这一收缩趋势在一定程度上是不可避免的。银行业务过去确实扩张过度。但有迹象显示,监管举措以及金融保护主义也是导致金融机构收缩业务的影响因素,其中金融保护主义的危害性或与贸易保护主义相当。
In some cases, particularly in Europe, home state regulators have required their institutions to pull liquidity back from overseas markets to protect the parent bank. US regulators are pressing overseas banks to set up local subsidiaries, with separate capitalisation (as the Canadians have done for some time). Even in the EU, banks are being pressed to set up local subsidiaries.
在某些情况下(特别是在欧洲地区),一国的监管当局会要求本国金融机构从海外市场撤回流动性,以保护母公司。美国的监管当局则对外资银行施压,要求他们设立拥有单独资本金配置的本地化分支机构(加拿大施行这一措施已有一段时间)。即使是在欧盟内部,银行也同样会被要求在业务开展国设立本地化分支机构。
These are not costless measures. They cause liquidity and capital to be trapped where they are not needed, and mean that capital is therefore not optimally used, which will increase the cost of credit. In response, banks withdraw from marginal markets, reducing competition. Local authorities respond by biasing their regulation in favour of domestic entities. A cycle of discrimination and domestication is established.
【2013将是金融“去全球化”关键年】相关文章:
★ 聪明的熊猫
最新
2020-09-15
2020-09-15
2020-09-15
2020-09-15
2020-09-15
2020-09-15