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Data Access Technologies and the ‘New Governance’ Techniques of Financial Regulation 数据访问技术和金融监管的“新治理”技术
Q1 LAW Pub Date : 2023-09-01 DOI: 10.1093/jfr/fjad008
David McNulty, Andrea Miglionico, Alistair Milne
Abstract Modern data and information technologies are having a profound impact on financial services and opening new frontiers in regulation. This article explores the opportunities for using modern tools of data access and sharing to embed regulatory objectives within the management and decision-making processes of financial firms. This can enhance oversight of prudential and conduct risks as well as substantially lowering compliance costs. It can also help address the information imbalances that limit the effectiveness of older approaches in which the firm is a ‘black box’ that can only be externally supervised. The central challenge is establishing an appropriate governance of data in regulated firms to ensure the achievement of both regulatory and business objectives. Such an approach can be viewed as a further and more radical development of established ‘new governance’ techniques of financial regulation.
现代数据和信息技术正在对金融服务产生深远的影响,并在监管方面开辟了新的领域。本文探讨了利用现代数据访问和共享工具在金融公司的管理和决策过程中嵌入监管目标的机会。这可以加强对审慎和行为风险的监督,并大大降低合规成本。它还可以帮助解决信息不平衡的问题,这种不平衡限制了旧方法的有效性,在旧方法中,公司是一个只能由外部监督的“黑匣子”。核心挑战是在受监管的公司中建立适当的数据治理,以确保实现监管和业务目标。这种方法可以被视为对已建立的金融监管“新治理”技术的进一步和更激进的发展。
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引用次数: 0
The Systemic Risk Council in Denmark: Assessing Strengths and Weaknesses 丹麦系统风险委员会:评估优势和劣势
IF 2.6 Q1 LAW Pub Date : 2023-06-06 DOI: 10.1093/jfr/fjad006
S. Jensen, Thomas Sangill
Like similar bodies in several other countries, the Systemic Risk Council in Denmark was established in response to the global financial crisis. This article first outlines the Council’s design and performance, and then discusses the need for changes to the Council’s remit, governance, powers, and communication with the public. While the design of systemic risk councils varies a lot across countries, and without a consensus on what constitutes an optimal design of a macroprudential policy framework, the Danish experience contributes to the literature on what works, and what does not, in relation to managing systemic risks.
与其他几个国家的类似机构一样,丹麦的系统性风险委员会(Systemic Risk Council)是为应对全球金融危机而成立的。本文首先概述了理事会的设计和表现,然后讨论了对理事会的职权范围、治理、权力和与公众沟通进行改革的必要性。虽然系统风险委员会的设计在各国之间差异很大,而且对于什么是宏观审慎政策框架的最佳设计没有共识,但丹麦的经验有助于研究在管理系统风险方面哪些有效,哪些无效。
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引用次数: 0
Artificial Intelligence Authoring Financial Recommendations: Comparative Australian Evidence 人工智能撰写财务建议:比较澳大利亚证据
IF 2.6 Q1 LAW Pub Date : 2023-05-15 DOI: 10.1093/jfr/fjad004
Benjamin R. Neilson
This article explores the use of artificial intelligence software to create financial recommendations. It seeks to define the impacts and outline the benefits of using ChatGPT software in the highly regulated Australian financial sector. ChatGPT was asked to create a financial recommendation, which was evaluated against the relevant regulations and the recommendations of existing professionals and market contributors. The data generated was analysed using Qualtrics analysis techniques. The findings suggest that ChatGPT significantly reduces the time required to carry out creation, input, and editing services for simple financial advice recommendations. However, ChatGPT fails to operate effectively with complex financial advice and requires professional guidance to ensure regulatory adherence. In future, it may be possible to develop ChatGPT as a complementary tool to decrease the time and cost required to create financial recommendations.
本文探讨了使用人工智能软件来创建财务建议。它试图定义在严格监管的澳大利亚金融部门使用ChatGPT软件的影响和好处。ChatGPT被要求创建一个财务建议,并根据相关法规和现有专业人员和市场贡献者的建议对其进行评估。生成的数据使用Qualtrics分析技术进行分析。研究结果表明,ChatGPT显著减少了创建、输入和编辑简单金融建议服务所需的时间。然而,ChatGPT在复杂的财务建议下无法有效运作,需要专业指导来确保遵守监管规定。将来,可能会开发ChatGPT作为补充工具,以减少创建财务建议所需的时间和成本。
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引用次数: 2
Correction to: Badges of Misconduct: Consumer Rules to Avoid Abusive Financial Advisers 更正:不当行为的徽章:避免滥用财务顾问的消费者规则
Q1 LAW Pub Date : 2023-04-04 DOI: 10.1093/jfr/fjad005
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引用次数: 0
Central Banks and Climate Change: Mission Impossible? 央行与气候变化:不可能完成的任务?
