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Banking on trust: exploring the relationship between Federal Reserve directors and financial institutions 信任银行:探索联邦储备局局长与金融机构之间的关系
IF 0.9 Q2 BUSINESS, FINANCE Pub Date : 2024-06-26 DOI: 10.1108/jfrc-02-2024-0027
Elizabeth Cooper

Purpose

This study aims to analyze the risk profile of banks whose managers sit on Federal Reserve district bank boards in 2023. In particular, to analyze the impact tha Federal Reserve bank directors have on their own banks.

Design/methodology/approach

Use a matched sample approach to perform univariate analysis and multiple regression methodology to study whether banks whose managers sit on Federal Reserve Bank boards differ in risk profile from banks whose managers do not sit on Federal Reserve district boards.

Findings

There is limited evidence that banks managed by Fed directors have different capital ratios and leverage ratios relative to non-Fed director banks. There does appear to be a slight difference in the growth of Held-to-Maturity (HTM) Securities between the two samples. Specifically, banks managed by a Fed director saw their HTM portfolio grow over the study period, while banks managed by non-Fed directors reduced their HTM securities. Overall, the results suggest that bank directors on Federal Reserve district boards do so with no apparent detriment to the banks that they manage.

Research limitations/implications

Results of this study suggest that stakeholder director relationships are not associated with higher risk-taking at director banks. This study is unique in that, rather than looking at how director ties might influence the firm that they are on the board of, the focus here is how the firm (the Fed district, in this case) might influence director affiliations. Limitations include a small sample size (70 banks, including the matched sample), and data over a short time horizon. Additional measures of risk can also be analyzed in future research.

Practical implications

While there has been much speculation in the industry and in the press regarding the conflict of interest involving bank directors on Fed district boards, this research suggests there is little evidence of any risk differential involving these directors and their specialties to the Fed.

Originality/value

This study involves a unique approach to corporate governance analysis, whereby any conflict of interest that might exist between directors and the firm is studied from an alternate angle – in particular, whether the association with a regulator’s board impacts the director firm’s risk. Furthermore, with the recent events in the banking industry involving the collapse of several banks, including Silicon Valley, the notion that bank management participating on the boards of directors of their own regulator seemed a worthwhile question as to whether this diminished the safety and soundness of the banks that they run.

目的本研究旨在分析 2023 年其经理担任美联储地区银行董事会成员的银行的风险状况。研究结果有限的证据表明,由美联储董事管理的银行与非美联储董事管理的银行相比,其资本比率和杠杆比率有所不同。两个样本之间的持有至到期证券(HTM)增长似乎略有不同。具体来说,在研究期间,由美联储董事管理的银行的持有至到期证券组合有所增长,而由非美联储董事管理的银行则减少了持有至到期证券。总体而言,研究结果表明,美联储地区董事会中的银行董事并没有对其管理的银行造成明显的损害。研究局限性/意义研究结果表明,利益相关者董事关系与董事银行的高风险承担无关。这项研究的独特之处在于,研究的重点不是董事关系如何影响他们所在的公司董事会,而是公司(本例中为美联储地区)如何影响董事关系。局限性包括样本量较小(70 家银行,包括匹配样本)和数据时间跨度较短。虽然业界和媒体对美联储地区董事会中银行董事的利益冲突有很多猜测,但本研究表明,几乎没有证据表明这些董事及其专业与美联储之间存在任何风险差异。此外,由于近期银行业发生了包括硅谷在内的多家银行倒闭事件,银行管理层参与自己监管机构的董事会似乎是一个值得探讨的问题,因为这是否会降低他们所经营银行的安全性和稳健性。
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引用次数: 0
Shrinking the 13D disclosure window will benefit non-activist investors 缩减 13D 披露窗口将有利于非活动投资者
IF 0.9 Q2 BUSINESS, FINANCE Pub Date : 2024-06-20 DOI: 10.1108/jfrc-01-2024-0016
Ryan Christopher Polk, Steve Buchheit, Mark E. Riley, Mary S. Stone

Purpose

This study aims to examine the Securities and Exchange Commission’s final rule in Modernization of Beneficial Ownership Reporting, which reduced the time for significant public company shareholders to file Schedule 13D (effective February 5, 2024). The authors corroborate prior results under the historic 10-day maximum reporting regime and provide updated academic analysis regarding how the five-day deadline between the “triggering” event, accumulating 5% of the outstanding shares and public disclosure of that event will affect abnormal returns.

Design/methodology/approach

This empirical archival study uses publicly available data.

