Measuring regulatory complexity

• 成果类型: Article
• 署名作者: Colliard, Jean-Edouard; Georg, Co-Pierre
• 署名单位: Hautes Etudes Commerciales (HEC) Paris; Frankfurt School Finance & Management
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2025.104186
• 发表日期: 2025-12
• 页码: 104186
• 关键词: Regulatory complexity; Financial regulation; Basel accords; Dodd-Frank; LAW

摘要

We propose a framework to study regulatory complexity, based on concepts from computer science. We distinguish different dimensions of complexity, classify existing measures, develop new ones, compute them on three examples - Basel I, the Dodd-Frank Act, and the European Banking Authority's reporting rules - and test them using experiments and a survey on compliance costs. We highlight two measures that capture complexity beyond the length of a regulation. We propose a quantitative approach to the policy trade-off between regulatory complexity and precision.