Przedkryzysowa architektura nadzorczo-regulacyjna w USA jako katalizator kryzysu subprime

• Autorzy: Artur Mika
• Języki publikacji: PL

Abstrakty

Aby wykazać niedoskonałości nadzorczo-regulacyjne rynku finansowego w USA istniejące przed kryzysem subprime, należy prześledzić nadzór i regulacje tego rynku finansowego w perspektywie historycznej. System finansowy w Stanach Zjednoczonych charakteryzuje się własną, uwarunkowaną historycznie specyfiką, odmienną od rozwiązań europejskich. Zaangażowanie państwa w sektor finansów jest postrzegane jako przejaw nadmiernej ingerencji w mechanizm wolnego rynku oraz czynnik prowokujący pokusę nadużycia w sytuacji, gdy instytucje finansowe mogą spodziewać się pomocy państwa i specjalnych gwarancji. (fragment tekstu)

EN

The aim of this article is to identify and analyze major weaknesses of the precrisis supervisory and regulatory architecture of the U.S. financial market. The main thesis emerging is that weakening the role of this architecture since 1970s has translated into a significant catalyst of the world financial crisis of 2007+. The article is divided into 4 sections. Section 1 focuses on the problem of dispersion of supervisory institutions (as well as inefficiencies of their coordination) and on the issue of regulatory outsourcing. The next section concerns the process of successive erosion of standards in the U.S. banks' credit policy, resulting from deregulation of the financial market. Both arguments for and against the deregulation are presented. Section 3 presents the phenomenon of the U.S. "revolving door", which pertains to conflicts of interests in functioning of the regulators and supervisors. Last, but not least, in section 4 the reader may find implications for financial market regulation and supervision resulting from the model of financing political campaigns. (original abstract)

Słowa kluczowe

PL

Rynki finansowe; Polityka regulacyjna; Nadzór nad rynkiem finansowym; Nadzór bankowy; System finansowy; Regulacje prawne

EN

Financial markets; Regulatory policy; Financial market supervision; Bank supervision; Financial system; Legal regulations

• Czasopismo: Bezpieczny Bank
• Rocznik: 2012
• Numer: nr 4(49)
• Strony: 7--27

Twórcy

autor

Artur Mika

• Szkoła Główna Handlowa w Warszawie

Bibliografia

• Amadeo K., Did Fannie and Freddie Cause the Mortgage Crisis?
• Baram M., Who's Whining Now? Gramm Slammed By Economists , ABC News z 19.09.2008 r.
• Barr M.S., Credit Where it Counts: The Community Reinvestment Act and Its Critics , New York University Law Review, No. 80.
• Bernanke B.S., The Community Reinvestment Act: Its Evolution and New Challenges, speech before the Community Affairs Research Conference, 30.03.2007 r.
• Bogle J.C., Enough. True Measures of Money, Business, and Life , Wyd. Wiley, Hoboken, New Jersey 2008.
• Calabria M., Did Deregulation Cause the Financial Crisis? , Cato Institute.
• Calomiris Ch., Banking Crises and the Rules of the Game, National Bureau of Economic Research WP, No. 15403/2009.
• Carow C.A., Citicorp-Travelers Group merger: Challenging barriers between banking and insurance, Journal of Banking & Finance, Vol. 25, No. 8/2001.
• Chasan E., Herbst-Bayliss S., INSIGHT-Former regulators find steady work with hedge funds.
• Giedeman D.C., The Riegle-Neal Act and local banking market concentration, International Advances in Economic Research, 1 November 2004.
• Gonzales F.J., Banking on the Future: The Role of Banking and Financial Services in the Development of Minnesota's Immigrant and Minority Communities, Hamline University School of Law 1999.
• Goodman L., The Effects of the Repeal of the McFadden Act on Resource Allocation Within the International Bank, Atlantic Economic Journal, Vol. 11, No. 2.
• Gramm P., Deregulation and the Financial Panic, The Wall Street Journal z 20.02.2009 r.
• Greenlee M.B., Historical Review of 'Umbrella Supervision' by the Board of Governors of the Federal Reserve System, FRB of Cleveland Working Paper, No. 08-07.
• Jackson B., Miller J., Who Caused the Economic Crisis?, FactCheck.org.
• Labaton S., Lipton E.,Deregulator Looks Back, Unswayed, The New York Times z 16.11.2008 r.
• T. McGinty, SEC Lawyer One Day, Opponent the Next, The Wall Street Journal z 05.04.2010 r.
• Mian A., Sufi A., Trebbi F., The Political Economy of the Subprime Mortgage Credit Expansion, National Bureau of Economic Research, Working Paper 16107, Chicago 2010.
• Nawrot W., Globalny kryzys finansowy XXI wieku, CEDEWU, Warszawa 2009.
• Park K., Subprime Lending and the Community Reinvestment Act, Joint Center for Housing Studies of Harvard University, Cambridge 2008.
• Pethokoukis J., Phil Gramm: I Didn›t Cause the Subprime Crisis.
• Timiraos N., Study: Subprime Lending Fueled by Campaign Cash.
• ---