Findings

The analyses show that changing from a 10-day to a 5-day Schedule 13 disclosure window will reduce activist investors’ opportunity to profit by legally delaying the filing of Schedule 13D. These excess returns for delay exist regardless of the profitability or size of the target firm or the shareholder’s disclosed reason for filing. The authors conclude that accelerating the timing of the disclosure window is an improvement that is in the best interest of the general investing public.

Originality/value

To the authors’ knowledge, this is the only academic study of Schedule 13D filings to include the postpandemic period. As such, the authors establish an updated “baseline projection” for expectations regarding how the Modernization final rule will impact activist investors and stock returns under a five-day reporting regime. In addition, the authors measure and test abnormal returns after considering differences between “triggering” events and filing dates of Schedule 13Ds in the sample rather than grouping all filings. This approach allows the authors to account for the time difference between the triggering event and the filing date.

目的 本研究旨在研究证券交易委员会在《实益拥有权报告现代化》(Modernization of Beneficial Ownership Reporting)中的最终规则,该规则缩短了上市公司重要股东提交附表 13D 的时间(自 2024 年 2 月 5 日起生效)。作者证实了之前在最长 10 天的历史报告制度下得出的结果,并提供了最新的学术分析,说明在 "触发 "事件、累积 5%的流通股和公开披露该事件之间的 5 天期限将如何影响异常回报。无论目标公司的盈利能力或规模如何,也无论股东披露的申报理由如何,延迟申报都会带来超额收益。作者的结论是,加快披露窗口期的时间安排是一项符合广大投资者最佳利益的改进措施。原创性/价值据作者所知,这是唯一一项关于附表 13D 申报的学术研究,其中包括了后流行期。因此,作者对现代化最终规则将如何影响激进投资者和五天报告制度下的股票回报进行了最新的 "基线预测"。此外,作者考虑了样本中附表 13D 的 "触发 "事件和申报日期之间的差异,而不是将所有申报进行分组,从而衡量和检验了异常回报。这种方法允许作者考虑触发事件与申报日期之间的时间差。
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引用次数: 0
The impact of announcements of regulatory and law enforcement penalties on stock market valuation of US banks from 2000 to 2022 2000 年至 2022 年监管和执法处罚公告对美国银行股市估值的影响
IF 0.9 Q2 BUSINESS, FINANCE Pub Date : 2024-05-14 DOI: 10.1108/jfrc-01-2024-0007
Václav Brož

Purpose

This paper aims to analyze stock market reactions to announcements of regulatory and law enforcement penalties imposed on banks operating in the USA.

Design/methodology/approach

This paper examines abnormal stock market returns around penalty announcements for banks operating in the USA from 2000 to 2022. The authors use a comprehensive data set of nearly 600 penalties to conduct their event study.

Findings

This paper finds evidence of positive and statistically significant abnormal returns on the day of the penalty announcement. However, the authors also observe negative and statistically significant abnormal returns days later, violating the semi-strong efficient market hypothesis.

Originality/value

By accounting for confounding events and analyzing subsamples, the authors reconcile conflicting results from prior literature that have variously shown negative, null or positive stock market reactions to penalty announcements.

本文旨在分析在美国经营的银行在宣布监管和执法处罚时的股市反应。本文研究了 2000 年至 2022 年在美国经营的银行在处罚宣布前后的股市异常回报。作者使用了近 600 项处罚的综合数据集来进行事件研究。研究结果本文发现了处罚公告发布当日正向且具有统计意义的异常回报的证据。原创性/价值通过考虑混杂事件和分析子样本,作者调和了之前文献中相互矛盾的结果,这些文献显示了股市对处罚公告的负面、无效或正面反应。
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引用次数: 0
Creating financial inclusion in “Belt and Road” countries in Europe, Asia and Africa: regulation, technology and financial literacy 在欧洲、亚洲和非洲的 "一带一路 "国家创建金融包容性:监管、技术和金融扫盲
IF 0.9 Q2 BUSINESS, FINANCE Pub Date : 2024-05-01 DOI: 10.1108/jfrc-11-2023-0180
Xiaoling Song, Xuan Qin, XiaoMeng Feng

Purpose

This study aims to comparatively measure the impact factors of financial inclusion and their spillover effects for Belt and Road countries using panel data from 57 countries in 2011, 2014, 2017 and 2021 and relevant indicators from three dimensions: availability, usage and quality to construct a digital empowerment index of financial inclusion.

