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Type | Journal Article |
Scope | Discipline-based scholarship |
Title | Systemic risk: changing the regulatory perspective |
Organization Unit | |
Authors |
|
Item Subtype | Original Work |
Refereed | Yes |
Status | Published in final form |
Language |
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Journal Title | International Journal of Central Banking |
Publisher | Federal Reserve Board |
Geographical Reach | international |
ISSN | 1815-4654 |
Volume | 6 |
Page Range | 259 - 276 |
Date | 2010 |
Abstract Text | The article puts forward the view that the regulatory perspective on systemic risk should be changed drastically. The sub-prime crisis has indeed revealed many loopholes in the supervisory/regulatory framework for banks—in particular, the inability to deal with the too-big-to-fail syndrome and also the lack of resiliency of interbank and money markets. To a large extent, the contagion phenomena that took place in these markets were the necessary outcomes of the passive attitude of banking supervisors, who have let large banks develop a complex and opaque nexus of bilateral obligations. We propose two reforms: adopting a platform-based (instead of institutionbased) regulatory perspective on systemic risk and encouraging a generalized move to central counterparty clearing. |
Other Identification Number | merlin-id:425 |
PDF File | Download from ZORA |
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