 2019, at 8-11.
  • P. Schaffner, A. Ranaldo and K. Tsatsaronis: “Euro repo market functioning: collateral is King”, BIS QR December 2019, at 7-9.
  • S. Lautenschläger, “Ten years after the crisis-risks, rules and supervision”, Speech at the 13th ASBA-BCBS-FSI High Level Meeting on Global...
  • BIS, Finalising Basel III. 2010, 2017 reforms, December 2017, at 3-5.
  • The White House, “Presidential Executive Order on Core Principles for Regulating the United States Financial System”, 3rd February 2017, https://www.whitehouse.gov/the-press-office/2017/02/03/presidential-executive-order-core-principles-regulating-united-states.
  • E.”Ed” Towns: “On the Dodd-Franck Act”, 1(1) Harvard Business Law Review, 2011, at xi-xii.
  • J.C. Coffee, Jr.: “The Political Economy of Dodd-Frank: why Financial Reform tends to be frustrated and Systemic Risk Perpetuated”, 97 Cornell...
  • J.R. Macey and J. P.Holdcroft: “Failure Is an Option: An Ersatz-Antitrust Approach to Financial Regulation”, Faculty Scholarship Series, 2011;...
  • N. Baily, A. Klein and J. Schardin: “The Impact of the Dodd Frank Act on Financial Stability and Economic Growth”, 3 (1) The Russell Sage...
  • A. J. Wallison, “Why Large Portions of the Dodd-Frank Act should be Repealed or Replaced”, in The Case Against Dodd-Frank: How the “Consumer...
  • B. B. Miller and H. R. Sutherland: “Déjà Vu: Model Risks in the Financial Choice Act”, Harvard Law Shool Forum on Corporate Governance and...
  • US Government Accountability Office, GAO 20-40, a report to congressional requesters assessing Bank’s Compliance Controls for Money Transmitter...
  • Board of Governors of the Federal Reserve System: “Statement on Proposals to modify Enhanced Prudential standards for Foreign Banks and to...
  • Fed, FDIC and OCC, “Proposed changes to applicability thresholds for regulatory capital and liquidity requirements”, October 31, 2018, at...
  • Fed, FDIC and OCC, Changes to Applicability Thresholds for Regulatory Capital and Liquidity Requirements 84 FR 59230, October 10, 2019,
  • Fed: Prudential Standards for the Large Bank Holding Companies Saving and Loan Holding Companies, and Foreign Banks Organizations, 84 FR 59302.
  • FDIC: “Bank Failures in Brief”, January 23, 2019.
  • Federal Reserve Bank of New York: Quaterly Report on Household debt and credit, 2019: Q3, November 2019, at 30.
  • T. Spangler: One Step Ahead-Private Equity and Hedge Funds After the Global Financial Crisis, Oneworld P., 2016, at 10, ss. 85
  • S. Bair, former chair of the FDIC, “The US must hold firm on bank capital rules”, Financial Times, October 2, 2018.
  • P. Aghion, A. Bergeaud, G. Cette, R. Lecat and H. Maghin: “Financial constraints and productivity growth: An inverted-U relationship”, 26...
  • European Banking Authority (EBA): “EBA advises the European Commission on the implementation of the final Basel III framework”, 5 August 2019,
  • European Banking Authority (EBA): “Call for advice on Basel III implementation: Key findings from the impact assessment and policy recommendations”,...
  • EBA: “Policy Advice on the Basel III Reforms: Output Floor”, EBA-OP-2019-09c, 2 August 2019.
  • N. Jahn and M. Pirovano: “Understanding the specific features of the CC y B and the SCC y B-evidence from the 3D DSGE model”, ECB Macroprudential...
  • IMF: Global Financial Stability Report. Vulnerabilities in a Maturing Credit Cycle, April 2019, at 7-8 and 21-29.
  • F. Mazzaferro and F. Dierick: “The ESRB and macroprudential policy in the EU”, Focus on European Economic Integration Q3/18, Osterreische...
  • K. Budnik: “A bird’s-eye view of the resilience of the European banking system: results from the new macroprudential stress test framework”,...
  • European Court of Auditors: EU-wide stress test for banks: unparalleled amount of information on banks provided but greater coordination and...
  • McKinsey & Company: Global banking annual review 2019: The last pit stop?. Time for bold late-cycle moves, October 2019, Report.
  • M. Delgado, Deputy Gov. of the Bank of Spain delivered at the Club Diálogos para la Democracia, Madrid, 14 January 2020.
  • G. Covi, M. Montagna and G. Torri: “Economic Shocks and Contagion in the euro area banking sector: a new microstructural approach”, ECB, Financial...
  • F. Rojas, F. Troiano and R. da Mota Guedes: “The potential impacts of changes to the ECB’s deposit facility”, Funcas SEFU, 8, 4 July 2019,...
  • J. Bubeck, A. Maddaloni, J. L. Peydró: “Negative monetary policy rates and systemic banks’ risk-taking: evidence from the euro area securities...
  • Bankenverband: “Strategy review of the European Central Bank”, 13 January 2020.
  • C. Altavilla, L. Burlon, M. Giannetti and S. Holton: “Is there a zero lower bound? The effects of negative policy rates on banks and firms”,...
  • F. Ducrozet and N. Gharbi: “The new limits of ECB policy”, Pictet-Perspectives, 28 October 2019.
  • M. K. Brunnermeier and Y. Koby: The Reversal Interest Rate¸National Bureau of Economic Research, WPS, 2018, last version 30 January 2019,...
  • M. García-Posada Gómez: El impacto de las TLTRO en las políticas de crédito bancario: el papel de la competencia, BdE, Boletín Económico,...
  • A. D’Avernas, Q. Vanderweyer and M. Darracq Pariés: “The Growth of non-bank finance and new monetary policy tools”, ECB Research Bulletin,...
  • IMF: Global Financial Stability Report, April 2020, Chapter 1, “Banks Could Act as an Amplifier should the crisis Deepen Further”, at 19-22...
  • B.I.S: Governors and Heads of supervision announce deferrall of Basel III implementation to increase operational capacity of banks and supervisors...
  • OECD: Corporate Bond Market Trends, Emerging Risks, and Monetary Policy, 18 February, at 5-7 and 35-47.
  • P. Molyneux, A. Reghezza, R. Xie: “Bank margins and profits in a world of negative rates”, 107 Journal of Banking and Finance, 2019, at 16;
  • J. A. Lopez, A. K. Rose and M. M. Spiegel: Why have negative nominal interest rates had such a small effect on bank performance?, WP 25004,...