Design/methodology/approach

A spatial Durbin panel model is constructed to empirically test the impact mechanism of financial inclusion under digital empowerment.

Findings

Results reveal that improving a country’s quality of regulation, technology and residents’ financial literacy significantly contributes to the development of its financial inclusion, while improving its neighboring countries’ financial literacy also boosts its financial inclusion development. This study provides theoretical support for evaluating the development level of inclusive finance in “Belt and Road” countries, promoting the development of inclusive finance and alleviating the problem of financial exclusion.

Originality/value

This study is original as it creates a research paradigm for “Belt and Road” countries, enabling systematic testing and comparative analysis of inclusive finance development. It incorporates traditional and digital services, evaluating them based on sharing, fairness, convenience and specific group benefits. An inclusive financial index is constructed using the coefficient of variation and arithmetic weighted average methods. Additionally, it introduces a more rational analysis approach for the influence mechanism and spatial effect, using an economic geography nested matrix and spatial Durbin model to explore spatial effects in inclusive finance.

目的本研究旨在利用2011年、2014年、2017年和2021年57个国家的面板数据以及可用性、使用率和质量三个维度的相关指标,构建数字赋权下的普惠金融指数,比较衡量 "一带一路 "国家普惠金融的影响因素及其溢出效应。结果结果显示,一国监管质量、技术水平和居民金融素养的提升显著促进了其普惠金融的发展,而周边国家金融素养的提升也促进了其普惠金融的发展。本研究为评价 "一带一路 "国家普惠金融发展水平,促进普惠金融发展,缓解金融排斥问题提供了理论支持。 原创性/价值 本研究具有原创性,它开创了 "一带一路 "国家研究范式,实现了对普惠金融发展的系统检验和比较分析。它将传统服务和数字服务结合起来,从共享性、公平性、便利性和特定群体利益等方面对其进行评估。采用变异系数法和算术加权平均法构建普惠金融指数。此外,它还引入了更为合理的影响机制和空间效应分析方法,利用经济地理嵌套矩阵和空间杜宾模型来探讨普惠金融的空间效应。
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引用次数: 0
Market power and bank risks: insights from India and Bangladesh 市场力量与银行风险:印度和孟加拉国的启示
IF 0.9 Q2 BUSINESS, FINANCE Pub Date : 2024-04-30 DOI: 10.1108/jfrc-12-2023-0196
Suman Das, Ambika Prasad Pati

Purpose

This study aims to investigate whether various types of risks faced by the publicly listed commercial banks of India and Bangladesh are driven by market power and provides comparative insights from both economies.

Design/methodology/approach

By using the adjusted Lerner index to gauge bank market power and applying the generalised methods of moments (GMM) regression approach, the research delved into the relationship between bank market power and three distinct facets of risk across a sample of 26 publicly listed commercial banks in India and 22 listed banks in Bangladesh spanning from 2011 to 2022.

Findings

The results indicate that for Bangladesh, both “competition fragility” and “competition stability” viewpoints coexist simultaneously across all risk types, supporting a nonlinear relationship between market power and risk. However, in the Indian context, a nonlinear association exists only in the case of credit risk, while the relationship with insolvency risk is linear, substantiating the “competition fragility view”. Apart from market power and bank-specific variables, GDP growth rate has emerged as a prominent driver across all risk categories in both countries.

Research limitations/implications

The filtration of banks is a limitation that might have influenced the outcomes. This study recommends that the Reserve Bank of India encourages further bank consolidation. Along the same line, Bangladesh Bank should closely oversee the growing competitive landscape. Furthermore, the regulators must monitor the elevated levels of non-performing loans to reduce credit risk so as to bolster the stability of their respective banking sectors.

Originality/value

This comparative study is the first attempt to analyse the market power and risk relationship and includes a novel bank-specific variable, i.e. technology, apart from other established variables.

