-2020年全球金融发展报告：全球金融危 机后的十年银行监管（英文）

Contents

Forewordix

Acknowledgmentsxi

AbbreviationsandGlossaryxiii

Overview1

1BankingRegulationandSupervision:ConceptualFrameworkandStylizedFacts19

2MarketDiscipline55

3BankCapitalRegulation79

StatisticalAppendixes101

ABasicDataonFinancialSystemCharacteristics,2015-17103

BSelectedIndicatorsofMarketDiscipline,CapitalRegulation,andSupervision119

Bibliography125

GLOBALFINANCIALDEVELOPMENTREPORT2019/2020

ViCONTENTSGLOBALFINANCIALDEVELOPMENTREPORT2019/2020

BOXES

0.1TheWorldBank's2019BankRegulationandSupervisionSurvey2

O.2MainMessagesofThisReport4

0.3ViewsonRegulationandSupervisionbyPractitioners:FinancialDevelopment

Barometer6

0.4NavigatingThisReport9

1.1RootCausesofthe2007-09GlobalFinancialCrisisandPolicyLessonsfor

DevelopingCountries22

1.2ABriefHistoricalPerspectiveonInternationalCoordinationand

HarmonizationinBankingRegulationandSupervision24

1.3RegulationandSupervisionofFintechCompaniesandCybersecurity27

1.4BankResolutionCases:TheUkrainianBankingCrises37

1.5UseofFinancialTechnologyinBankingRegulationandSupervision43

1.6BankRegulationandSupervision10YearsaftertheGlobalFinancialCrisis49

2.1HowDoesDepositInsuranceAffectStability?59

2.2EconomicCostsofStateSupportduringtheGlobalFinancialCrisis62

2.3BankResolutionCases:OneLawwithDifferentApplicationsbyEuropean

UnionCountries68

2.4DoesGoodGovernanceLeadtoFinancialStability?72

2.5ShadowBankinginChina73

3.1TypesofRegulatoryCapital80

3.2CapitalasaComplementtoWeakSupervisoryCapacity82

3.3IsBankRecapitalizationanEffectivePolicyToolforBanksinDistress?86

3.4BankCapital:LessonsfromtheGlobalFinancialCrisis90

3.5BaselHI91

3.6AdoptionofBaselIIandIIIinDevelopingCountries:WhyandHow?93

FIGURES

BO.1.1GeographicCoverageofBankRegulationandSupervisionSurvey,20193

BO.3.1ViewsonPostcrisisRegulations6

0.1DepositInsuranceSystemsExpandedsincetheGlobalFinancialCrisis,

byCountryIncomeGroup10

0.2BetterBankGovernanceIsAssociatedwithHigherLevelsofSystemicRiskfor

LargeBanks12

0.3TheRelationshipbetweenBankCapitalandSystemicStabilityIsStrongerin

CountrieswithWeakerSupervision12

0.4RegulatoryCapital-to-AssetRatiosoverTime,2004-1813

0.5ResponseofBankStockReturnstoLaggedBankCapital,2006-0814

0.6Tier1CapitaltoTotalRegulatoryCapital,2005-1715

0.7ShareofCountriesFollowingEachBaselRegime,byCountryIncomeGroup16

CLOBALFINANCIALDEVELOPMENTREPORT2019/2020CONTENTSvii

1.1Banks1CapitalRequirements,2008-1629

1.2LeverageandRiskWeightsofLargeBanksversusRestofNationalBanking

Systems,2005-1531

1.3QualityandDefinitionofRegulatoryBankCapital32

1.4DefinitionofRegulatoryCapital33

1.5CapitalRegulations:ComplementaryTools34

1.6DepositInsuranceProtectionScheme35

1.7GovernmentInterventionstoRescueBankingSectors36

1.8NewResolutionRulesandBail-InDebtRequirements39

1.9Banks'DisclosureofRiskInformation41

1.10InformationonCreditRatings41

1.11PublicAvailabilityofSupervisoryReporting42

1.12SupervisoryPowers44

1.13SupervisoryCapacity46

1.14BaselCapitalFrameworkAdoptionandBaselIIImplementation47

1.15BaselIIIAdoptionandImplementation48

Bl.6.1RelationbetweenBankingCrisesandBankCapital49

2.1ElementsofMarketDiscipline57

2.2IncreaseinDepositInsuranceCoverageinResponsetotheGlobalFinancialCrisis58

B2.2.1RecapitalizationsandLiquiditySupportduringBankingCrises,2007-1762

B2.2.2GovernmentInterventionsintheEuropeanUnionduringBankingCrises,

2007-1763

2.3BankSizesWorldwideandRegionalBankConcentrations64

2.4NewRulesforSystemicallyImportantBanks65

