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Creating a Safer Financial System: Will the Volcker, Vickers, and Liikanen Structural Measures Help?
Author:
José Vinãls
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Ceyla Pazarbasioglu null

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Jay Surti null

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Mr. Aditya Narain
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https://orcid.org/0000-0003-1103-7119
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Ms. Michaela Erbenova
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Mr. Julian T Chow
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Series:
Staff Discussion Notes
Volume/Issue:
Volume 2013: Issue 004
Language:
English
Publication Date:
14 May 2013
DOI:
https://doi.org/10.5089/9781484340943.006
ISBN:
9781484340943
ISSN:
2617-6750
Pages:
27
Keywords:
SDN; resolvability assessment; loss experience; EU bank; financial system; market risk; Bank business models; capital; least cost resolution; risk reduction; structural measures; bank resolution; groupwide bank risk management; Structural reforms; Bank resolution; Systemic risk; Global
Legal-disclaimer:
Staff Discussion Notes (SDNs) showcase policy-related analysis and research being developed by IMF staff members and are published to elicit comments and to encourage debate.The views expressed in this Policy Discussion Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy.
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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.
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Cover Staff Discussion Notes
Staff Discussion Notes
ISSN:
2617-6750
Publisher:
International Monetary Fund