Evolución e impacto de la regulación bancaria internacional hasta Basilea III: el caso de América Latina = Evolution and impact of international banking regulation until Basel III: The case of Latin America
DOI :
https://doi.org/10.18002/pec.v0i16/17.1339Mots-clés :
Acuerdos de Basilea, Regulación bancaria, Crisis financiera, Prociclicidad, América Latina, Basel accords, Banking supervision, Financial crisis, Pro-cyclicality, Latin AmericaRésumé
La crisis financiera ha cuestionado la efectividad de los Acuerdos de Basilea como herramienta de regulación y supervisión bancaria a nivel internacional, especialmente por la coincidencia temporal de Basilea II y los problemas del sector bancario. En el caso de América Latina, esto se une tanto a las particularidades de su sistema financiero, que ha afrontado reformas muy significativas en los últimos años, como a la forma diferencial en que la crisis financiera se ha manifestado.
El artículo revisa las características del esquema de regulación bancaria internacional hasta llegar al nuevo Acuerdo de Basilea III y su previsible adaptación al caso latinoamericano, con especial interés sobre los efectos en la financiación y prociclicidad.
The financial crisis has questioned Basel Accords effectiveness as regulatory and supervisory tools in the international banking area, especially because Basel II was firstly applied when banking problems started. In the Latin America case, this happens in a particular financial system, which has suffered significant reforms over the last years, and where the financial crisis has behaved in a different way.
The paper analyses the main characteristics of the international banking regulatory framework until current Basel III Accord. It also addresses its foreseeable adaptation to the Latin American context, with special emphasis on funding and pro-cyclicality
Téléchargements
Références
Allen, L. y Saunders, A. (2004). Incorporating systemic influences into risk measurements: A survey of the literature. Journal of Financial Services Research, 26(2), 161-192.
Asturizaga Sagárnaga, P.M. (2012). ¿Qué implicancia tendría para el sistema financiero boliviano ajustarse al marco prudencial de Basilea III? En Finanzas para el desarrollo. Dirección de estudios y publicaciones. Autoridad de Supervisión del Sistema Financiero, 33-68.
Ayuso, J., Pérez, D. y Saurina, J. (2004). Are capital buffers pro-cyclical? Evidence from Spanish panel data. Journal of Financial Intermediation, 13, 249-264.
Balin, B.J. (2008). Basel I, Basel II, and emerging markets: A nontechnical analysis. The Johns Hopkins University School of Advanced International Studies (SAIS).
Basel Committee on Banking Supervision (BCBS) (1988). International convergence of capital measurement and capital standards. Bank for International Settlements (BIS), july, Basel.
Basel Committee on Banking Supervision (BCBS) (1997). Core principals for effective banking supervision. BIS, september.
Basel Committee on Banking Supervision (BCBS) (2004). International convergence of capital measurement and capital standards: A revised framework. BIS, june, Basel.
Basel Committee on Banking Supervision (BCBS) (2009a). Enhancements to the Basel II Framework. BIS, july.
Basel Committee on Banking Supervision (BCBS) (2009b). Revisions to the Basel II market risk framework. BIS, july
Basel Committee on Banking Supervision (BCBS) (2009c). Guidelines for computing capital for incremental risk in the trading book. BIS, july.
Basel Committee on Banking Supervision (BCBS) (2010a). Good practice principles on supervisory colleges. BIS, Consultative document, march.
Basel Committee on Banking Supervision (BCBS) (2010b). Countercyclical capital buffer proposal. Consultative document, july.
Basel Committee on Banking Supervision (BCBS) (2010c). Group of Governors and Heads of Supervision announces higher global minimum capital standards. 12 september.
Basel Committee on Banking Supervision (BCBS) (2010d). The Basel Committee´s response to the financial crisis: report to the G-20. BIS, october.
Basel Committee on Banking Supervision (BCBS) (2010e). Basel III: International framework for liquidity risk measurement, standards and monitoring. BIS, december.
Basel Committee on Banking Supervision (BCBS) (2010f). Basel III: A global regulatory framework for more resilient banks and banking systems. BIS, december.
Basel Committee on Banking Supervision (BCBS) (2013). Progress report on implementation of the Basel regulatory framework. October, BIS.
Beattie, V.A., Casson, P.D., Sale, R.S., McKenzie, G.W., Sutcliffe, C.M.S. y Turner, M.J. (1995). Banks and bad debts. Chichester: Wiley.
Berger, A.N., Herring, R.J. y Szegö, G. (1995). The role of capital in financial institutions. Journal of Banking & Finance, 19, 393–430.
Bhattacharya, S. y Thakor, A.V. (1993). Contemporary banking theory. Journal of Financial Intermediation, 3, 2-50.
Bikhchandani, S. y Sharma, S. (2001). Herd behaviour in financial markets. International Monetary Fund Staff Papers, 47(3), 279-310.