本研究旨在调查印度和孟加拉国上市商业银行所面临的各类风险是否受市场力量的驱动,并提供这两个经济体的比较见解。通过使用调整后的勒纳指数来衡量银行的市场力量,并应用广义矩量法(GMM)回归方法,本研究对印度 26 家上市商业银行和孟加拉国 22 家上市银行的样本(时间跨度为 2011 年至 2022 年)进行了深入研究,探讨了银行市场力量与三类不同风险之间的关系。研究结果表明,在孟加拉国,"竞争脆弱性 "和 "竞争稳定性 "两种观点在所有风险类型中同时并存,支持了市场力量与风险之间的非线性关系。然而,在印度,只有信贷风险存在非线性关系,而与破产风险的关系是线性的,这证明了 "竞争脆弱性观点"。除市场力量和银行特有变量外,GDP 增长率成为两国所有风险类别的主要驱动因素。本研究建议印度储备银行鼓励银行进一步整合。同样,孟加拉国银行也应密切监督日益激烈的竞争格局。此外,监管机构必须监控不良贷款水平的上升,以降低信贷风险,从而加强各自银行业的稳定性。 原创性/价值 本比较研究首次尝试分析市场力量与风险之间的关系,除其他既定变量外,还包括一个新的银行特定变量,即技术。
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引用次数: 0
A commentary on the EU money laundering reform in light of the subsidiarity principle 根据辅助原则对欧盟洗钱改革的评论
IF 0.9 Q2 BUSINESS, FINANCE Pub Date : 2024-04-16 DOI: 10.1108/jfrc-10-2023-0172
Markus Tiemann

Purpose

In July 2021, the European Commission has proposed a set of conjunct initiatives to reform the antimoney laundering/countering the financing of terrorism (AML/CFT) regulatory regime in Europe with the main aims to (i) harmonize the AML/CFT regulation and (ii) centralize the authority to a higher degree at European Union (EU) level. This paper aims to assess the reform in light of the EU subsidiarity principle.

Design/methodology/approach

The paper uses a benchmark approach to compare the proposed EU money laundering reform against Article 5(3) of the Treaty on the Functioning of the European Union.

Findings

The paper confirms that more centralized decision-making at EU level in this policy area is justified, mainly because (i) the policy area is not an area where the EU has exclusive competence, (ii) EU centralized action is necessary and (iii) it also adds value, for instance, for level playing field and efficiency considerations as long as local information advantage will not be lost. As such, the subsidiarity principle can be applied and is an adequate tool to legitimize EU centralized action in the field of money laundering combat.

Originality/value

As the EU AML regulatory reform has not yet been sufficiently discussed in light of the subsidiarity principle, the article is of innovative nature.

目的 2021 年 7 月,欧盟委员会提出了一套改革欧洲反洗钱/打击资助恐怖主义行为(AML/CFT)监管制度的联合举措,主要目的是:(i) 统一反洗钱/打击资助恐怖主义行为的监管;(ii) 在更大程度上将权力集中在欧盟(EU)层面。本文旨在根据欧盟的辅助性原则对改革进行评估。本文采用基准方法,将拟议的欧盟反洗钱改革与《欧盟运作条约》第 5(3)条进行比较。研究结果本文证实,在这一政策领域,在欧盟层面进行更集中的决策是合理的,这主要是因为:(i) 该政策领域不是欧盟拥有专属权限的领域;(ii) 欧盟的集中行动是必要的;(iii) 只要当地的信息优势不会丧失,集中行动也会增加价值,例如,出于公平竞争和效率的考虑。因此,在反洗钱领域可以适用辅助原则,并将其作为使欧盟集中行动合法化的适当工具。
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引用次数: 0
How effective are the enforcement activities of derivatives exchanges in the digital age? A survey of enforcement notices through the lens of humans 数字时代衍生品交易所的执法活动效果如何?从人类视角看执法通知调查
IF 0.9 Q2 BUSINESS, FINANCE Pub Date : 2024-04-05 DOI: 10.1108/jfrc-08-2023-0132
Alexander Conrad Culley

Purpose

The purpose of this paper is to scrutinise the effectiveness of four derivative exchanges’ enforcement efforts since 2007. These exchanges include the Commodity Exchange Inc. and ICE Futures US from the United States and ICE Futures Europe and the London Metal Exchange from the UK.

Design/methodology/approach

The paper examines 799 enforcement notices published by four exchanges through a behavioural science lens: HUMANS conceived by Hunt (2023) in Humanizing Rules: Bringing Behavioural Science to Ethics and Compliance.

Findings

The paper finds the effectiveness of the exchanges’ enforcement efforts to be a mixed picture as financial markets transition from the digital to artificial intelligence era. Humans remain a key cog in the wheel of market participants’ trading operations, albeit their roles have changed. Despite this, some elements of exchanges’ enforcement regimes have not kept pace with the move from floor to remote trading. However, in other respects, their efforts are or should be, effective, at least in behavioural terms.

Research limitations/implications

The paper’s findings are arguably limited to exchanges based in Anglophone jurisdictions. The information published by the exchanges is variable, making “like-for-like” comparisons difficult in some areas.

