Topics in Corporate Finance

Perspectives on the Regulation of the Financial Services Industry


Volume: 2 Topics in Corporate Finance

Author(s): E.I. Altman and A. Saunders, and A.W.A. Boot, T. Milbourn, and S. Dezelan

Year: 2000

ISBN: 90-805728-2-9

Price: € 12.50

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The well-being of the financial sector is a primary concern to national and international policy makers. Particularly banks are singled out and subjected to extensive regulatory scrutiny. Regulation, however, does not come without cost. Moreover, today's dynamic environment of banking may very well undermine its effectiveness and ask for a careful (re-)examination of regulatory practices.

This publication of the Amsterdam Center for Corporate Finance (ACCF) focuses on the design and future of regulation. In the first contribution professors Ed Altman and Tony Saunders evaluate the latest BIS proposals on capital adequacy. In particular, they focus on the suggestion to use external credit ratings for improving the existing risk-based capital requirements. While their main conclusion is that the use of credit ratings may not be desirable, they do support the BIS in its attempts to improve the risk-based weighting of capital requirements. In the second contribution, Boot, Dezelan and Milbourn focus on the broader issue of optimal regulatory design in the increasingly competitive and dynamic environment of banking. The question they address is what type of regulation is sustainable and causes minimal competitive distortions? They advocate setting minimum requirements, basically certification requirements, complemented with discretionary controls to monitor the integrity and viability of financial institutions.

Together both contributions help understand the important role of regulation in the financial services sector.


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