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Vernetzung der Banken und systemische Risiken: Wege zur Lösung des "Too-Interconnected-to-Fail"-Problems

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  • Markus Demary

Abstract

The insolvency of a big and highly interconnected financial institution can lead to losses at other financial institutions and endangers the stability of the financial system. A systemic perspective on bank regulation is therefore essential. This article analyzes how appropriate the problem of systemic relevance is considered in financial regulation. The analysis comes to the conclusion that the systemic risk buffer of Basel III can stabilize the financial system when it is calibrated to the respective systemic relevance of banks. The new resolution procedures take the systemic relevance of banks to a higher extent into account. However, they do not solve the problem of spillovers in case of a bail-in. The proposal of the Liikanen group should therefore be considered: a layer of bail-in-capital outside the banking sector should be implemented. The separation of commercial and investment banking branches does not necessarily reduce systemic risks since the separation increases the refinancing risks of the trading entity. However, the introduction of central counterparties reduces the interconnectivity in derivative trading. Die Insolvenz einer großen und stark vernetzten Bank führt zu Verlusten bei anderen Banken und kann das Finanzsystem destabilisieren. Eine stärkere Systemperspektive der Finanzmarktregulierung ist deshalb essentiell. Dieser Artikel analysiert, wie das Problem der Systemrelevanz im bisherigen Regulierungsrahmen berücksichtigt wird. Die Analyse kommt zu dem Schluss, dass der von Basel III vorgesehene systemische Eigenkapitalpuffer das Finanzsystem stabilisieren kann, wenn sich seine Höhe an der jeweiligen Systemrelevanz der Banken bemisst. Die neuen Abwicklungsregeln tragen der Systemrelevanz von Banken zwar Rechnung, jedoch wird das Problem von Spillovers im Falle einer Gläubigerbeteiligung nur unzureichend gelöst. Es sollte stattdessen der Vorschlag der Liikanen-Kommission aufgegriffen werden, dass ein Teil des Bail-in-fähigen Kapitals außerhalb des Bankensektors gehalten werden sollte. Ein Trennbankensystem reduziert das Systemrisiko hingegen nicht notwendigerweise, da es die Refinanzierung der stark vernetzten Handelsgeschäfte riskanter macht. Die Vernetzung der Banken kann aber durch die Einführung von robusten zentralen Kontrahenten im außerbörslichen Derivatehandel reduziert werden.

Suggested Citation

  • Markus Demary, 2013. "Vernetzung der Banken und systemische Risiken: Wege zur Lösung des "Too-Interconnected-to-Fail"-Problems," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 82(4), pages 57-72.
  • Handle: RePEc:diw:diwvjh:82-4-5
    DOI: 10.3790/vjh.82.4.5
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    References listed on IDEAS

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    1. Jaejoon Woo & Ms. Elva Bova & Mr. Tidiane Kinda & Ms. Yuanyan S Zhang, 2013. "Distributional Consequences of Fiscal Consolidation and the Role of Fiscal Policy: What Do the Data Say?," IMF Working Papers 2013/195, International Monetary Fund.
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    Cited by:

    1. Joachim Weeber, 2014. "Bankenunion: Illusion der Sicherheit?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 67(14), pages 15-22, July.

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    More about this item

    Keywords

    Bank resolution; capital regulation; OTC-derivatives; systemic risk;
    All these keywords.

    JEL classification:

    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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