银行的资本之战

巴黎——如今,几乎所有人都同意银行需要更多的资本。克里斯汀·拉加德选择将这一点作为IMF总裁新官上任的第一把火。传统金融危机分析将也注意力放在众多银行孱弱的资本金上,资本金过少让它们在2007—2008年资产价格暴跌时缺乏足够的储备来吸收所发生的损失。

纳税人,特别是美国和英国的纳税人,被迫站出来填补这一漏洞。如今,同样的灾难在欧元区上演了。唯一的希望是银行家最终被萨科齐大帝和默克尔天后救活,同时巴塞尔银行监督委员会站出来确保下不为例。

巴塞尔委员会打算大举强化全球银行体系的资本数量和质量。这将意味着所有银行都必须持有比现在多得多的核心权益,并按当地监管当局要求持有各种附加储备——包括留存资本缓冲、反周期缓冲以及具有系统重要性的机构的额外缓冲。不幸的是,这些新规则的最终实施日期已经排到了2019年,而且即使到那时,仍会有一部分银行逃脱束缚。

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