Financial regulation in the European Union after the crisis: a Minskian approach
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
London and New York
Routledge, Taylor & Francis Group
2018
|
| Schriftenreihe: | Routledge critical studies in finance and stability
12 |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis Inhaltsverzeichnis |
| Beschreibung: | xii, 173 Seiten Diagramme |
| ISBN: | 9781138668478 |
Internformat
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Datensatz im Suchindex
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Contents
List of figures and tables
List of abbreviations
PART 1
Changes in financial regulation in the
European Union: a critical analysis
1 Minsky on the institutional development of the economy
Introduction 3
The system s endogeneous dynamics versus institutions
and interventions 4
Financial innovation as bricolage 7
Minsky on money manager capitalism, finance
and thwarting systems 10
Conclusions 15
2 Minsky on central banking and the current debate
Introduction IS
Recent proposals of change in financial regulation
inspired by Minsky 19
A proposal to constrain the growth rate of banks’ assets 19
Criticism of that proposal as a unique solution to the
problem of financial instability 20
The central bank as a dealer of last resort or as a guide
to the financial system? 23
Minsky’s theory of central banking: the central bank as a
guide to the financial system 23
The central bank as a dealer of last resort for ever? 25
Which regulatory changes should be pursued in order to enhance
stability and avoid cumulative processes? 28
Conclusions 30
VI
Contents
3 Main changes in regulation after the crisis 34
Introduction 34
The revised capital requirements: just a change in the weights? 34
How the revision in capital requirements works in practice 38
Other macroprudential measures 41
The leverage ratio 42
The definition of leverage ratio and how to calculate it 42
Too much hope in this new tool? 47
Total loss-absorbing capacity in the EU 49
Conclusions 51
4 Liquidity coverage and net stable funding ratios
Introduction 55
The liquidity coverage ratio 55
How to calculate the numerator of the ratio 56
How to calculate the denominator of the ratio 60
Conclusions about the theoretical underpinnings
of the ratio 62
EBA’s studies on the application of the BCBS designed
liquidity coverage ratio to the EU banking system
The net stable funding ratio 67
The treatment of derivatives and repo in the NSFR and
the discussion with industry representatives 69
What type of banking does the NSFR favour? 74
Conclusions 75
5 The new resolution regime for banks and the euro 79
Introduction 79
The vanishing of the distinction between money,
claim and security 80
Repo markets and leverage 82
Repos, securities lending and derivatives in the banking
recovery and resolution directive 84
Possible disruptions to the payments system during bank
resolution procedures 87
The failure to regulate the repo market in the EU 90
Consequences of the recent regulation changes on the
nature of the common currency 93
55
64
Contents vii
PART II
Financial regulation and the European crisis:
some case studies 101
6 Financial fragility in the European crisis: three episodes 103
Introduction 103
Financial innovation in Europe after 2007: new and old derivatives 104
The CDS market and the fall in value of governments bonds
during the European financial crisis 112
Dexia’s financial distress and its second bail-out in 2011 114
Regulatory policy and the transmission of the crisis from
core to peripheral countries ’ banks 117
Conclusions 120
7 Deleveraging in European banking and
financial stability, 2010-13 124
Introduction 124
Deleveraging in European banks 124
Changes in banks * assets and liabilities, 2010—13 127
Changes in banks' assets and liabilities, 2012-13 128
Changes in regulation in 2010—13 131
Long-term refinancing by the ECB as a thwarting mechanism
in the European crisis? 136
Conclusions 139
8 Italy’s banking crisis 143
Introduction 143
The macroeconomics of the crisis 145
The microeconomics of the crisis 147
An historical excursus on Italian banks 147
The 1993 Banking Act and the return to
universal banking 148
The return to universal banking: a Minskian
reading 152
The problem of bad loans in Italy and their management
after the approval of the BRRD 154
Conclusions 158
Index
162
Contents
List of figures and tables
List of abbreviations
PART 1
Changes in financial regulation in the
European Union: a critical analysis
1 Minsky on the institutional development of the economy
Introduction 3
The system s endogeneous dynamics versus institutions
and interventions 4
Financial innovation as bricolage 7
Minsky on money manager capitalism, finance
and thwarting systems 10
Conclusions 15
2 Minsky on central banking and the current debate
Introduction IS
Recent proposals of change in financial regulation
inspired by Minsky 19
A proposal to constrain the growth rate of banks’ assets 19
Criticism of that proposal as a unique solution to the
problem of financial instability 20
The central bank as a dealer of last resort or as a guide
to the financial system? 23
Minsky’s theory of central banking: the central bank as a
guide to the financial system 23
The central bank as a dealer of last resort for ever? 25
Which regulatory changes should be pursued in order to enhance
stability and avoid cumulative processes? 28
Conclusions 30
VI
Contents
3 Main changes in regulation after the crisis 34
Introduction 34
The revised capital requirements: just a change in the weights? 34
How the revision in capital requirements works in practice 38
Other macroprudential measures 41
The leverage ratio 42
The definition of leverage ratio and how to calculate it 42