Q1 LAW Pub Date : 2023-03-28 DOI: 10.1093/jfr/fjad003
Jay Cullen
ABSTRACT There is growing presumption that central banks have a significant role to play in addressing environmental challenges, especially climate change. This article explains, on the basis of both theoretical and empirical evidence, that attempting to use existing central bank tools and powers to tackle climate change will prove inadequate to tackle the issue(s) at hand. From a positivist perspective at least—and contrary to the claims made in the literature—the tools that central banks possess are insufficient to make any meaningful contribution to emissions reductions and prevent global heating. This is because many of the proposals made by academics, regulators, and legislators to expand the central bank toolkit to equip banks to tackle climate change suffer from deep conceptual and practical drawbacks when applied in this domain. These critical weaknesses mean that the policy prescriptions that flow from them will be of limited impact; this would likely be the case even if central banks were to obviate their mandates more explicitly and attempt to use such tools to address climate change directly. In so doing, they waste valuable political and economic capital that might be usefully deployed in tackling climate change. The obstacles to using these tools are not political or legal; they are inherent in their operation.
越来越多的人认为,央行在应对环境挑战,尤其是气候变化方面可以发挥重要作用。本文在理论和经验证据的基础上解释说,试图利用现有的中央银行工具和权力来应对气候变化,将被证明不足以解决手头的问题。至少从实证主义的角度来看——与文献中的主张相反——央行拥有的工具不足以对减排和防止全球变暖做出任何有意义的贡献。这是因为学者、监管机构和立法者提出的许多建议,在应用于这一领域时,都存在深刻的概念和实践缺陷,这些建议旨在扩大央行的工具包,使银行具备应对气候变化的能力。这些关键的弱点意味着,它们开出的政策药方影响有限;即使各国央行更明确地放弃自己的职责,并试图利用这些工具直接应对气候变化,情况也可能如此。在这样做的过程中,他们浪费了宝贵的政治和经济资本,而这些资本本可以有效地用于应对气候变化。使用这些工具的障碍不在于政治或法律;它们在它们的操作中是固有的。
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引用次数: 1
Federal Home Loan Banks and Financial Stability 联邦住房贷款银行和金融稳定
Q1 LAW Pub Date : 2023-03-16 DOI: 10.1093/jfr/fjad002
Stefan Gissler, Borghan Narajabad, Daniel K Tarullo
Abstract The Federal Home Loan Banks (FHLBs) are the less well-known siblings of Fannie Mae and Freddie Mac. Since these government-sponsored enterprises were created in 1932, changes in housing finance markets have rendered largely irrelevant their original purpose of increasing the availability of mortgages. Yet the level and scope of their activities have increased dramatically in recent decades. These activities have at times both exacerbated risks to financial stability and obstructed the missions of federal financial regulators. Behind these undesirable outcomes lies the public/private hybrid nature of the FHLBs. The private ownership and control of the FHLBs provide an incentive to take advantage of the considerable public privileges from which they benefit—including an explicit line of credit from the United States Government and an implied guarantee of all their debt similar to that enjoyed by Fannie Mae and Freddie Mac before the Global Financial Crisis. This article examines past incidence and future potential for the FHLBs to amplify financial stability risks. It offers a framework for regulatory reform by the Federal Housing Finance Agency to contain these risks and avoid harmful interference with the activities of other federal regulators.