2.5NewResolutionRulesforSystemicallyImportantBanks67

2.6RequirementsImplementedforResolvingSystemicallyImportantFinancial

Institutions70

2.7RegulationofSystemicRiskinSystemicallyImportantFinancialInstitutions71

2.8GovernanceReformsinBanks71

B2.4.1CorporateGovernanceofBanksandLeverage72

B2.5.1SubstitutionacrossAllocativeInstrumentsinChina74

2.9BankRiskiness,ImpairedLoans,andProvisionsbeforeandaftertheGlobal

FinancialCrisis,byCountryIncomeGroup75

B3.5.1AComparisonoftheCapitalRequirementsforBaselIIandIII91

3.1PercentageofCountriesFollowingEachBaselRegime,byRegion92

B3.6.1PercentageofCountriesAdoptingtheInternalRatings-Based(IRB)Approach,

byRegion93

3.2PercentageofCountrieswithCapitalBuffers,byRegion94

3.3PercentageofCountrieswithaLeverageRatioRequirement,byRegionand

BaselRegime95

3.4PercentageofCountriesAllowingItemsasPartofTier1Capital,2010and201695

3.5Tier1CapitaltoTotalRegulatoryCapital,byCountryIncomeGroup97

3.6TotalRegulatoryCapitaltoRisk-WeightedAssets,byCountryIncomeGroup97

3.7TotalRegulatoryCapitaltoTotalAssets(LeverageRatio),byCountryIncome

Group98

3.8Risk-WeightedAssetstoTotalAssets,byCountryIncomeGroup98

TABLES

BO.3.1ViewsonNetImpactofPostcrisisRegulatoryChanges7

B2.1.1Stand-AloneandSystemicRiskbeforeandafterGlobalFinancialCrisis60

B3.1.1ExamplesofRegulatoryCapitalInstrumentsandKeyCharacteristics80

3.1KeyCharacteristicsofBaselIandII84

A.lEconomiesandTheirFinancialSystemCharacteristics,2015-17103

A.1.1Depth—FinancialInstitutionsIll

A.1.2Access—FinancialInstitutions112

A.l.3Efficiency—FinancialInstitutions113

A.1.4Stability—FinancialInstitutions114

A.1.5Depth—FinancialMarkets115

A.l.6Access—FinancialMarkets116

A.l.7Efficiency—FinancialMarkets117

A.l.8Stability—FinancialMarkets118

B.lEconomiesandTheirMarketDiscipline,CapitalRegulation,andSupervision119

Foreword

hisGlobalFinancialDevelopmentThisGlobalFinancialDevelopmentReport

Reportisacrucialcontributiontotheoffersnewresearchanddatathathelpfillgaps

ongoingpolicydebateontheroleofintheknowledgeofbankingregulationand

Tbankingregulationandsupervisionsinupeenrsvuirs­ion,whileprovidingkeyinsightsinto

ingabankingsectorthatdeliversstableandthepolicydiscussion.Thereportdocuments

inclusivegrowth.emergingtrendsintheregulatorylandscape

Thisreport,thefifthinaseries,marksaandexaminesexistingandnewevidenceon

decadesincethe2007-09globalfinancialthebenefitsandpitfallsofbankregulation

crisis.Thedecadepriortothecrisiswaschar­andsupervisionforawell-functioningbank­

acterizedbythederegulationofbankingingsystem,whichisvitalforeconomicgrowth

sectorsinseveralgeographies,especiallyinandpovertyreduction.

advancedeconomies.TheonsetofthecrisisFormanyyears,theWorldBankGrouphas

usheredinaperiodofintensereregulationofprovidedcrucialsupporttothosedeveloping

thebankingsector,withseveralinitiativesputcountriesthathavesoughttoreapthebene­

inmotiontoaddresstheflawsmadesoappar­fitsoffinancialdevelopmentwhilealsomini­

entduringthecrisis.TheFinancialStabilitymizingriskstofinancialstability.Thiswork

BoardandtheBaselCommitteeonBankingisbecomingevenmorecriticalastheworld

Supervisionhavebuiltonastrongmandateseekstoavoidthedevastatingeffectsoffuture

fromtheGroupof20topioneeraglobalfinancialcriseswhileutilizingtheopportuni­

financialreformagendatocorrectthemistakestiesofmodernfinancialservicestomeetthe

madeinadvancedcountries.Yet,intoday'srisingaspirationsofthepoor.Thisispossible

interconnectedglobalfinancialsystem,regula­onlythroughefficientfinancialsystemswith

