Cross-Border Spillover Effects of the G20 Financial Regulatory Reforms : Results from a Pilot Survey
In 2009, the G20 embarked on an ambitious financial regulatory reform agenda to address the fault lines that caused the global financial crisis. Although the global benefits are expected to outweigh the overall costs, these reforms could produce cr...
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World Bank, Washington, DC
2018
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| Online Access: | http://documents.worldbank.org/curated/en/146421515705815737/Cross-border-spillover-effects-of-the-g20-financial-regulatory-reforms-results-from-a-pilot-survey http://hdl.handle.net/10986/29163 |
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okr-10986-291632021-06-08T14:42:48Z Cross-Border Spillover Effects of the G20 Financial Regulatory Reforms : Results from a Pilot Survey Briault, Clive Feyen, Erik Gonzalez Del Mazo, Ines Kwok Chung Yee, Brian Rademacher, Jan Skamnelos, Ilias FINANCIAL REFORM FINANCIAL REGULATION FINANCIAL SUPERVISION BASEL III In 2009, the G20 embarked on an ambitious financial regulatory reform agenda to address the fault lines that caused the global financial crisis. Although the global benefits are expected to outweigh the overall costs, these reforms could produce cross-border adverse spillover effects to individual emerging markets and developing economies that are not required to implement the reforms themselves, but are affected by their implementation elsewhere. To improve the evidence base on such potential adverse impacts, the World Bank has undertaken qualitative surveys of senior officials at regulatory agencies, local banks, and global banks that are active in seven emerging markets and developing economies. While important caveats prevent the formulation of definitive conclusions, the survey finds that banks and regulators routinely have different perspectives on the impacts. Most banks claim adverse effects on financial products, services, and markets; regulators broadly expect the effects to be positive over the longer term, but some recognize they may be negative during the transition phase. Regulators tend to agree that the (potential for) spillover impacts demand stronger home-host coordination, impose a higher supervisory burden, and require a stronger role for the international community to monitor and evaluate the impacts. The findings also emphasize the need for regulatory consistency within and between jurisdictions to ensure a level playing field. Taken together, more work remains to better understand the nature of these spillover effects, how they shape the provision of commercial financing to meet developmental objectives, and what action can be taken to mitigate any adverse impacts. 2018-01-16T18:05:24Z 2018-01-16T18:05:24Z 2018-01 Working Paper http://documents.worldbank.org/curated/en/146421515705815737/Cross-border-spillover-effects-of-the-g20-financial-regulatory-reforms-results-from-a-pilot-survey http://hdl.handle.net/10986/29163 English Policy Research Working Paper;No. 8300 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Policy Research Working Paper |
| repository_type |
Digital Repository |
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Foreign Institution |
| institution |
Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
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English |
| topic |
FINANCIAL REFORM FINANCIAL REGULATION FINANCIAL SUPERVISION BASEL III |
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FINANCIAL REFORM FINANCIAL REGULATION FINANCIAL SUPERVISION BASEL III Briault, Clive Feyen, Erik Gonzalez Del Mazo, Ines Kwok Chung Yee, Brian Rademacher, Jan Skamnelos, Ilias Cross-Border Spillover Effects of the G20 Financial Regulatory Reforms : Results from a Pilot Survey |
| relation |
Policy Research Working Paper;No. 8300 |
| description |
In 2009, the G20 embarked on an
ambitious financial regulatory reform agenda to address the
fault lines that caused the global financial crisis.
Although the global benefits are expected to outweigh the
overall costs, these reforms could produce cross-border
adverse spillover effects to individual emerging markets and
developing economies that are not required to implement the
reforms themselves, but are affected by their implementation
elsewhere. To improve the evidence base on such potential
adverse impacts, the World Bank has undertaken qualitative
surveys of senior officials at regulatory agencies, local
banks, and global banks that are active in seven emerging
markets and developing economies. While important caveats
prevent the formulation of definitive conclusions, the
survey finds that banks and regulators routinely have
different perspectives on the impacts. Most banks claim
adverse effects on financial products, services, and
markets; regulators broadly expect the effects to be
positive over the longer term, but some recognize they may
be negative during the transition phase. Regulators tend to
agree that the (potential for) spillover impacts demand
stronger home-host coordination, impose a higher supervisory
burden, and require a stronger role for the international
community to monitor and evaluate the impacts. The findings
also emphasize the need for regulatory consistency within
and between jurisdictions to ensure a level playing field.
Taken together, more work remains to better understand the
nature of these spillover effects, how they shape the
provision of commercial financing to meet developmental
objectives, and what action can be taken to mitigate any
adverse impacts. |
| format |
Working Paper |
| author |
Briault, Clive Feyen, Erik Gonzalez Del Mazo, Ines Kwok Chung Yee, Brian Rademacher, Jan Skamnelos, Ilias |
| author_facet |
Briault, Clive Feyen, Erik Gonzalez Del Mazo, Ines Kwok Chung Yee, Brian Rademacher, Jan Skamnelos, Ilias |
| author_sort |
Briault, Clive |
| title |
Cross-Border Spillover Effects of the G20 Financial Regulatory Reforms : Results from a Pilot Survey |
| title_short |
Cross-Border Spillover Effects of the G20 Financial Regulatory Reforms : Results from a Pilot Survey |
| title_full |
Cross-Border Spillover Effects of the G20 Financial Regulatory Reforms : Results from a Pilot Survey |
| title_fullStr |
Cross-Border Spillover Effects of the G20 Financial Regulatory Reforms : Results from a Pilot Survey |
| title_full_unstemmed |
Cross-Border Spillover Effects of the G20 Financial Regulatory Reforms : Results from a Pilot Survey |
| title_sort |
cross-border spillover effects of the g20 financial regulatory reforms : results from a pilot survey |
| publisher |
World Bank, Washington, DC |
| publishDate |
2018 |
| url |
http://documents.worldbank.org/curated/en/146421515705815737/Cross-border-spillover-effects-of-the-g20-financial-regulatory-reforms-results-from-a-pilot-survey http://hdl.handle.net/10986/29163 |
| _version_ |
1764468652990529536 |