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

• 成果类型: Article
• 署名作者: Quaglia, Lucia; Spendzharova, Aneta
• 署名单位: University of Bologna; Maastricht University
• 刊物名称: PUBLIC ADMINISTRATION
• ISSN/ISSBN: 0033-3298
• DOI: 10.1111/padm.12549
• 发表日期: 2019
• 页码: 499-512
• 关键词: transgovernmental networks; COORDINATION; POLITICS; dilemma; POWER

摘要

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.