Thinking beyond Basel III

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1、OECDJournal:FinancialMarketTrendsVolume2010–Issue1©OECD2010Pre-publicationversionTHINKINGBEYONDBASELIII:NECESSARYSOLUTIONSFORCAPITALANDLIQUIDITY*AdrianBlundell-WignallandPaulAtkinsonInpreviousstudies,theOECDhasidentifiedthemainhallmarksofthecrisisastoo-big-to-failinstitutio

2、nsthattookontoomuchrisk,insolvencyresultingfromcontagionandcounterpartyrisk,thelackofregulatoryandsupervisoryintegration,andthelackofefficientresolutionregimes.ThisarticlelooksathowtheBaselIIIproposalsaddresstheseissues,helpingtoreducethechanceofanothercrisislikethecurrento

3、ne.TheBaselIIIcapitalproposalshavesomeveryusefulelements,notablyaleverageratio,acapitalbufferandtheproposaltodealwithpro-cyclicalitythroughdynamicprovisioningbasedonexpectedlosses.However,thisreportalsoidentifiessomemajorconcerns.Forexample,BaselIIIdoesnotproperlyaddressthe

4、mostfundamentalregulatoryproblemthatthe‘promises’thatmakeupanyfinancialsystemarenottreatedequally.Thisissuehasmanyimplicationsforthereformprocess,includingreformofthestructureofthesupervisionandregulationprocessandwhethertheshadowbankingsystemshouldbeincorporatedintotheregu

5、latoryframeworkand,ifso,how.Finally,modificationsintheoverallrisk-weightedassetframeworkaresuggestedthatwoulddealwithconcentrationissues.*AdrianBlundell-WignallisSpecialAdvisortotheSecretaryGeneraloftheOECDforFinancialMarketsandDeputyDirectoroftheOECDDirectorateforFinancial

6、andEnterpriseAffairs,andPaulAtkinsonisaSeniorResearchFellowatGrouped’EconomieMondialedeSciencesPo,Paris.ThearticlehasbenefittedfromcommentsbyCarolynErvinandotherOECDstaffmembers.Allremainingerrorsarethoseoftheauthors.ThisworkispublishedontheresponsibilityoftheSecretary-Gene

7、raloftheOECD.TheopinionsexpressedandargumentsemployedhereinarethoseoftheauthorsanddonotnecessarilyreflecttheofficialviewsoftheOrganisationorofthegovernmentsofitsmembercountries.1THINKINGBEYONDBASELIII:NECESSARYSOLUTIONSFORCAPITALANDLIQUIDITYA.IntroductionTheconsultativedocu

8、mentsentitled“StrengtheningtheResilienceoftheBankingSector”(henceforthreferredtoas