{"title":"Bank Capital Requirements after the Financial Crisis","authors":"M. Weide, Jeffrey Zhang","doi":"10.1093/oxfordhb/9780198824633.013.23","DOIUrl":"https://doi.org/10.1093/oxfordhb/9780198824633.013.23","url":null,"abstract":"Regulators responded with an array of strategies to shore up weaknesses exposed by the 2008 financial crisis. This chapter focuses on reforms to bank capital regulation. We first discuss the ways in which the post-crisis Basel III reforms recalibrated the existing framework by improving the quality of capital, increasing the quantity of capital, and improving the calculation of risk weights. We then shift to the major structural changes in the regulatory capital framework—capital buffers on top of the minimum requirements; a leverage ratio that explicitly accounts for off-balance-sheet exposures; risk-based and leverage capital surcharges on the largest banks; bail-in debt to facilitate orderly resolution; and forward-looking stress tests. We conclude with a quantitative assessment of the evolution of capital in the global banking system and in the US banking sector.","PeriodicalId":258577,"journal":{"name":"The Oxford Handbook of Banking","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124403422","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Narjess Boubakri, Ruiyuan Chen, O. Guedhami, Xinming Li
{"title":"Islamic banking","authors":"Narjess Boubakri, Ruiyuan Chen, O. Guedhami, Xinming Li","doi":"10.1093/oxfordhb/9780198824633.013.13","DOIUrl":"https://doi.org/10.1093/oxfordhb/9780198824633.013.13","url":null,"abstract":"The last two decades have witnessed a tremendous global growth in Islamic finance and banking, mainly prompted by the global financial crisis. This growth has been accompanied by an increasing interest among researchers, policymakers, managers of financial institutions, and the public about the functionalities of the Islamic banking system and how it differs from conventional banking. Against this backdrop, we start this chapter with an overview and assessment of the practice of Islamic banking around the world. Then, we discuss its primary characteristics, including its underlying principles and common financial products. Next, we review the key findings in the empirical literature on the differences between Islamic and conventional banking at the micro and macro levels. We conclude with a discussion of avenues for future research.","PeriodicalId":258577,"journal":{"name":"The Oxford Handbook of Banking","volume":"116 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132372446","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Banking in Europe","authors":"J. Goddard, P. Molyneux, John O. S. Wilson","doi":"10.1093/oxfordhb/9780198824633.013.32","DOIUrl":"https://doi.org/10.1093/oxfordhb/9780198824633.013.32","url":null,"abstract":"This chapter focuses on the evolution of the banking industry in the European Union since the signing of the Treaty of Rome in 1957 to the present day. We provide an overview of developments in the regulation, financial integration, and the structure and performance of the European banking industry. A brief discussion of the global financial crises and their resultant impact on European banks together with coverage of the later Eurozone sovereign debt crisis is also presented, along with structural reforms, and the ongoing progress in creating a fully integrated banking and financial services industry throughout the Eurozone. A major challenge for the industry relates to restoring profitability back to pre-crises levels. At present, many banks remain encumbered by regulatory demands that, while helping their solvency, act as a drag on performance. Given the regulatory and economic environment under which European banks currently operate, their performance will be subdued for some time to come.","PeriodicalId":258577,"journal":{"name":"The Oxford Handbook of Banking","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123572150","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Market Discipline in Regulation","authors":"M. Flannery, R. Bliss","doi":"10.1093/oxfordhb/9780198824633.013.24","DOIUrl":"https://doi.org/10.1093/oxfordhb/9780198824633.013.24","url":null,"abstract":"With the introduction of Basel II in 2004, “market discipline” became one of the Basel Committee’s three pillars of prudential regulation. Although many academic papers have sought to test for the presence of effective market discipline in banking, few have dealt fully with the question. Effective market discipline involves two distinct steps: monitoring a bank’s condition and influencing it to avoid unacceptably large risks. Both phases of market discipline are necessary; neither one alone sufficient. In this chapter, we provide a careful definition of market discipline, explain how it may complement supervisory efforts to control an institution’s risk-taking, and review the available literature on the efficacy of market discipline. We also discuss how recent changes in supervisory actions toward failing banks has changed the channels through which market discipline will work going forward.","PeriodicalId":258577,"journal":{"name":"The Oxford Handbook of Banking","volume":"76 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131493598","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Technological Change and Financial Innovation in Banking","authors":"W. Frame, L. Wall, L. White","doi":"10.1093/oxfordhb/9780198824633.013.10","DOIUrl":"https://doi.org/10.1093/oxfordhb/9780198824633.013.10","url":null,"abstract":"Financial intermediation has changed dramatically over the past thirty years, due in large part to technological change. The chapter first describes the role of the financial system in a modern economy and how technological change and financial innovation can affect social welfare. We then survey the empirical literature relating to several specific financial innovations, broadly categorized as new production processes, new products or services, or new organizational forms. In each case, we also include examples of significant FinTech innovations that are transforming various aspects of banking. Drawing on the literature on innovations from the 1990s and 2000s informs what we might expect from recent developments.","PeriodicalId":258577,"journal":{"name":"The Oxford Handbook of Banking","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131528463","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Residential Mortgages","authors":"A. Lehnert, Alex Martin","doi":"10.1093/oxfordhb/9780199640935.013.0023","DOIUrl":"https://doi.org/10.1093/oxfordhb/9780199640935.013.0023","url":null,"abstract":"This chapter provides an overview of residential mortgages. Mortgages are loans to households secured by real property. Mortgage banking has historically