A counter-cyclical Basel II
The Basel Committee on Banking Supervision is making various changes to the Basel II framework in the wake of the financial crisis. But Ryozo Himino argues there should be greater focus on incorporating a built-in stabiliser into the Accord
Supervisors have for years responded to financial crises by developing new regulations and standards. The US banking crisis in the 1980s resulted in Basel I in 1988, the onset of the Asian financial crisis in 1997 led to the Basel core principles for effective banking supervision, and the collapse of Long-Term Capital Management in 1998 was one of the catalysts for the revision to the Basel market risk framework in 2005.
But each new regulatory amendment stimulates innovations and attempts by
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