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1、InternationalJournalofEconomicSciencesandAppliedResearch2(1):16-35TheimpactofBaselIcapitalrequirementsonbankbehaviorandtheefficacyofmonetarypolicyJuliuszJableckiBureauofMonetaryPolicyNationalBankofPolandE-mail:juliusz.jablecki@nbp.plAbstractThepaperattemptstoinvestigatetheinfluenceofthe1
2、988BaselAccordonbankbehaviorandmonetarypolicy.ItisarguedthattheAccordwassuccessfulinthatitforcedcommercialbanksinallofG-10countriestomaintainhighercapitalratios.Tentativeresearchsuggests,however,that–atleastamongAmericanbanks–theAccordalsoencouragedthewidespreadresorttoregulatorycapitala
3、rbitragetechniques,inparticularsecuritization.ThepaperalsoreviewstheliteratureonthetransmissionmechanismofmonetarypolicyandshowsthattheBaselAccordhasaffectedthebanklendingchannel.Keywords:BaselAccord,CapitalRatios,BankRegulation,MonetaryPolicyJELclassification:E51,G281.IntroductionAftert
4、hespectacularcollapseoftwolargeinternationalbanks,LongIsland’sFranklin1NationalBankintheUSandBankhausHerstattinGermanyin1974,monetaryauthoritiesandpolicymakersthroughouttheworlddecidedthattheincreasinglymorecommoncross-bordercapitalflowsandtheresultingintegrationoffinancialmarketsthathad
5、beengoingonforsometime,requiredanewglobalregulatoryframeworkwhichwouldhelpensurethestabilityoftheinternationalfinancialsystem.Inparticular,itbecameobviousthateventhoughtheprudencyofdomesticbanksmightbesecuredviahomecountryregulations,theinternationalactivitiesofthesebankslackedproper1The
6、fallofFNB,whoseinsolvencyhadbeencoveredupforafewyearsbyfraud,falsificationofrecords,bribery,andembezzlementofitsmajorshareholderandmafiafigureMicheleSeldona,constitutedthegreatestbankfailureinthehistoryofAmericanbanking,uptotheunfoldingofthecurrentcrisis.DeWan(2008)16TheimpactofBaselIcap
7、italrequirementsonbankbehaviourandtheefficacyofmonetarypolicy2supervision.Thus,againstthebackdropoftheseconsiderations,theBaselCommitteeonBankingSupervisionwasestablishedundertheauspicesoftheBankforInternationalSettlementsinSwitzerlandbythecentralbankgovernorsfromtheG-10c
