By Claudio Borio, William C. Hunter, George G. Kaufman, Kostas Tsatsaronis
Prime teachers and policymakers tackle the idea of industry self-discipline and look at proof throughout diverse industries and nations.
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Extra info for Market Discipline across Countries and Industries
Example text
Notes 1. ,” Brookings Papers on Economic Activity, July. Chapter 4 A Review of the New Basel Capital Accord Jaime Caruana* Basel Committee on Banking Supervision and Bank of Spain 1. Overview I would like to thank President Moskow, Malcolm Knight, and the staffs of the Federal Reserve Bank of Chicago and of the Bank for International Settlements for organizing and hosting this timely conference. It is a pleasure for me to join your discussion in Chicago today. I can think of few venues better situated to talk about markets and to explore the links between transparency, corporate governance, and the role markets can play to encourage prudent risk-taking.
One could conclude that it seems unrealistic today to assume that they have enough knowledge of a bank’s position to exercise properly a benign influence on its handling of credit risk. Disclosure practices do not seem to have kept pace with the very rapid evolution in the ways that banks take on, measure, and ultimately manage their risk positions. 1 Incorporating Market Discipline into the New Basel Accord To improve the ability of markets to contribute to greater stability in the banking sector, the New Accord will contain a series of disclosure requirements.
The ability component involves both access to necessary information about the firm (transparency) and the ability to properly interpret that information (competence). 9 Monitoring is a necessary but not sufficient condition for market discipline. For market discipline to be effective there must be feedback from the monitors which induces firm managers adjust their behavior. ” Influence can come directly from market participants, called direct discipline, or it can come from other agents, such as regulators, using the information provided by market monitoring to inform actions that influence managers’ decisions, called indirect discipline.