Too much hope in this new tool? 47
Total loss-absorbing capacity in the EU 49
Conclusions 51
4 Liquidity coverage and net stable funding ratios
Introduction 55
The liquidity coverage ratio 55
How to calculate the numerator of the ratio 56
How to calculate the denominator of the ratio 60
Conclusions about the theoretical underpinnings
of the ratio 62
EBA’s studies on the application of the BCBS designed
liquidity coverage ratio to the EU banking system
The net stable funding ratio 67
The treatment of derivatives and repo in the NSFR and
the discussion with industry representatives 69
What type of banking does the NSFR favour? 74
Conclusions 75
5 The new resolution regime for banks and the euro 79
Introduction 79
The vanishing of the distinction between money,
claim and security 80
Repo markets and leverage 82
Repos, securities lending and derivatives in the banking
recovery and resolution directive 84
Possible disruptions to the payments system during bank
resolution procedures 87
The failure to regulate the repo market in the EU 90
Consequences of the recent regulation changes on the
nature of the common currency 93
55
64
Contents vii
PART II
Financial regulation and the European crisis:
some case studies 101
6 Financial fragility in the European crisis: three episodes 103
Introduction 103
Financial innovation in Europe after 2007: new and old derivatives 104
The CDS market and the fall in value of governments bonds
during the European financial crisis 112
Dexia’s financial distress and its second bail-out in 2011 114
Regulatory policy and the transmission of the crisis from
core to peripheral countries ’ banks 117
Conclusions 120
7 Deleveraging in European banking and
financial stability, 2010-13 124
Introduction 124
Deleveraging in European banks 124
Changes in banks * assets and liabilities, 2010—13 127
Changes in banks' assets and liabilities, 2012-13 128
Changes in regulation in 2010—13 131
Long-term refinancing by the ECB as a thwarting mechanism
in the European crisis? 136
Conclusions 139
8 Italy’s banking crisis 143
Introduction 143
The macroeconomics of the crisis 145
The microeconomics of the crisis 147
An historical excursus on Italian banks 147
The 1993 Banking Act and the return to
universal banking 148
The return to universal banking: a Minskian
reading 152
The problem of bad loans in Italy and their management
after the approval of the BRRD 154
Conclusions 158
Index
162 |
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| illustrated | Not Illustrated |
| indexdate | 2025-01-02T13:08:43Z |
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| isbn | 9781138668478 |
| language | English |
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| spelling | Tropeano, Domenica Verfasser (DE-588)170513939 aut Financial regulation in the European Union after the crisis a Minskian approach Domenica Tropeano London and New York Routledge, Taylor & Francis Group 2018 xii, 173 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier Routledge critical studies in finance and stability 12 Minsky, Hyman P. 1919-1996 (DE-588)119125536 gnd rswk-swf Europäische Union (DE-588)5098525-5 gnd rswk-swf Finanzwirtschaft (DE-588)4017214-4 gnd rswk-swf Methode (DE-588)4038971-6 gnd rswk-swf Minsky, Hyman P. 1919-1996 (DE-588)119125536 p Methode (DE-588)4038971-6 s Europäische Union (DE-588)5098525-5 b Finanzwirtschaft (DE-588)4017214-4 s 1\p DE-604 DE-604 Erscheint auch als Onlineausgabe 978-1-315-61860-9 Routledge critical studies in finance and stability 12 (DE-604)BV040551303 12 Digitalisierung UB Bamberg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029934685&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung UB Bamberg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029934685&sequence=000003&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Tropeano, Domenica Financial regulation in the European Union after the crisis a Minskian approach Routledge critical studies in finance and stability Minsky, Hyman P. 1919-1996 (DE-588)119125536 gnd Europäische Union (DE-588)5098525-5 gnd Finanzwirtschaft (DE-588)4017214-4 gnd Methode (DE-588)4038971-6 gnd |
| subject_GND | (DE-588)119125536 (DE-588)5098525-5 (DE-588)4017214-4 (DE-588)4038971-6 |
| title | Financial regulation in the European Union after the crisis a Minskian approach |
| title_auth | Financial regulation in the European Union after the crisis a Minskian approach |
| title_exact_search | Financial regulation in the European Union after the crisis a Minskian approach |
| title_full | Financial regulation in the European Union after the crisis a Minskian approach Domenica Tropeano |
| title_fullStr | Financial regulation in the European Union after the crisis a Minskian approach Domenica Tropeano |
| title_full_unstemmed | Financial regulation in the European Union after the crisis a Minskian approach Domenica Tropeano |
| title_short | Financial regulation in the European Union after the crisis |
| title_sort | financial regulation in the european union after the crisis a minskian approach |
| title_sub | a Minskian approach |
| topic | Minsky, Hyman P. 1919-1996 (DE-588)119125536 gnd Europäische Union (DE-588)5098525-5 gnd Finanzwirtschaft (DE-588)4017214-4 gnd Methode (DE-588)4038971-6 gnd |
| topic_facet | Minsky, Hyman P. 1919-1996 Europäische Union Finanzwirtschaft Methode |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029934685&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029934685&sequence=000003&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV040551303 |
| work_keys_str_mv | AT tropeanodomenica financialregulationintheeuropeanunionafterthecrisisaminskianapproach |
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