Practical implications

The paper makes several recommendations that, if adopted, could help exchanges to increase the potency of their enforcement programmes.

Originality/value

A key aim of the paper is to shift the lens through which the debate concerning the efficacy of exchange-level oversight is conducted. Hitherto, a legal lens has been used, whereas this paper uses a behavioural lens.

本文旨在研究四家衍生品交易所自 2007 年以来的执法成效。这些交易所包括美国的商品交易所和 ICE Futures US,以及英国的 ICE Futures Europe 和 London Metal Exchange:Hunt (2023) 在《规则人性化》一书中提出的 "HUMANS "概念:研究结果本文发现,随着金融市场从数字时代过渡到人工智能时代,交易所执法工作的有效性喜忧参半。人类仍然是市场参与者交易操作中的关键齿轮,尽管他们的角色已经发生了变化。尽管如此,交易所执法制度中的某些内容并未跟上从场内交易向远程交易转变的步伐。然而,在其他方面,它们的努力是有效的,或者应该是有效的,至少在行为方面是有效的。研究局限/影响本文的研究结果可以说仅限于英语国家的交易所。本文提出了几项建议,如果得到采纳,将有助于交易所提高其执法计划的效力。原创性/价值本文的主要目的是转换视角,使有关交易所层面监督效力的辩论得以进行。迄今为止,人们一直使用法律视角,而本文则使用行为视角。
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引用次数: 0
Corruption in least developed countries and ESG (responsible) investment: Standard Chartered Bank in Nepal 最不发达国家的腐败与 ESG(负责任)投资:渣打银行在尼泊尔
IF 0.9 Q2 BUSINESS, FINANCE Pub Date : 2024-02-29 DOI: 10.1108/jfrc-07-2023-0112
Tim Gocher, Wen Li Chan, Jayalakshmy Ramachandran, Angelina Seow Voon Yee

Purpose

This study aims to explore the effects of responsible international investment in a least developed country (LDC) on ethics and corruption in the local industry. While investment growth in least developed countries (LDCs) is essential to meet the United Nations Sustainable Development Goals, international investment in LDCs poses challenges, including corruption. The authors explore perspectives from relevant stakeholders on the influence, if any, on an LDC’s banking sector, of investment in the LDC by a multinational bank with an environmental, social and governance focus – using a case study of Standard Chartered Bank (SCB) in Nepal.

Design/methodology/approach

The authors conducted thematic analysis on: focus groups with current and former SCB Nepal management; semi-structured interviews with Nepal banking regulator representatives; senior staff from SCB global divisions; and management of other commercial banks in Nepal.

Findings

Knowledge transfer, organisational enablers and constructive international competition contributed to the dissemination of best practices within the Nepal banking sector, supporting the notion of beneficial spill-over effects of multinationals on LDC host countries.

Practical implications

Practical insights will aid LDC governments, international businesses, investment funds and donor organisations seeking to invest in/assist LDCs with economic development.

Originality/value

To the best of the authors’ knowledge, this may be the first case study on ethics and anti-corruption practices of a multinational bank in a LDC. Through a practice-driven focus, the authors provide “on-the-ground” insights to better understand the complex nature of corruption.

目的 本研究旨在探讨在最不发达国家(LDC)进行负责任的国际投资对当地行业道德和腐败的影响。虽然最不发达国家的投资增长对实现联合国可持续发展目标至关重要,但对最不发达国家的国际投资也带来了包括腐败在内的挑战。作者通过对渣打银行(SCB)在尼泊尔的案例研究,探讨了相关利益相关者对一家以环境、社会和治理为重点的跨国银行在最不发达国家的投资对该最不发达国家银行业的影响(如果有的话)的观点。设计/方法/途径作者对以下方面进行了专题分析:与渣打银行尼泊尔现任和前任管理层进行的焦点小组讨论;与尼泊尔银行业监管机构代表、渣打银行全球各部门高级职员以及尼泊尔其他商业银行管理层进行的半结构化访谈。研究结果知识转让、组织推动因素和建设性的国际竞争促进了最佳实践在尼泊尔银行业的传播,支持了跨国公司对最不发达国家东道国产生有益溢出效应的概念。通过对实践的关注,作者提供了 "实地 "见解,以更好地理解腐败的复杂本质。
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引用次数: 0
Risk governance and regulatory adjustments in the public commercial banks of OECD 经合组织公共商业银行的风险治理和监管调整
IF 0.9 Q2 BUSINESS, FINANCE Pub Date : 2024-02-26 DOI: 10.1108/jfrc-06-2023-0090
Muddassar Malik

Purpose

This study aims to explore the relationship between risk governance characteristics (chief risk officer [CRO], chief financial officer [CFO] and senior directors [SENIOR]) and regulatory adjustments (RAs) in Organization for Economic Cooperation and Development public commercial banks.

