Лучше, чем Базель

РИМ. Базельские соглашения ‑ предназначеные для защиты вкладчиков и общества в целом от плохой работы банков – усугубили экономический спад, вызванный финансовым кризисом 2008 года. На протяжении всего кризиса, по мере испарения делового доверия, банки были вынуждены продавать активы и сокращать кредитование для выполнения требований к капиталу, предусмотренных этими соглашениями. Это сжатие кредитования привело к резкому падению ВВП и занятости, в то время как резкие распродажи активов обеспечили дальнейшее снижение.

Наше с Якопо Кармасси недавнее исследование (Time to Set Banking Regulation RightВремя установить правильное банковское регулирование), показывает, что позволив чрезмерный левередж и риски крупным международным банкам ‑ в некоторых случаях позволив банкам аккумулировать общие обязательства до 40 или даже 50 раз больше их собственного капитала – базельские банковские правила не только активировали, но и, по иронии судьбы, обострили кризис.

После кризиса мировые лидеры и руководители центральных банков провели капитальный ремонт банковского законодательства, в первую очередь исправив базельские пруденциальные правила. К сожалению, новое соглашение Базель III и последующие введение в действие Директивы ЕС к требованию капитала не смогли устранить два основных недостатка международных пруденциальных правил, а именно ‑ их зависимость от банковских моделей управления рисками для расчета требований к капиталу, а также отсутствие надзорной отчетности.

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