torychangesdonotrecognizenationalbound­stakeholderswhoseincentivesarealignedwith

ariesandaffectadvancedanddevelopingthoseofsocietyasawhole.Crowding-inthe

countriesalike.Thepolicydiscussionsregard­privatesectoriscrucialnotonlyasanengine

ingtherightblendofregulationandsupervi­ofgrowthindevelopingcountries,butalsoas

sionhavebecomecriticaltothefateofbillionsafoundationforthekindofmarketdiscipline

ofpeopleindevelopingcountriesasthesethatcanpreventexcessiverisk-takingandput

nationsgrapplewithfinancialsectorreformscapitalinthehandsoftheentrepreneurswho

shapedbytheagendasofadvancedeconomies.caninvestinthefuture.Therightregulatory

GLOBALFINANCIALDEVELOPMENTRERORT2019/2020ix

andsupervisoryenvironment—accompaniedgovernments,internationalfinancialinstitu­

byeffectivefinancialsectorpolicies—iskeytions,nongovernmentalorganizations,think

tocreatingafinancialsystemthatcanattracttanks,academics,theprivatesector,donors,

privatecapitalandalignprivateincentivesandthebroaderdevelopmentcommunity.

withthepublicgood.

Wehopethatthisyear'sGlobalFinan­MahmoudMohieldin

cialDevelopmentReportwillproveusefulSeniorVicePresident

forawiderangeofstakeholders,includingWorldBankGroup

Acknowledgmerits

lobalFinancialDevelopmentReportFranklinAllen,theNipponLifeProfes­

2019/2020reflectstheeffortsofasorofFinanceandEconomicsattheWhar­

broadanddiversegroupofexperts,tonSchoolofBusiness;JamesR.Barth,

GbothinsideandoutsidetheWorldBtahnekLowderEminentScholarinFinanceat

Group.ThereportwasproducedbytheAuburnUniversity;ThorstenBeck,Profes­

WorldBankResearchDepartmentincollabo­sorofBankingandFinanceatCassBusiness

rationwiththeFinance,Competitiveness,andSchoolinLondon;AllenBerger,Professor

InnovationGlobalPracticeandtheInterna­ofBankingandFinanceattheUniversityof

tionalFinanceCorporation(IFC).Moreover,SouthCarolina;CharlesCalomiris,Henry

itincludesinputsfromawiderangeofunitsKaufmanProfessorofFinancialInstitutionsat

withintheWorldBankGroup.ColumbiaUniversity;GerardCaprio,William

AsliDemirgiig-Kuntwasthereportsdirec­BroughProfessorofEconomicsatWilliams

tor.AtaCanBertayandDavideS.MarewereCollege;StijnClaessens,HeadofFinancial

thetaskmanagersoftheproject.ThemainStabilityPolicy,BankforInternationalSettle­

authorsinchargeofthechapterswereDenizments;PatrickHonohan,SeniorFellowat

Anginer,RobertJ.Cull,andDavideS.MarethePetersonInstituteforInternationalEco­

(chapter1);DenizAnginerandAtaCannomicsandFormerGovernoroftheCentral

Bertay(chapter2);andMiriamBruhnandBankofIreland;HarryHuizinga,Professorat

ClaudiaRuizOrtega(chapter3).NanZhouTilburgUniversity;EdwardKane,Professor

andJinjingLiuwereresponsibleforthesta­ofFinanceattheCarrollSchoolofManage­

tisticalappendixesandcompletedthecorement;andRossLevine,WillisH.BoothChair

team.JinjingLiuprovidedexcellentresearchinBankingandFinanceattheUniversityof

assistance.InputswerereceivedfromCedricCaliforniaatBerkeley.