Design/methodology/approach

Using principal component analysis (PCA) and regression models, the research analyzes a representative data set of these banks.

Findings

A significant negative correlation between risk governance characteristics and RAs is found. Sensitivity analysis on the regulatory Tier 1 capital ratio and the total capital ratio indicates mixed outcomes, suggesting a complex relationship that warrants further exploration.

Research limitations/implications

The study’s limited sample size calls for further research to confirm findings and explore risk governance’s impact on banks’ capital structures.

Practical implications

Enhanced risk governance could reduce RAs, influencing banking policy.

Social implications

The study advocates for improved banking regulatory practices, potentially increasing sector stability and public trust.

Originality/value

This study contributes to understanding risk governance’s role in regulatory compliance, offering insights for policymaking in banking.

目的本研究旨在探讨经济合作与发展组织公共商业银行的风险治理特征(首席风险官、首席财务官和高级董事)与监管调整(RAs)之间的关系。对监管一级资本比率和总资本比率的敏感性分析表明,结果好坏参半,这表明两者之间存在复杂的关系,值得进一步探讨。研究局限性/启示研究的样本量有限,需要进一步研究,以确认研究结果并探讨风险治理对银行资本结构的影响。本研究有助于理解风险治理在监管合规中的作用,为银行业的政策制定提供启示。
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引用次数: 0
Free banking theory: literature review and relevance to the regulation of cryptocurrencies debate 自由银行理论:文献综述及与加密货币监管辩论的相关性
IF 0.9 Q2 BUSINESS, FINANCE Pub Date : 2024-02-21 DOI: 10.1108/jfrc-10-2023-0176
Simon D. Norton

Purpose

Free banking theory, as developed in Adam Smith’s 1776 treatise, “The Wealth of Nations” is a useful tool in determining the extent to which the “invisible hand of the market” should prevail in regulatory policy. The purpose of this study is to provide a timely review of the literature, evaluating the theory’s relevance to regulation of financial technology generally and cryptocurrencies (cryptos) specifically.

Design/methodology/approach

The methodology is qualitative, applying free banking theory as developed in the literature to technology-defined environments. Recent legislative developments in the regulation of cryptocurrencies in the UK, European Union and the USA, are drawn upon.

Findings

Participants in volatile cryptocurrency markets should bear the consequences of inadvisable investments in accordance with free banking theory. The decentralised nature of cryptocurrencies and the exchanges on which these are traded militate against coordinated oversight by central banks, supporting a qualified free banking approach. Differences regarding statutory definitions of cryptos as units of exchange, tokens or investment securities and the propensity of these to transition between categories across the business cycle render attempts at concerted classification at the international level problematic. Prevention of criminality through extension of Suspicious Activity Reporting to exchanges and intermediaries should be the principal objective of policymakers, rather than definitions of evolving products that risk stifling technological innovation.

Originality/value

The study proposes that instead of a traditional regulatory approach to cryptos, which emphasises holders’ safety and compensation, a free banking approach combined with a focus on criminality would be a more effective and pragmatic way forward.

目的亚当-斯密在 1776 年的论文《国富论》中提出的自由银行理论是一个有用的工具,可用于确定 "市场看不见的手 "在多大程度上应在监管政策中占据主导地位。本研究的目的是及时回顾相关文献,评估该理论与金融技术监管的相关性,特别是与加密货币(cryptos)监管的相关性。研究结果根据自由银行理论,动荡的加密货币市场参与者应承担不当投资的后果。加密货币的去中心化性质以及交易加密货币的交易所不利于中央银行的协调监督,因此支持有条件的自由银行方法。由于对加密货币作为交换单位、代币或投资证券的法定定义存在差异,而且加密货币在整个商业周期中会在不同类别之间转换,因此在国际层面进行统一分类的尝试存在问题。政策制定者的主要目标应该是通过将可疑活动报告扩展到交易所和中介机构来防止犯罪,而不是对不断发展的产品进行定义,因为这样做有可能会扼杀技术创新。 原创性/价值 该研究提出,与强调持有人安全和补偿的传统加密货币监管方法相比,自由银行方法结合对犯罪的关注将是更有效、更务实的前进道路。
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Journal of Financial Regulation and Compliance
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