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Nyu. edu/welcome/risk. Of some interest, these measures estimated in 2006 and early 2007 load quite closely on the firms that performed poorly during the financial crisis. Or, regulators could estimate a firm’s capital losses during adverse times via stress tests of financial institutions. Stress tests are conducted routinely by regulators and the estimated percentage losses from these tests could simply be substituted into the above formula for capital requirements. Of course, the regulator would need to impose scenarios that necessarily coincide 45 VOX Research-based policy analysis and commentary from leading economists with financial crises, in other words, much more severe than those employed in stress tests this year both in the US and Europe.
We believe that heavy-handed intervention in the structure of the banking industry – possibly building on the work of the OECD, Volcker Rule and the ring-fencing advocated by the UK Independent Committee on Banking – is an inevitable part of the restructuring of the industry. It could address complexity but also help in containing market forces that might run orthogonal to what prudential concerns would dictate – as the insights on market discipline suggest. How to precisely shape the structural measures is an open issue.
Diamond, Douglas W and Raghuram G Rajan (2006) “Money in a Theory of Banking”, American Economic Review 96: 30-53. Diamond, Douglas W and Raghuram G Rajan (forthcoming) “Fear of Fire Sales, Illiquidity Seeking, and Credit Freezes”, Quarterly Journal of Economics 126. Diamond, Douglas W and Raghuram G Rajan (2011a) “Illiquid Banks, Financial Stability, and Interest Rate Policy”, mimeo, Booth School of Business. Gennaioli, Nicola, Andrei Shleifer, and Robert Vishny (2011) “A Model of Shadow Banking”, mimeo, CREI.