联邦住房贷款银行(fhlb)是房利美(Fannie Mae)和房地美(Freddie Mac)不太知名的兄弟企业。由于这些政府资助的企业成立于1932年,住房金融市场的变化使其增加抵押贷款可用性的最初目的在很大程度上变得无关重要。然而,近几十年来,它们的活动水平和范围急剧增加。这些活动有时既加剧了金融稳定的风险,也阻碍了联邦金融监管机构的使命。这些不良后果的背后是fhlb的公私混合性质。fhbs的私人所有权和控制权提供了一种动机,促使他们利用大量的公共特权,包括美国政府的明确信贷额度和对其所有债务的隐含担保,这与全球金融危机前房利美和房地美所享有的类似。本文考察了fhlb放大金融稳定风险的过去发生率和未来潜力。它为联邦住房金融局的监管改革提供了一个框架,以遏制这些风险,避免对其他联邦监管机构的活动造成有害干扰。
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引用次数: 2
International Competitiveness and Financial Regulators’ Mandates: Coming Around Again in the UK 国际竞争力和金融监管机构的任务:在英国再次出现
Q1 LAW Pub Date : 2023-03-07 DOI: 10.1093/jfr/fjad001
Eilís Ferran
Abstract Using post-Brexit regulatory freedom to strengthen the financial sector has been seen as a priority for the UK government under the Conservative Party following the 2017 general election. The laying before Parliament of the Financial Services and Markets Bill (July 2022) marked the start of a multi-year process aiming to transform the regulatory framework. Adding a competitiveness and growth secondary objective to regulatory mandates was an important part of the reform agenda set out in the Bill. This article draws on theory (regulatory competition, regulatory procyclicality, and regulatory design) and recent history (post 2008-crisis regulatory reform) to question the wisdom of reinstating international competitiveness in regulatory mandates in this way. The key concern is that this change risks opening the door to an excessively deregulatory agenda and the undermining of regulatory independence. That the new competitiveness and growth objective will be used to advance deregulatory agenda was already becoming evident during 2022 as the UK debated the adaptation and evolution of EU-derived prudential and capital market laws to suit its new situation. Since the competitiveness and growth objective bandwagon may have become unstoppable, the article directs attention to the role of accountability in protecting regulatory independence. Regulators need to be able to resist pressure to lower standards unduly, and an effective system of accountability can support them in doing so.
在2017年大选后,利用脱欧后的监管自由来加强金融部门一直被视为保守党领导下的英国政府的优先事项。《金融服务和市场法案》(2022年7月)提交给议会,标志着旨在改变监管框架的多年进程的开始。将竞争力和增长作为监管任务的次要目标,是该法案规定的改革议程的重要组成部分。本文利用理论(监管竞争、监管顺周期性和监管设计)和近期历史(2008年危机后的监管改革)来质疑以这种方式恢复监管任务中的国际竞争力是否明智。关键的担忧在于,这种变化有可能为过度放松监管议程和破坏监管独立性打开大门。新的竞争力和增长目标将用于推进放松监管议程,这一点在2022年已经变得显而易见,因为英国就欧盟衍生的审慎和资本市场法律的调整和演变进行了辩论,以适应其新形势。由于竞争力和增长目标的潮流可能已经势不可挡,本文将注意力转向问责制在保护监管独立性方面的作用。监管机构需要能够抵制过度降低标准的压力,而一个有效的问责制度可以支持他们这样做。
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引用次数: 1
Badges of Misconduct: Consumer Rules to Avoid Abusive Financial Advisers 不当行为的徽章:避免滥用财务顾问的消费者规则
IF 2.6 Q1 LAW Pub Date : 2023-02-18 DOI: 10.1093/jfr/fjac012
Jeffrey Camarda, S. Lee, Piet de Jong, Jerusha Lee
The financial advisory industry in the USA lacks professional standardization/regulation. There are few guideposts to assess adviser quality, and risks to consumer welfare abound. Some 91% of investment advisers operate on conflicted sales commission licences, although many market themselves as fiduciaries. Using an adviser misconduct scoring framework we report specific misconduct ratings for each of the 625,980 Financial Industry Regulatory Authority (FINRA) advisers, finding elevated misconduct for Certified Financial Planner (CFP®) professionals and commission/fiduciary licensees. For Chartered Financial Analyst (CFA®) professionals, we found the opposite. We propose a unique scoring system to aid consumers in flagging problematic advisers. We also offer simple regulatory policy recommendations, which could enable stronger consumer protection at minimal cost or bureaucratic burden.
