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- 저자 : ( Randall Kroszner ) (검색결과 2 건)
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Regulatory Reform to Reduce Financial Fragility: Making Markets More Robust
( Randall Kroszner ) 한국금융연구원 2012 금융리포트 Vol.2012 No.2
In order to determine the most effective regulatory reforms going forward, it is crucial to have a proper diagnosis of the sources of financial fragility that led to the recent financial crisis. This work will focus on fragilities and vulnerabilities that arise from the inter-linkages of firms and markets in the global financial system that relies heavily upon short-term external finance. A financial system with lengthy and complex funding structures -"intermediation chains"- can be subject to "funding runs" that are much more powerful than traditional depositor runs. Problems of leverage, liquidity, fragmentation, correlation of returns, lack of information, and legal uncertainties heighten the fragilities of such a system. I then analyze a number a reforms that can address these problems to make markets more robust. Broadly, the objective of reforms is to improve market infrastructure, supervision, and regulation to mitigate the fragilities discussed in the first section. In particular, moving over-the-counter(OTC) derivatives onto centrally-cleared platforms can significantly reduce interconnectedness, leverage, and legal uncertainties and increase information and transparency. Improving the resolution and bankruptcy regimes can also reduce the likelihood of funding runs. Reducing the potential for destabilizing contracts would reduce correlation of returns during stress. The concluding section briefly discusses some policies that may have the unintended consequence of increasing fragmentation and lengthening intermediation chains that may make the system less, not more, robust.
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