Banking Regulation in Times of Crisis
Intersentia Ltd (Verlag)
978-1-78068-300-3 (ISBN)
During and after the 2007-2009 global financial crisis, emerging market economies displayed remarkable resilience and maintained robust rates of economic growth. Learning from the lessons of the crises of the past 15 years, developing countries have adopted measures to become less vulnerable to the external shocks that are likely to emerge from more developed countries. Academics and policymakers have focused on the construction of an appropriate regulatory and supervisory framework for the banking sector. During the 2007-2009 global crisis, banks were engaging in excessive risk taking. Prudential banking regulation and supervision aim to curb excessive risk taking by banks because engaging in excessive risky transactions is the ultimate source of instability. Hence, banking regulation is needed to deal with the failure of markets to police banks' risky behaviours.This book discusses the impact of regulations and supervision on banks' performance, focusing on two emerging market economies, Turkey and Russia. It examines the way in which regulations matter for financial stability and banking performance from a law and economics perspective. Some of the regulations contribute to banks' performance by reducing the incentive for banks to take risks, hence supporting financial stability; others however may have a detrimental effect on financial stability. Moreover, banks react differently to regulation under different institutional settings. Therefore, this book takes up the debate on the efficiency of certain solutions and approaches to banking regulation in the context of emerging countries.
Deniz Akn Ergun is currently working for the Garanti Bank in Istanbul, and has previously worked for HSBC Trinkaus INKA in Dsseldorf and KPMG Dsseldorf. She obtained her PhD in 2014 from the Erasmus University Rotterdam, Bologna University and Hamburg University as part of the European Doctorate in Law and Economics programme. She holds a Masters in Economics and Politics from the Albert Ludwigs University, Freiburg, and gained her Bachelors in Economics from the Ko niversitesi, Istanbul.
CONTENTSAcknowledgementsList of AbbreviationsList of Tables and Figures Introduction 1. The Need for Regulation 2. Research Question and the Relevance of this Book 3. Research Methodology 4. Structure of the Book Chapter 1. The Economics of Banking and Banking Regulation 1. Introduction 2. Economics of Banking 2.1. Balance Sheet and Income Statement of Banks 2.2. Maturity Transformation and Liquidity of Banks 2.3. Monitoring and Information Systems in Banks 2.4. Risk Management 3. Financial Innovation and the Changing Structure of Banking 3.1. Institutional Setting of the Traditional Banking System 3.2. Institutional Setting of Securitised (Shadow) Banking System 3.3. Banking in Emerging Markets 4. The Economic Rationale for Banking Regulation 4.1. Market Failure in Financial Markets 4.1.1. Asymmetric Information 4.1.2. Negative Externalities 4.2. Systemic Risk Factor 4.3. Financial Stability 5. Approaches to Bank Regulation 5.1. Public Interest View 5.2. Private Interest View 6. Structure of Banking Regulation 6.1. Prudential Regulation 6.1.1. Capital Adequacy Requirements6.1.2. Shortcomings of the Basel Accords 6.1.3. Asset Holding Restrictions 6.1.4. Disclosure Requirements 6.1.5. Bank Examination 6.2. Structural Regulation 6.2.1. Restrictions on Bank Entry 7. Conclusion Chapter 2. Empirical Analysis of the Impact of Regulations and Supervision of Banks' Performances in Turkey and Russia 1. Introduction 2. Banking Structures in Turkey and Russia 3. Theory