After the international financial crisis, new financial regulation was adopted at the international, regional and national levels, raising the issue of how to promote regulatory coherence, defined as the consistency between the rules adopted at different governance levels and in a variety of policy venues. A major recent area of reform concerned the loss absorbing capacity (LAC) of banks. In practice, the lack of regulatory coherence concerning LAC hampers the effective resolution of large international banks in a timely manner, ultimately undermining financial stability. We examine the role of regulators in the quest for coherence on LAC, explaining the incentives they had and how they deployed their delegated competences at different levels to achieve coherent rules that ensure financial stability. Theoretically, we combine insights from the public administration and political economy literatures. Methodologically, we process trace the making of LAC rules on three governance levels and in multiple policy venues.

Regulators and the quest for coherence in finance: The case of loss absorbing capacity for banks / Quaglia L.; Spendzharova A.. - In: PUBLIC ADMINISTRATION. - ISSN 0033-3298. - ELETTRONICO. - 97:3(2019), pp. 499-512. [10.1111/padm.12549]

Regulators and the quest for coherence in finance: The case of loss absorbing capacity for banks

Quaglia L.;
2019

Abstract

After the international financial crisis, new financial regulation was adopted at the international, regional and national levels, raising the issue of how to promote regulatory coherence, defined as the consistency between the rules adopted at different governance levels and in a variety of policy venues. A major recent area of reform concerned the loss absorbing capacity (LAC) of banks. In practice, the lack of regulatory coherence concerning LAC hampers the effective resolution of large international banks in a timely manner, ultimately undermining financial stability. We examine the role of regulators in the quest for coherence on LAC, explaining the incentives they had and how they deployed their delegated competences at different levels to achieve coherent rules that ensure financial stability. Theoretically, we combine insights from the public administration and political economy literatures. Methodologically, we process trace the making of LAC rules on three governance levels and in multiple policy venues.
2019
Regulators and the quest for coherence in finance: The case of loss absorbing capacity for banks / Quaglia L.; Spendzharova A.. - In: PUBLIC ADMINISTRATION. - ISSN 0033-3298. - ELETTRONICO. - 97:3(2019), pp. 499-512. [10.1111/padm.12549]
Quaglia L.; Spendzharova A.
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11585/706877
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