Bikker, J.A. y Metzemakers, P.A.J. (2007). Is bank capital procyclical? A cross-country analysis. Kredit und Kapital, 40, 225-264.
Blum, J. (1999). Do capital adequacy requirement reduce risks in banking? Journal of Banking & Finance, 23, 755-771.
Borio, C., Furfine, C. y Lowe, P. (2001). Procyclicality of the financial system and financial stability: Issues and policy option. En Marrying the macro- and micro-prudential dimensions of financial stability, BIS Papers, 1, 1-57.
Bourgain, A., Pieretti, P. y Zanaj, S. (2009). International financial competition and bank risk-taking in emerging economies. CREA Discussion Paper Series with number 09-08.
Calem, P.S. y Rob, R. (1996). The impact of capital-based regulation on bank risk-taking: A dynamic model. Federal Reserve Board, Paper 1996-12, Finance and Economic Discussion Series.
Caprio, G. Jr. (1998). Banking on crises: expensive lessons from recent financial crises. Development Research Group, The World Bank.
Caruana, J. (2010). La importancia de Basilea III para los mercados financieros de América Latina y el Caribe. Reunión sobre El marco emergente para reforzar la estabilidad financiera y las prioridades regulatorias en las Américas, Guatemala, noviembre.
Chortareas, G.E., Garza-García, J.G. y Girardone, C. (2011). Banking sector performance in Latin America: Market power versus efficiency. Review of Development Economics, 15(2), 307-325.
Claessens, S., Underhill, G.R.D. y Zhang, X. (2008). The political economy of Basle II: The costs for poor countries. The World Economy.
Daniel, B.C. y Jones, J.B. (2007). Financial liberalization and banking crises in emerging economies. Journal of International Economics, 72, 202-221.
Daníelsson, J. y Shin, H.S. (2002). Endogenous risk. September, Disponible en www.RiskResearch.org [consultado 2 noviembre de 2013].
De los Ríos González, A. y Ortiz Vidal-Abarca, A. (2001). Crisis cambiarias en Latinoamérica: factores específicos e internacionales. ICE La nueva agenda en América Latina, 790, 93-104.
Demirgüç-Kunt, A. y Detragiache, E. (1998). The determinants of banking crises in developing and developed countries. IMF Staff Papers, 45 (1).
Dowd, K. (1999). Does asymmetric information justify bank capital adequacy regulation? Cato Journal, 19(1), spring/summer, 39-47.
Drumond, I. (2009). Bank capital requirements, business cycle fluctuations and the Basel accords: A synthesis. Journal of Economic Surveys, 23(5), 798-830.
Eichengreen, B. (2010). Lessons of the crisis for emerging markets. International Economics and Economic Policy, 7, 49-62.
Fernández-Arias, E. y Montiel, P.J. (2009). Crisis response in Latin America: is the “rainy day” at hand? Inter-American Development Bank, Working Paper 686.
Financial Monetary Institute (FMI). World economic Outlook. Disponible en www.imf.org [consultado 15 enero 2014].
Flannery, M.J. (1989). Capital regulation and insured banks´ choice of individual loan default risks. Journal of Monetary Economics, 24, 235-258.
Francis, S. (2006). The revised basel capital accord: The logic, content and potential impact for developing countries. IDEAS Working Paper.
Freixas, X. y Saurina, J. (2004). Teoría y práctica de la regulación bancaria. Moneda y crédito, 218, 111-157.
FSI (2004). Implementation of the new capital adequacy framework in non-Basel Committee member countries. Occasional Paper No. 4, disponible en http://www.bis.org/fsi/ fsipapers04.htm . [consultado 15 noviembre de 2013].
Galindo, A., Micco, A. y Powell, A. (2004). Loyal lenders or fickle financiers: Foreign banks in Latin America. Working paper, agosto. Universidad Torcuato di Tella.
Galindo, A. y Rojas-Suarez, L. (2011). Provisioning requirements in Latin America: Where does the Region stand? Inter-American Development Bank, Country Department Andean Group, Policy Brief No.119.
García-Herrero, A. y Gavilá, S. (2006). Posible impacto de Basilea II en los países emergentes. Documentos ocasionales Banco de España nº 606. Disponible en http://www.bde.es/ webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosOcasionales/06/Fi c/do0606.pdf [consultado 10 noviembre 2011].
Ghosh, S., Sugawara, N. y Zalduendo, J. (2011). Banking flows and financial crisis: Financial interconnectedness and Basel III effects. Policy Research Paper No. 5769, The World Bank, August.
Gordy, M.B. y Howells, B. (2006). Procyclicality in Basel II: Can we treat the disease without killing the patient? Journal of Financial Intermediation, 15(3), 395-417.
