Financial Regulation and Performance: Cross-Country Evidence
Financial Regulation and Performance: Cross-Country Evidence
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金融监管和绩效：跨国证据
DOI：
10.1596/1813-9450-2037
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发表时间：
1998
期刊：
影响因子：
--
通讯作者：
Ross Levine
中科院分区：
文献类型：
--
作者：
James R. Barth;G. Caprio;Ross Levine
过去20年来，银行倒闭造成了巨大损失，人们开始关注如何改善不同国家金融体系的表现。人们普遍认为，金融体系可以得到改善，但几乎没有经验证据支持有关监管和监督改革的任何具体建议。由于缺乏对金融管理和监督制度的跨国比较，经济学家无法决定如何纠正发展中经济体的激励和道德风险问题-例如，是否要求更高的（和更狭义的）资本资产比率，是否要求更严格地界定和披露不良贷款，是否要求发行次级债务，或是否建立世界级的监督。拟议中的改革通常涉及金融法规和监管标准的变化，但有关改革的许多紧迫问题仍没有答案。作者利用一个新的数据库，对三个关键问题提出了简短的答案：政府和官僚体系相对薄弱的国家是否对银行活动施加了更严厉的监管限制？是的监管制度限制较多的国家银行体系是否运作不良？不，或者至少证据是混合的。监管制度更严格的国家发生银行危机的可能性是否更小？不。事实上，恰恰相反。在银行证券活动受到限制的国家，在其他条件相同的情况下，发生银行危机的可能性更大。
Costly bank failures in the past two decades have focused attention on the need to find ways to improve the performance of different countries' financial systems. Belief is overwhelming that financial systems can be improved but there is little empirical evidence to support any specific advice about regulatory and supervisory reform. With scant cross-country comparisons of financial regulatory and supervisory systems, economists cannot decide how to correct incentives and moral hazard problems in developing economies--whether, for example, to require higher (and more narrowly defined) capital-to-asset ratios, to mandate stricter definition and disclosure of non-performing loans, to require that subordinated debt be issued, or to install world-class supervision. Proposed reforms usually involve changes in financial regulations and supervisory standards, but many pressing questions about reform remain unanswered. Making use of a new database, the authors come up with brief answers to three key questions: Do countries with relatively weak governments and bureaucratic systems impose harsher regulatory restrictions on bank activities? Yes. Do countries with more restrictive regulatory regimes have poorly functioning banking systems. No--or at least the evidence is mixed. Do countries with more restrictive regulatory systems have less probability of suffering a banking crisis? No. In fact, the reverse is true. In countries where banks' securities activities are restricted, the likelihood of a banking crisis is greater, other things being equal.