Value creation and stability in financial services: How should we regulate banks?

IF 3.7 1区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Intermediation Pub Date : 2025-07-01 DOI:10.1016/j.jfi.2025.101169

Jan Pieter Krahnen , Ted Lindblom , Deborah Lucas , Magnus Olsson , Paolo Fulghieri , Anjan Thakor

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Abstract

This paper is based on a panel discussion at the international bank conference on Frontier Risks, Financial Innovation and Prudential Regulation of Banks in Gothenburg, Sweden, June 2–4, 2024. The panelists were Deborah Lucas, Jan Pieter Krahnen, and Magnus Olsson, with Ted Lindblom moderating. This paper contains the panel presentations, along with a unifying discussion by Paolo Fulghieri and Anjan Thakor. The main themes in the paper focus on how society should balance costs and benefits in designing the prudential regulation of banks. Optimal regulation should take into account how banks and markets interact, the dangers of both under-regulation that spawns excessive risk-taking and over-regulation that depresses value-enhancing innovation in financial services, the somewhat fragmented nature of national-sovereignty-constrained European banking and financial markets regulation relative to bank regulation in the US, and how prudential regulation can be improved by more explicitly dealing with interest rate risk.

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金融服务的价值创造与稳定：我们应该如何监管银行？

本文基于2024年6月2日至4日在瑞典哥德堡举行的“前沿风险、金融创新和银行审慎监管”国际银行会议上的小组讨论。小组成员是Deborah Lucas， Jan Pieter Krahnen和Magnus Olsson， Ted Lindblom主持。本文包含小组演讲，以及Paolo Fulghieri和Anjan Thakor的统一讨论。本文的主要主题集中在社会应该如何平衡成本和利益在设计审慎的银行监管。最佳监管应考虑到银行和市场如何相互作用，监管不足的危险（会导致过度冒险）和监管过度（会抑制金融服务中的增值创新），相对于美国的银行监管，国家主权约束下的欧洲银行业和金融市场监管有些碎片化的性质，以及如何通过更明确地处理利率风险来改善审慎监管。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Financial Intermediation BUSINESS, FINANCE-

CiteScore

8.60

自引率

7.70%

发文量

期刊介绍： The Journal of Financial Intermediation seeks to publish research in the broad areas of financial intermediation, financial market structure, corporate finance, risk management, and valuation.