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2011 | no 7 | 69--95
Tytuł artykułu

The Economic Crisis and New Regulatory Proposals in the Financial Sphere

Warianty tytułu
Kryzys gospodarczy a propozycje nowych regulacji w sferze finansowej
Języki publikacji
EN
Abstrakty
EN
The financial crisis that began in the United States as a result of the downturn in residential property values quickly spread to the global economy. The new risks which emerged during the breakdown highlighted the significant limitations and gaps in the existing regulatory system. The aim of this article is to examine the nature of the last crisis (its reasons and course), outline the new regulatory proposals of the main international bodies (the International Monetary Fund and the Basel Committee on Banking Supervision) in the financial sphere and to present the implementation of these proposals in the European Union and the United States in light of the G-20 summit arrangements. (author's abstract)
Kryzys, który rozpoczął się pod koniec 2007 r. na rynku finansowym w Stanach Zjednoczonych, szybko rozprzestrzenił się na sferę realną, osiągając globalny wymiar. Chociaż w 2010 r. w gospodarce światowej pojawiły się oznaki ożywienia, załamanie na rynkach finansowych obnażyło błędy w polityce regulacyjnej i wpłynęło na zmianę podejścia do kwestii stabilności finansowej. Celem artykułu jest charakterystyka przyczyn i analiza przebiegu ostatniego kryzysu finansowego, przegląd podstawowych propozycji zmian regulacyjnych wysuwanych przez Międzynarodowy Fundusz Walutowy oraz Bazylejski Komitet ds. Nadzoru Bankowego oraz prezentacja stanu implementacji proponowanych zmian w krajach Unii Europejskiej i USA w świetle ustaleń ostatnich szczytów krajów grupy G-20. (abstrakt autora)
Rocznik
Numer
Strony
69--95
Opis fizyczny
Twórcy
  • Uniwersytet Ekonomiczny w Krakowie
  • Uniwersytet Ekonomiczny w Krakowie
Bibliografia
  • Alford, A. (2010) "Supervisory Colleges: the Global Financial Crisis and Improving International Supervisory Coordination". Emory International Law Review 24.
  • Ard, L. and Berg, A. (2010) "Bank Governance. Lessons from the Financial Crisis". The World Bank Group, Financial and Private Sector Vice Presidency, Crisis Response Note No. 13, March.
  • Barnard, K. F. and Avery, A. W. (2011) "Basel III v Dodd-Frank: What Does It Mean for US Banks". Who's Who Legal, January.
  • Basel Committee (2010a) "Results of the Comprehensive Quantitative Impact Study". Basel: Basel Committee on Banking Supervision, Bank for International Settlements,, December.
  • Basel Committee (2010b) "The Basel Committee's Response to the Financial Crisis: Report to the G20". Basel: Basel Committee on Banking Supervision, Bank for International Settlements, October.
  • CESR (2010) "CESR Technical Advice to the European Commission in the Context of the MiFID Review and Responses to the European Commission Request for Additional Information". Paris: Committee of European Securities Regulators, 29 July.
  • Deutsche Bundesbank (2009) "Amendments to the New EU Capital Requirements Directive and the Minimum Requirements for Risk Management". Deutsche Bundesbank, Monthly Report, September.
  • Dieter, H" Seabrooke, L. and Tsingou, E. (2009) "The Global Credit Crisis and the Politics of Financial Reform". Garnet Policy Brief 8, January.
  • Draghi, M. (2010) "The Financial Stability Board: International Cooperation to Promote Financial Stability", www.g7.utoronto.ca/newsdesk/pittsburgh/draghi.html, 15 May.
  • Foster, J. B. (2007) "The Financialization of Capitalism". Monthly Review 58 (11), April.
  • Goodhart, Ch., Hartmann, Ph., Llewellyn, D., Rojas-Suarez, L. and Weisbrodt, S. (1998) Financial Regulation. Why, How, and Where Now? London: Routledge, Taylor & Francis Group, Bank of England.
