A cost/benefit approach to Basel II

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Over the last decade, the share of non-banks in the market for financial services has dramatically increased. Non-regulated participants – eg, funds and brokerage firms – and less stringently regulated institutions such as insurance firms – have penetrated the market and taken away business from banks. This trend has undermined the systemic impact of banking supervision.

This development, to some extent, is due to regulatory arbitrage. The latter has operated through the different treatment

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