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1、AtlEconJ(2007)35:373–382DOI10.1007/s11293-007-9093-7BaselIIandBankers’PropensitytoTakeorAvoidExcessiveRiskGeorgeJ.BenstonPublishedonline:28November2007#InternationalAtlanticEconomicSociety2007AbstractBothBaselIandBaselIIareconcerned(indeed,obsessed)withrisktakingbybankers.
2、Butriskisanessentialpartofbanking.Theessentialissuesare“whenaresuchrisksexcessiveanddoesBaselIIeffectivelyconstrainbankersfromtakingexcessiverisks?”IanswerthesequestionsbyoutliningalternativedefinitionsofexcessiveriskandanalyzingtheextenttowhichBaselIIdealseffectivelywitht
3、hisrisk.IfindtheBaselIImeasuresbothcostlyandinadequate,andlikelyincreaseexcessiverisktaking.Iconcludewithapreferablealternativeprocedure–includingsubordinateddebtfullyinrequiredcapitalandpromptcorrectiveactionbasedonprestructuredcapital/assetratios.KeywordsBaselII.Risk.Exc
4、essiverisk.Bankfailure.Subordinateddebt.PromptcorrectiveactionJELG28BothBaselIandBaselIIareconcerned(indeed,obsessed)withrisktakingbybankers.Butriskisanessentialpartofbanking.Bankerswhoforebearfrommakingloansandotherinvestmentsbecausetheymightincurlossesserveneithertheirco
5、mmunitiesnortheirshareholdersandemployees.However,risksthatincreaseabank’sdangerofinsolvencymightbeconsideredexcessiveinaparticularsociety.Hence,Ibeginthisanalysisbydistinguishing,in“DelineationofExcessiveRisk”,betweenrisksthatarebeneficialandthosethatare“excessive”andthre
6、ecircumstancesinwhichtheymightbeconsideredtobeexcessive.Inthefollowing“BaselII–BasicAssumptions”,IoutlineandanalyzesomebasicassumptionsofBaselIIabouttherelationshipbetweencapitalandrisk.BaselIIwasdevelopedtodealwiththeshortcomingsofBaselI.However,asshowninthissection,somei
7、mportantshortcomingsareignoredand,hence,continued,byBaselII.ThemoreG.J.Benston(*)GoizuetaBusinessSchool,EmoryUniversity,Atlanta,GA,USAe-mail:George_Benston@bus.emory.edu374G.J.BenstoncomplexriskmeasuresthatBaselIIoffersasimprovementsoverthecrudemeasuresemployedbyBaselIareo
8、utlinedin“BaselIIandRiskMeasurement”.AsIshowin“ThereisaBetterWay”,theseBaselIImeasuresare
