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Creating a Safer Financial System: Will the Volcker, Vickers, and Liikanen Structural Measures Help?

Author

Listed:
  • José Vinãls
  • Ceyla Pazarbasioglu
  • Jay Surti
  • Mr. Aditya Narain
  • Ms. Michaela Erbenova
  • Mr. Julian T Chow

Abstract

The U.S., the U.K., and more recently, the E.U., have proposed policy measures directly targeting complexity and business structures of banks. Unlike other, price-based reforms (e.g., Basel 3 and G-SIFI surcharges), these proposals have been developed unilaterally with material differences in scope, design and implementation schedules. This may exacerbate cross-border regulatory arbitrage and put a further burden on consolidated supervision and cross-border resolution. This paper provides an analysis of the potential implications of implementing different structural policy measures. It proposes a pragmatic and coordinated approach to development of these policies to reduce risk of regulatory arbitrage and minimize unintended consequences. In doing so, it also aims to identify a set of common policy measures that countries could adopt to re-scope bank business models and corporate structures.

Suggested Citation

  • José Vinãls & Ceyla Pazarbasioglu & Jay Surti & Mr. Aditya Narain & Ms. Michaela Erbenova & Mr. Julian T Chow, 2013. "Creating a Safer Financial System: Will the Volcker, Vickers, and Liikanen Structural Measures Help?," IMF Staff Discussion Notes 2013/004, International Monetary Fund.
    • Handle: RePEc:imf:imfsdn:2013/004
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    Citations

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    Cited by:

    1. Lumsdaine, R.L. & Rockmore, D.N. & Foti, N.J. & Leibon, G. & Farmer, J.D., 2021. "The intrafirm complexity of systemically important financial institutions," Journal of Financial Stability, Elsevier, vol. 52(C).
    2. Zsuzsánna Biedermann & Ágnes Orosz, 2015. "Diverging financial regulations after the crisis? A comparison of the EU’s and the United States’ responses," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 14(1), pages 31-55.
    3. Qi Zhang & Francesco Vallascas & Kevin Keasey & Charlie X. Cai, 2015. "Are Market‐Based Measures of Global Systemic Importance of Financial Institutions Useful to Regulators and Supervisors?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(7), pages 1403-1442, October.
    4. Beat Weber, 2013. "Ordoliberale Geldreform als Antwort auf die Krise?: Bitcoin und Vollgeld im Vergleich," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 82(4), pages 73-88.
    5. Shamshur, Anastasiya & Weill, Laurent, 2019. "Does bank efficiency influence the cost of credit?," Journal of Banking & Finance, Elsevier, vol. 105(C), pages 62-73.
    6. Bennani, T. & Després, M. & Dujardin, M. & Duprey, T. & Kelber, A., 2014. "Macroprudential framework:key questions applied to the French case," Occasional papers 9, Banque de France.
    7. repec:cbh:journl:v:14:y:2015:i:1:p:31-55 is not listed on IDEAS
    8. Sakarya, Burchan, 2013. "A look at the Structural Bank Regulation initiatives and a discussion over Turkish banking sector," MPRA Paper 69195, University Library of Munich, Germany.

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