SETTING MINIMUM CAPITALFOR INTERNATIONALLY …设置最小capitalfor国际….pptVIP

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SETTING MINIMUM CAPITALFOR INTERNATIONALLY …设置最小capitalfor国际….ppt

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SETTING MINIMUM CAPITALFOR INTERNATIONALLY …设置最小capitalfor国际…

6th June 2003 Market Discipline -Effect on Bank Risk Taking Glenn Hoggarth Patricia Jackson Erlend Nier Market discipline Policy initiatives (eg Basel II) recognize importance for financial stability Pillar III of Basel II attempts to strengthen market discipline by requiring disclosure Greater disclosure is being resisted by banks -argue costs outweigh benefits Hardly any evidence on effectiveness of disclosure and market discipline Policy: Basel Committee Basel I - Created common metric for measuring capital relative to risk - Risk asset ratio - but some banks only publish Tier1 plus Tier 2 Basel II- Pillar III -minimum standards pf disclosure -covering composition of capital and risks Evidence that market discipline may affect bank behavior Important to consider whether there would be benefits to financial stability from greater market discipline Or are banks right -and benefits not enough to outweigh costs First need to consider conditions for effective market discipline Concepts: Effective market discipline Market must have information to assess riskiness of banks importance of disclosure Market participants must be at risk of loss importance of limited safety net A number of markets likely to discipline banks- main ones Equity market - cost and availability of new capital - takeover target Assemble evidence related three questions (1) Does market discipline affect the size of bank capital buffers (resilience to shocks) (2) Does market discipline affect the likelihood of crises (3) Does market discipline affect costs of crisis resolution (1) Effect on banks’ capital (resilience to shocks) Bank of England research, “Market Discipline, Disclosure and Moral Hazard in Banking”, (Nier and Baumann) tested the effect of disclosure and the safety net on individual banks’ capital buffers cross country panel dataset 729 individual banks from 32 countries typically observations from 1993 to 2000 Identified measures of the strength of market discipline (1