房间里的大象:需要处理银行的业务

A. Blundell-Wignall, Gert D. Wehinger, Patrick Slovik
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引用次数: 68

摘要

传染风险和交易对手破产是当前危机的主要特征。虽然一些主要以商业银行业务为主的大型多元化银行生存得很好,但其他银行却遭受了严重损失。健全的公司治理和强大的风险管理文化应能使银行避免过度杠杆和冒险。问题在于,是否有更好的办法——通过杠杆规则或针对大型企业集团的结构制定规则——来确保波动性较大的投行功能不会主导商业银行和金融中介环境的未来稳定,而商业银行和金融中介环境对经济活动至关重要。尽管各方在改革资本规则、动态准备金、为未来危机加强合作、集中衍生品交易等方面达成了主要共识,但问题是,如果这些改革不能直接解决危机蔓延和交易对手风险,它们是否足够?政策制定之外的世界正在等待对银行业务模式进行根本性的重新评估:银行应该做什么,以及它们如何相互竞争。这是“房间里的大象”,一些政策制定者还没有时间或意愿去关注它。本文不仅强调需要透明和可比的会计规则和改善公司治理,而且还支持实施集团杠杆率以提供具有约束力的资本约束(巴塞尔风险加权规则无法实现),并提出了非运营控股公司结构(NOHC) -改革对于处理传染和交易对手风险至关重要,这些风险是“太大而不能倒”问题的组成部分。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The elephant in the room: The need to deal with what banks do
Contagion risk and counterparty failure have been the main hallmarks of the current crisis. While some large diversified banks that focused mainly on commercial banking survived very well, others suffered crippling losses. Sound corporate governance and strong riskmanagement culture should enable banks to avoid excessive leverage and risk taking. The question is whether there is a better way, via leverage rules or rules on the structures of large conglomerates, to ensure volatile investment banking functions do not dominate the future stability of the commercial banking and financial intermediation environment that is so critical for economic activity. While there is a main consensus on the need for reform of capital rules, dynamic provisioning, better co-operation for future crises, centralised trading of derivatives etc., the question is whether such reforms will be sufficient if they do not address contagion and counterparty risk directly. The world outside of policy making is waiting for a fundamental reassessment of banks’ business models: what banks are supposed to do and how they compete with each other. It is the “elephant in the room” on which some policy makers have not yet had the time or inclination to focus. This article emphasises not only the need for transparent and comparable accounting rules and for improvements in corporate governance, but also supports the imposition of a group leverage ratio to provide a binding capital constraint (that Basel riskweighted rules have been unable to achieve) and proposes a Non- Operating Holding Company Structure (NOHC) – reforms that are essential to deal with contagion and counterparty risk that are so integral to the ‘too big to fail’ issue.
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