Griffith-Jones, S. y Persaud, A. (2003). The political economy of Basle II and implications for emerging economies. Article to be presented to the Economic Commission of Latin America.
Griffith-Jones, S. y Spratt, S. (2001). Will the proposed new basel capital accord have a net negative effect on developing countries? Mimeo, Institute of Development Studies, University of Sussex.
Griffith-Jones, S. y Spratt, S. (2002). The new Basel capital accord and developing countries.
Discussion Paper No. 2002/36, World Institute for Development Economics Research.
Griffith-Jones, S., Segoviano, M. y Spratt, S. (2002). The onward march of Basel II: Can the interests of developing countries be protected. Mimeo, Institute of Development Studies, University of Sussex.
Griffith-Jones, S., Segoviano, M. y Spratt, S. (2004). Basel II: Developing countries and portfolio diversification. Cepal Review, 8, 145-160.
Gutiérrez López, C. (2010). El contradictorio papel de Basilea II en la crisis financiera actual: ¿acentúa el ciclo económico? Análisis Financiero, 112, 20-31.
Hassan, K.M. y Hussain, M.E. (2006). Basel II and Bank Credit Risk: Evidence from the Emerging Markets. Networks Financial Institute Working Paper No. 2006-WP-10. Disponible en SSRN: http://ssrn.com/abstract=1065521 [consultado 4 noviembre 2013].
Hayes, S. y Saporta, V. (2002). The impact of the new Basel Capital Accord on the supply of capital to emerging market economies. Financial Stability Report, Bank of England.
Heid, F. (2007). The cyclical effects of the Basel II capital requirements. Journal of Banking & Finance, 31, 3885-3900.
Heinrich, G. (2011). Basilea III y la relevancia para la banca de desarrollo en América Latina. Asamblea General de ALIDE, mayo.
Jackson, P., Furfine, C., Groeneveld, H., Hancock, D., Jones, D., Perraudin, W., Radecki, L. y Yoneyama, M. (1999). Capital requirements and bank behaviour: The impact of the Basel Accord. BCBS Working Paper 1.
Jara, A., Moreno, R. y Tovar, C.E. (2009). La crisis internacional y América Latina: repercusiones financieras y políticas de respuesta. Informe Trimestral del BPI, junio.
Jiménez, G. y Saurina, J. (2005). Credit cycles, credit risk and prudential regulation. Documentos de trabajo 0531, Banco de España.
Jones, D. y Mingo, J. (1999). Credit risk modelling and internal capital allocation processes: Implications for a models-based regulatory bank capital standard. Journal of Economics and Business, 51, 79-108.
Kahane, Y. (1977). Capital adequacy and the regulation of financial intermediaries. Journal of Banking & Finance, 1(2), 207-218.
Kaufman, G.G. (1996). Bank failures, systemic risk, and bank regulation. Cato Journal, 16(1), spring/summer.
Keeley, M.C. y Furlong, F.T. (1989). Capital regulation and bank risk-taking: a note. Journal of Finance & Banking, 13, 883-891.
Kim, D. y Santomero, A.M. (1988). Risk in banking and capital regulation. Journal of Finance, 43(5), 1219-1233.
Koehn, M. y Santomero, A.M. (1980). Regulation of bank capital and portfolio risk. The Journal of Finance, 35(5), 1235-1244.
Koopman, S.J., Kräussl, R., Lucas, A. y Monteiro, A.B. (2009). Credit cycles and macro fundamentals. Journal of Empirical Finance, 16, 42-54.
Kwan, S. y Eisenbeis, R.A. (1997). Bank risk, capitalization and inefficiency. Journal of Financial Services Research, 12(2/3), 117-131.
Laeven, L. (2011). Banking crisis: A review. The Annual Review of Financial Economics, 3, 4.1- 4.24.
Liebig, T., Porath, D., Weder, B. y Wedow, M. (2007). Basel II and bank lending to emerging markets: Evidence from the German banking sector. Journal of Banking & Finance, 31(2), 401-418.
Llewellyn, D.T. (2002). An analysis of the causes of recent banking crises. The European Journal of Finance, 8, 152-175.
López Bolaños, A. (2007). Crisis financieras latinoamericanas: la experiencia de Brasil y Argentina al inicio del siglo XXI. Revista Economía Informa, 349, 29-47.
Lora, E. (2001). Las reformas estructurales en América Latina: qué se ha reformado y cómo medirlo. Banco Interamericano de Desarrollo, Departamento de Investigación, Documento de Trabajo Nº 462.
Machinea, J.L. (2009). Algunas reflexiones respecto a las reformas de la arquitectura financiera en el ámbito nacional e internacional. En La crisis financiera y su impacto en América Latina: orígenes, reformas y desafíos. Instituto Universitario de Análisis Económico y Social, Documento de Trabajo 02/2009.