美国的金融咨询行业缺乏专业的标准化/监管。评估顾问质量的指南很少,对消费者福利的风险也很大。尽管许多投资顾问将自己作为受托人进行营销,但约91%的投资顾问的销售佣金许可证存在冲突。使用顾问不当行为评分框架,我们报告了625980名金融业监管局(FINRA)顾问的具体不当行为评级,发现注册财务规划师(CFP®)专业人员和委员会/信托许可证持有人的不当行为增加。对于特许金融分析师(CFA®)专业人士,我们发现情况恰恰相反。我们提出了一个独特的评分系统,以帮助消费者标记有问题的顾问。我们还提供了简单的监管政策建议,可以以最低的成本或官僚负担加强消费者保护。
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引用次数: 0
A Theoretical Framework for Law and Macro-Finance 法律与宏观金融的理论框架
IF 2.6 Q1 LAW Pub Date : 2022-09-09 DOI: 10.1093/jfr/fjac011
M Konrad Borowicz
This article considers the effects of legal protections of creditors within the macro-financial theory of leverage cycles developed by John Geanakoplos. The theory posits that leverage is procyclical. I propose a theoretical framework, ‘Law and Macro-Finance’, comprising two main clams: (1) the strength of legal protections of creditors has an impact on the quantum of debt creditors are willing to underwrite not just the interest rate on that debt and (2) that quantum varies across the cycle in a procyclical fashion. In a boom, when asset prices are higher, leverage decreases, creating incentives for creditors to underwrite additional leverage secured on those assets without increasing the interest rate. The stronger the legal protections of creditors, the stronger the incentives to underwrite additional leverage based solely on the increasing value of the collateral. By creating such incentives, strong legal protections of creditors, associated with claims designated in the law as ‘bankruptcy remote’, will accelerate the boom and increase the vulnerability of the economy to shocks. On the normative side, this article proposes a countercyclical design of strong legal protections of creditors. The design makes the availability of such protections, typically achieved by reliance on the legal doctrine of ‘true sales’, conditioned on the adequacy of the price paid in the transaction. The adequacy, in turn, is determined in reference to the applicable schedule of collateral haircuts determined by the central bank.
本文从吉纳科普洛斯的杠杆周期宏观金融理论出发,考察了法律保护对债权人的影响。该理论假定杠杆是顺周期的。我提出了一个理论框架,“法律和宏观金融”,包括两个主要主张:(1)债权人的法律保护力度对债权人愿意承保的债务数量有影响,而不仅仅是债务的利率;(2)这个数量在整个周期中以顺周期的方式变化。在经济繁荣时期,当资产价格较高时,杠杆率会下降,从而激励债权人在不提高利率的情况下,为这些资产提供额外的杠杆担保。对债权人的法律保护越强,仅仅基于抵押品价值的增加而承保额外杠杆的动机就越强。通过建立这样的激励机制,对债权人的强有力的法律保护,以及法律规定的“破产风险”索赔,将加速繁荣,并增加经济对冲击的脆弱性。在规范方面,本文提出了对债权人强有力的法律保护的逆周期设计。这种设计使得这种保护的可用性,通常通过依赖于“真实销售”的法律原则来实现,条件是交易中支付的价格是否足够。而充分性则是参照中央银行确定的适用的抵押品减值时间表来确定的。
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引用次数: 0
Walking a Tightrope: Financial Regulation, Climate Change, and the Transition to a Low-Carbon Economy 走钢丝:金融监管、气候变化和向低碳经济转型
IF 2.6 Q1 LAW Pub Date : 2022-08-24 DOI: 10.1093/jfr/fjac010
Dimitri G. Demekas, P. Grippa
As with the global financial crisis, there are once again demands on central banks and financial regulators to take on new responsibilities, this time for supporting the transition to a low-carbon economy. Regulators can indeed facilitate the reorientation of financial flows necessary for the transition. But they may find themselves walking a tightrope, having to balance exaggerated expectations against limited capabilities and political economy constraints. Their diagnostic and policy toolkits are still in their infancy. Expanding their legal mandates to take on these new, essentially political, responsibilities should be done through the political process and be accompanied by strengthened governance and accountability arrangements. Taking on these new responsibilities can also have potential pitfalls and unintended consequences on financial markets. Ultimately, central banks and financial regulators cannot deliver a low-carbon economy by themselves and should not risk being caught again in the role of ‘the only game in town’.
与全球金融危机一样,各国央行和金融监管机构再次被要求承担新的责任,这一次是支持向低碳经济转型。监管机构确实可以促进转型所必需的资金流动的重新定位。但他们可能会发现自己在走钢丝,必须在夸大的期望与有限的能力和政治经济约束之间取得平衡。他们的诊断和政策工具仍处于起步阶段。应通过政治进程扩大它们的法律授权,以承担这些新的、基本上是政治的责任,同时加强管理和责任安排。承担这些新责任也可能给金融市场带来潜在的陷阱和意想不到的后果。最终,中央银行和金融监管机构无法单凭一己之力实现低碳经济,也不应再次冒险扮演“唯一游戏者”的角色。
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引用次数: 2
期刊
Journal of Financial Regulation
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