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International Financial Reforms: Capital Standards, Resolution Regimes and Supervisory Colleges, and their Effect on Emerging Markets

International Financial Reforms: Capital Standards, Resolution Regimes and Supervisory Colleges, and their Effect on Emerging Markets

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This paper focuses on the relevance to emerging economies of three major financial reforms following the global financial crisis of 2007–2009: (1) the improved capital requirements intended to reduce the risk of bank failure (“Basel III”), (2) the improved recovery and resolution regimes for global banks, and (3) the development of supervisory colleges of cross-border financial institutions to improve supervisory cooperation and convergence. The paper also addresses the implications of these regulatory reforms for Asian emerging markets.

This paper focuses on the relevance to emerging economies of three major financial reforms following the global financial crisis of 2007–2009: (1) the improved capital requirements intended to reduce the risk of bank failure (“Basel III”), (2) the improved recovery and resolution regimes for global banks, and (3) the development of supervisory colleges of cross-border financial institutions to improve supervisory cooperation and convergence. The paper also addresses the implications of these regulatory reforms for Asian emerging markets.

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Published by: Asian Development Bank Institute on Jan 17, 2013
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09/17/2013

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ADBI Working Paper Series
International Financial Reforms:Capital Standards, ResolutionRegimes and SupervisoryColleges, and their Effect onEmerging Markets
Duncan Alford
 
No. 402January 2013
 
Asian Development Bank Institute
 
 The Working Paper series is a continuation of the formerly named Discussion Paper series; thenumbering of the papers continued without interruption or change. ADBI’s working papersreflect initial ideas on a topic and are posted online for discussion. ADBI encourages readers topost their comments on the main page for each working paper (given in the citation below).Some working papers may develop into other forms of publication.Suggested citation:Alford, D. 2013 International Financial Reforms: Capital Standards, Resolution Regimes andSupervisory Colleges, and their Effect on Emerging Markets. ADBI Working Paper 402. Tokyo:Asian Development Bank Institute. Available: http://www.adbi.org/working-paper/2013/01/16/5430.international.financial.reforms/ Please contact the author for information about this paper.Email: alfordd@law.sc.eduDuncan Alford is associate dean and associate professor of law, University of SouthCarolina School of Law, Columbia, SC.The author wishes to thank the attendees at the Asian Development Bank Instituteconference entitled
New Paradigms for Financial Regulation and Macro Policies: Emerging Market Perspectives 
held in Tokyo on 30 September 2011, for their helpfulcomments. The author also wishes to thank Rachel Atkinson, Amir Nowroozzadeh,Taylor Smith and Megan Brown for their assistance. All errors or omissions are theauthor’s alone. This article is based on research conducted through 30 December 2011.A working paper containing additional discussion and analysis and more detailed sourcesis located on SSRN at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2007979The views expressed in this paper are the views of the authors and do not necessarilyreflect the views or policies of ADBI, the Asian Development Bank (ADB), its Board ofDirectors, or the governments they represent. ADBI does not guarantee the accuracy ofthe data included in this paper and accepts no responsibility for any consequences oftheir use. Terminology used may not necessarily be consistent with ADB official terms.Asian Development Bank InstituteKasumigaseki Building 8F3-2-5 Kasumigaseki, Chiyoda-kuTokyo 100-6008, JapanTel: +81-3-3593-5500Fax: +81-3-3593-5571URL: www.adbi.orgE-mail: info@adbi.org © 2013 Asian Development Bank Institute
 
ADBI Working Paper 402 Alford
Abstract
This paper focuses on the relevance to emerging economies of three major financial reformsfollowing the global financial crisis of 2007–2009: (1) the improved capital requirementsintended to reduce the risk of bank failure (“Basel III”), (2) the improved recovery and resolutionregimes for global banks, and (3) the development of supervisory colleges of cross-borderfinancial institutions to improve supervisory cooperation and convergence. The paper alsoaddresses the implications of these regulatory reforms for Asian emerging markets.
JEL Classification:
G2, G28, O16
 

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