  • Jackson, J. K. (2009) "The Financial Crisis: Impact on and Response by The European Union". Congressional Research Service Report for Congress, 24 June.
  • Klapper, L. and Zaidi, R. (2005) "A Survey of Government Regulation and Intervention in Financial Markets". Prepared for the World Development Report 2005: "Improving the Investment Climate for Growth and Poverty Reduction". World Bank Report No. 31439, January.
  • Labonte, M. (2009) "US Economy in Recession: Similarities to and Differences from the Past". Congressional Research Service Report for Congress, 5 February. Summary.
  • Nanto, D. K. (2009) "The Global Financial Crisis: Foreign and Trade Policy Effects". Congressional Research Service Report for Congress, 7 April.
  • Nanto, D. K. (2010) "The Global Financial Crisis: Analysis and Policy Implications". Congressional Research Service Report for Congress, 4 February.
  • IMF (2009) "Navigating the Financial Challenges Ahead". Global Financial Stability Report, International Monetary Fund, October.
  • Palley, T. I. (2007) "Financialization: What It Is and Why It Matters". Working Paper No. 525, The Levy Economics Institute and Economics for Democratic and Open Societies, Washington DC, December.
  • UNCTAD (2009) "The Global Economic Crisis. Systemic Failures and Multilateral Remedies". Report by the UNCTAD Secretariat Task Force on Systemic Issues and Economic Cooperation, United Nations Conference on Trade and Development, United Nations, New York and Geneva.
  • Vakifbank (2010) "A Brief Introduction and Critique of Basel III Criteria". Vakifbank Global Economy Weekly, Vakifbank, 22 September.
  • World Economic Outlook (2010) "A Policy-Driven, Multispeed Recovery". An update of the key WEO projections. World Economic Outlook, 26 January.
  • Legislation "Commission Directive 2009/27/EC of 7 April 2009 amending certain Annexes to Directive 2006/49/ EC of the European Parliament and of the Council as regards technical provisions concerning risk management". Official Journal of the European Union, 8.4.2009.
  • "Council Regulation (EU) No 1096/2010 of 17 November 2010 conferring specific tasks upon the European Central Bank concerning the functioning of the European Systemic Risk Board", Official Journal of the European Union, 15.12.2010.
  • "Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC", Official Journal of the European Union, 30.4.2004.
  • "Directive 2008/10/EC of the European Parliament and of the Council of 11 March 2008 amending Directive 2004/39/EC on markets in financial instruments, as regards the implementing powers conferred on the Commission", Official Journal of the European Union, 19.3.2008.
  • "Directive 2009/14/EC of the European Parliament and of the Council of 11 March 2009 amending Directive 94/19/EC on deposit-guarantee schemes as regards the coverage level and the payout delay", Official Journal of the European Union, 13.3.2009.
  • "Directive 2009/111/EC of the European Parliament and of the Council of 16 September 2009 amending Directives 2006/48/EC, 2006/49/EC and 2007/64/EC as regards banks affiliated to central institutions, certain own funds items, large exposures, supervisory arrangements, and crisis management, Official Journal of the European Union, 17.11.2009.
  • "Directive 2010/76/EU of the European Parliament and of the Council of 24 November 2010 amending Directives 2006/48/EC and 2006/49/EC as regards capital requirements for the trading book and for re-securitisations, and the supervisory review of remuneration policies", Official Journal of the European Union, 14.12.2010.
  • "Dodd-Frank Wall Street Reform and Consumer Protection Act", Public Law 111-203, 21.07.2010.
  • "Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board", Official Journal of the European Union, 15.12.2010.
  • "Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC", Official Journal of the European Union, 15.12.2010.
  • "Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC", Official Journal of the European Union, 15.12.2010.
  • "Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/ EC", Official Journal of the European Union, 15.12.2010.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
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