comprised three functions: origination (the extension of credit), servicing (payment collection), and funding (financing the loans). When extending credit, lenders consider property value, leverage, the borrower’s payment-to-income ratio and the history of repaying debt. Laws regulating the seizure of the home affect the equilibrium provision of credit. Households choose how much to borrow, between fixed- and adjustable-rate mortgages, and an amortization schedule. After origination, households may refinance or default. Recent evidence supports the view that household default is driven by liquidity constraints rather than strategic considerations. Investors value mortgages like any other fixed income security with embedded options. Bank capital regulations seek to align regulatory capital with economic capital. Mortgage credit risk varies widely across mortgage types and is highly correlated with house prices. In several jurisdictions, residential mortgage underwriting standards can now be adjusted over time by the authorities as part of these jurisdictions’ macroprudential policy framework.","PeriodicalId":258577,"journal":{"name":"The Oxford Handbook of Banking","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123435604","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Lender of Last Resort","authors":"X. Freixas, Bruno Parigi","doi":"10.1093/oxfordhb/9780198824633.013.20","DOIUrl":"https://doi.org/10.1093/oxfordhb/9780198824633.013.20","url":null,"abstract":"The global financial crisis and the sovereign debt crisis in Europe have redefined the functions of the lender of last resort (LOLR). First, they have placed the LOLR at the intersection of monetary policy, fiscal policy, supervision, and regulation of the banking industry. Second, they have given regulatory authorities the additional responsibility of monitoring the interbank market. Third, they have extended the LOLR role to cover the possible bailout of non-bank institutions, including sovereign countries. This chapter explores the link between the theoretical models of the banking industry and the unprecedented policies displayed in the aftermath of the crisis. We begin by examining the justification of LOLR in a simplified framework where only liquidity shocks arise, to move to a setting where liquidity shocks cannot be disentangled from solvency ones. We then study contagion in the interbank market and systemic risk, two pathologies due to the imperfections of the financial markets, and we discuss the issues raised by the implementation of the LOLR policy within the safety net.","PeriodicalId":258577,"journal":{"name":"The Oxford Handbook of Banking","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128890446","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Securitization","authors":"B. Casu, A. Sarkisyan","doi":"10.1093/oxfordhb/9780199688500.013.0015","DOIUrl":"https://doi.org/10.1093/oxfordhb/9780199688500.013.0015","url":null,"abstract":"Securitization, a structured process involving the transformation of illiquid assets into marketable securities, experienced an exponential growth in the 1990s and early 2000s. After a prolonged period of rapid expansion, securitization markets froze in 2008, as investors lost confidence in structured products. This chapter charts the rise and fall of securitization and attempts to map the future of the market by identifying the key issues that need to be addressed: (i) alignment of incentives; (ii) reduction of complexity; (iii) increase in transparency; and (iv) improvements in the use of credit ratings. Despite its controversial role during the financial crisis, the economic importance of securitization is undeniable. Several policy interventions at the national and international levels have recently been enacted to accelerate the recovery of the market by promoting simple, transparent, and comparable (STC) securitization, as there is an emerging consensus that the benefits of high quality securitization outweigh the costs and that this technique can play a key role in fostering economic recovery and growth.","PeriodicalId":258577,"journal":{"name":"The Oxford Handbook of Banking","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131236721","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Hardy Perennials","authors":"Gerard Caprio, Jr., P. Honohan","doi":"10.1093/oxfordhb/9780198824633.013.28","DOIUrl":"https://doi.org/10.1093/oxfordhb/9780198824633.013.28","url":null,"abstract":"In the long history of systemic banking crises—including, but not limited to, the Global Financial Crisis—the worst cases have been caused or at least severely exacerbated by what may be called bad banking and bad policies: those that permitted or encouraged excessive risk-taking and even “looting” of other people’s money. With each crisis there is an inevitable chorus of calls for more official prudential regulation and supervision to prevent a recurrence. Empirical evidence suggests that policy is best directed toward ensuring a dynamic approach to regulation focusing on the information that is being disclosed to market participants, the degree of market discipline on the behavior of bankers, and the incentives in the financial system, including those for regulators.","PeriodicalId":258577,"journal":{"name":"The Oxford Handbook of Banking","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121762890","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Zuzana Fungáčová, I. Hasan, L. Solanko, P. Wachtel
{"title":"Banking in the Transition Countries of Central, Southern, and Eastern Europe and the Former Soviet Union","authors":"Zuzana Fungáčová, I. Hasan, L. Solanko, P. Wachtel","doi":"10.1093/oxfordhb/9780198824633.013.36","DOIUrl":"https://doi.org/10.1093/oxfordhb/9780198824633.013.36","url":null,"abstract":"This chapter explains the functioning of the banking sectors in the European transition countries. First, we reflect on the thirty-year history of transition banking from the creation of banking institutions out of the planning structures through the effect of the global financial crisis and the post-crisis challenges. We show that experiences across the region are by no means uniform, both with respect to the path since transition started and the current state of the industry. Second, we focus on the state of the banking industry when transition is finalized and show the similarities and differences between banking in this region and elsewhere. Finally, we analyze financial inclusion as one of the critical issues that affects contemporary banking in the region.","PeriodicalId":258577,"journal":{"name":"The Oxford Handbook of Banking","volume":"116 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127245335","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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