of Performance Measurement 3.1. Fundamentals of Production Theory 3.2. Performance Indicator: Efficiency 4. Literature Review on DEA Banking Applications4.1. Cross-Country Efficiency Studies 4.2. Efficiency in Turkish Banking 4.3. Efficiency in Russian Banking 5. Methodology 5.1. Data Envelopment Analysis 5.1.1. The CCR Model (1978) 5.1.2. The BCC Model (1984) 5.2. Second Stage Ordinary Least Squares Regression 6. Description of Data and Selection Criteria 6.1. Variable Selection: Measuring Inputs and Outputs 6.1.1. Production Approach 6.1.2. Intermediation Approach 6.1.3. Value-Added Approach 6.2. Data and the Specification of Variables Used in DEA 6.3. Variables Used for the Second Stage OLS Regression Analysis 6.3.1. Regulatory Variables 6.3.2. Control Variables 7. Empirical Findings 7.1. First-Stage Analysis: DEA Results 7.2. Second-Stage Analysis: OLS Results 8. Conclusion Chapter 3. Banking Regulation and Supervision in Turkey and Russia 1. Introduction 2. An Overview of the Financial Crises in Turkey and Russia 2.1. Financial Crisis in Turkey (2000/2001) 2.1.1. Problems in the Economy and Financial Sector 2.1.2. Build-Up of the 2000/2001 Crisis 2.1.3. The Impact of the 2007-2009 Global Crisis 2.2. Financial Crises in Russia (1998, 2004, 2008-2009) 2.2.1. Problems in the Economy and Financial Sector 2.2.2. Build-Up of the 1998 Crisis 2.2.3. Build-Up of the 2004 Crisis 2.2.4. Build-Up of the 2008-2009 Crisis 2.3. Post-Crisis Period in Turkey and Russia 2.3.1. Post-Crisis Period in Russia 2.3.2. Post-Crisis Period in Turkey 3. Regulatory Variables 3.1. Capital Adequacy Requirement 3.1.1. Capital Adequacy Regulation in the Turkish Banking Sector 3.1.1.1. Developments after the 2000/2001 Crisis 3.1.1.2. Developments after 2005 3.1.1.3. Measures Taken during the Global Crisis 3.1.2. Capital Adequacy Regulation in the Russian Banking Sector 3.1.2.1. Developments after the 1998 Crisis 3.1.2.2. Developments after 2005 3.1.2.3. Impact of the Global Crisis 3.1.3. Discussion3.2. Official Disciplinary Power 3.2.1. Official Disciplinary Power of the Banking Regulatory Authority in Turkey3.2.2. Official Disciplinary Power of the Banking Regulatory Authority in Russia 3.2.3. Discussion3.3. Private Monitoring 3.3.1. Private Monitoring in the Turkish Banking Sector 3.3.1.1. Internal Control and Audit Practices in Turkey 3.3.1.2. Disclosure Requirements 3.3.2. Private Monitoring in the Russian Banking Sector 3.3.2.1. Internal Control and Audit Practices 3.3.2.2. Disclosure Requirements 3.3.3. Discussion3.4. Deposit Insurance Scheme 3.4.1. Deposit Insurance Scheme in the Turkish Banking Sector 3.4.2. Deposit Insurance Scheme in the Russian Banking System 3.4.3. Discussion3.5. Entry Requirements3.5.1. Entry Requirements in the Turkish Banking Sector3.5.2. Entry Requirement in the Russian Banking Sector 3.5.3. Discussion4. Government Ownership of Banks in Turkey and Russia 4.1. Government Ownership of Banks in Turkey 4.2. Government Ownership of Banks in Russia 5. Conclusion Conclusion Appendix A Appendix B. Robustness Test: Wilcoxon-Mann-Whitney Test Appendix C. List of Failed Banks References
| Erscheint lt. Verlag | 30.3.2015 |
|---|---|
| Reihe/Serie | European Studies in Law and Economics ; 17 |
| Verlagsort | Cambridge |
| Sprache | englisch |
| Maße | 160 x 240 mm |
| Gewicht | 400 g |
| Themenwelt | Recht / Steuern ► Allgemeines / Lexika |
| Recht / Steuern ► EU / Internationales Recht | |
| Recht / Steuern ► Wirtschaftsrecht ► Bank- und Kapitalmarktrecht | |
| ISBN-10 | 1-78068-300-6 / 1780683006 |
| ISBN-13 | 978-1-78068-300-3 / 9781780683003 |
| Zustand | Neuware |
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