Majnoni, G., Powell, A., Correa, P. y Brock, P. (2005). Reforming bank capital requirements: Implications of Basel II for Latin American countries. Economía, 5(2), 105-149.
Matten, C. (2000). Managing bank capital: Capital allocation and performance measurement. Chichester: Wiley.
Minda, A. (2007). The entry of foreign banks into Latin America: A source of stability or financial fragility? Problemas del desarrollo. Revista Latinoamericana de Economía, 38(150), 43-71.
Moguillansky, G., Rogerio, S. y Vergara, S. (2004). Comportamiento paradójico de la banca extranjera en América Latina. Revista Cepal, 82, 19-36.
Moore, W. (2009). How do financial crises affect commercial bank liquidity? Evidence form Latin America and the Caribbean. Munich Personal RePEc Archive. [on line at http://mpra.ub.uni- muenchen.de/21473/.
Nieto Parra, S. (2005). Estabilidad del sistema financiero y regulación de capital: el caso de los países latinoamericanos. ICE, 827, 109-121.
Oatley, T. (2001). The dilemmas of international financial regulation. Regulation Magazine, 23(4), 36-39.
Ocampo, J.A. (2009). Latin America and the global financial crisis. Cambridge Journal of Economics, 33, 703-724.
Ozun, A. (2007). Effects of the Basel II Accord on the integration process of the emerging markets into de EU markets. Banks and Bank Systems, 2(3), 73-81.
Powell, A. (2002). A capital accord for emerging economies? World Bank Policy Research Working Paper No. 2808. Disponible en SSRN: http://ssrn.com/abstract=636091 [consultado 10 diciembre de 2013].
Powell, A. (2004). Implicaciones de Basilea II para América Latina. Estabilidad Financiera, 6, 149- 172.
Reisen, H. (2001). Will Basel II contribute to convergence in international capital flows? OECD Development Centre. Oesterreichische National bank, 29th Economics Conference, 29 mayo- 1 junio, Viena.
Rochet, J.C. (1992). Capital requirements and the behaviour of commercial banks. European Economic Review, 26, 1137-1178.
Rossi, M. (1999). Financial fragility and economic performance in developing economies: do capital controls, prudential regulation and supervision matter? IMF Working Paper 99/66.
Santos, J.A.C. (1999). Bank capital and equity investment regulations. Journal of Banking & Finance, 23, 1095-1120.
Schmidt-Hebbel, K. (2011). Central banking in Latin America: Changes, achievements, challenges. Documentos Ocasionales Banco de España Nº 1102.
Segoviano, M.A. y Lowe, P. (2002). Internal ratings, the business cycle and capital requirements: Some evidence from an emerging market economy. Discussion Paper 428. Financial Markets Group, London School of Economics and Political Science, London, UK.
Shin, H.S. (2003). Basel II and bank competition in emerging market economies: Background and recent developments. London School of Economics. KMFA, KIA Conference on the Consequences of the New Basel Accord for the Korean Banking Sector, and Policy Implications. Disponible en http://www.kmfa.or.kr/paper/sympo/2003/newbasel11.pdf [consultado 10 diciembre 2013].
Vidal, G. (2006). América Latina: banca, mercados de capital y determinación externa del crédito. En Corre y Girón, A. (Ed.), Reforma financiera en América Latina. Consejo Latinoamericano de Ciencias Sociales.
Weder, B. y Wedow, M. (2002). Will Basel II affect international capital flows to emergening markets? OECD Development Center Technical Papers, No 1999.
Yildirim, H.S. y Philippatos, G.C. (2007). Restructuring, consolidation and competition in Latin American banking markets. Journal of Banking & Finance, 31, 629-639.
Téléchargements
Publié-e
Comment citer
Numéro
Rubrique
Licence
(c) Tous droits réservés Cristina Gutiérrez López 2013
Cette œuvre est sous licence Creative Commons Attribution - Pas d'Utilisation Commerciale - Partage dans les Mêmes Conditions 4.0 International.
Los autores que publican en esta revista están de acuerdo con los siguientes términos:- Los autores ceden de forma no exclusiva los derechos de explotación (reproducción, distribución, comunicación pública, transformación) a la Universidad de León, por lo que pueden establecer, por separado, acuerdos adicionales para la distribución no exclusiva de la versión de la obra publicada en la revista (por ejemplo, alojarlo en un repositorio institucional o publicarlo en un libro), con un reconocimiento de su publicación inicial en esta revista.
- Este trabajo se encuentra bajo la Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. Puede consultarse desde aquí la versión informativa y el texto legal de la licencia.
- Se permite y se anima a los autores a difundir electrónicamente las versiones pre-print (versión antes de ser evaluada) y/o post-print (versión evaluada y aceptada para su publicación) de sus obras antes de su publicación, ya que favorece su circulación y difusión más temprana y con ello un posible aumento en su citación y alcance entre la comunidad académica.