Mousset(box1.2),AuroraFerrariandAqui-Theindividualchaptersofthereportwere

lesA.Almansi(box1.3),MiquelDijkmanpresentedattheGlobalFinancialDevelop­

(box1.4),andNanZhou(box2.5).mentseminars.Theseminarswerepresented

PinelopiGoldberg,ChiefEconomist,andbymembersofthecoreteamandbenefited

MahmoudMohieldin,SeniorVicePresident,fromthoroughdiscussionswithSebastian-A

providedoverallguidanceandvaluableadvice.MolineusandErikFeyen(chapter1),Aurora

ExternaladviserstothereportincludedFerrariandNeilGregory(chapter2),Mario

GLOBALFINANCIALDEVELOPMENTREPORT2019/2020xi

GuadamillasandAlfonsoGarciaMoraandCeylaPazarbasioglu(EquitableGrowth,

(chapter3),andtheparticipantsintheseFinanceandInstitutionsGobalPractice).

seminars.NeilGregorywasthekeycontactThereportwouldhavenotbeenpossible

attheIFC,andCeylaPazarbasioglu,Alfonsowithouttheproductionteam,includingPatri­

GarciaMora,andSebastianA.MolineusciaKatayama(acquisitionseditorforthe

werethekeycontactsintheFinance,Com­report),SusanGraham(productioneditor),

petitiveness,andInnovationGlobalPractice.OrlandoMota(printandconversioncoor­

Theauthorsbenefitedfrominformaldis­dinator),andSabraLedent(externaleditor).

cussions,andreceivedvaluablesuggestionsThecommunicationsteamincludedMark

andothercontributions,fromPietroCalice,EdgarFelsenthal,ChisakoFukuda,andRyan

MartinCihak,andMartinMelecky.DouglasHahn.RoulaYazigiassistedtheteam

Inthebank-widereviewoftheconceptnotewiththewebsite.Excellentadministrativeand

andofthereport,substantialcommentswerebudgetassistancewasprovidedbyTourya

receivedfromMahmoudMohieldin(SeniorTourouguiandEstherLandines.

VicePresident);TatianaNenovaandIliasTheauthorswouldliketothankthemany

Skamnelos(bothoftheSouthAsiaRegion);countryofficialsandotherexpertswhopar­

GuillermoBeylis(oftheLatinAmericaandticipatedinthesurveysunderlyingthisreport,

theCaribbeanRegion);MohamedGouled,includingtheFinancialDevelopmentBarom­

BacharSamra,DanGoldblum,JackieIrving,eterandtheBankRegulationandSupervision

JeffAnderson,andSephookoMotelle(allfromSurvey.

theIFC);MartinRaiserandAndrewMasonFinancialsupportfromtheKnowledgefor

(bothoftheEastAsiaandPacificRegion);Ali­ChangeProgram'sresearchsupportbudgetis

sonEvans(IndependentEvaluationGroup);gratefullyacknowledged.

AbbreviationsandGlossary

AQRassetqualityreview

ATIadditionalTier1capital

BCBSBaselCommitteeonBankingSupervision

BISBankforInternationalSettlements

BRDDBankRecoveryandResolutionDirective

BRSSBankRegulationandSupervisionSurvey

CBRCChinaBankingRegulationCommission

CDScreditdefaultswap

CETIcommonequityTier1capital

CoCocontingentconvertiblebond

D-SIBdomesticsystemicallyimportantbank

EAPEastAsiaandPacific

EBAEuropeanBankingAuthority

ECAEuropeandCentralAsia

ECBEuropeanCentralBank

EUEuropeanUnion

FDICFederalDepositInsuranceCorporation(U.S.)

FSAPFinancialSectorAssessmentProgram

FSBFinancialStabilityBoard

GDPgrossdomesticproduct

G-SIBglobaldomesticsystemicallyimportantbank

IFRSInternationalFinancialReportingStandards

IMFInternationalMonetaryFund

IRBinternalratings-based

LACLatinAmericaandtheCaribbean

LCRliquiditycoverageratio

MENAMiddleEastandNorthAfrica

MESmarginalexpectedshortfall

MPOEmultiplepointsofentry

NPLnonperformingloan

NSFRnetstablefundingratio

OECDOrganisationforEconomicCo-operationandDevelopment

GLOBALFINANCIALDEVELOPMENTREPORT2019/2020xiii

OFCoffshorefinancialcenter

ROAreturnonassets

ROEreturnonequity

RWArisk-weightedassets

RWRrisk-weightedratio

SIBsystemicallyimportantbank

SIFIsystemicallyimportantfinancialinstitution

SPOEsinglepointofentry

SRMSingleResolutionMechanism

SSASub-SaharanAfrica

TARPTroubledAssetReliefProgram

TBTFtoobigtofail

TLACtotalloss-absorbingcapacity

WMPwealthmanagementproduct

Note:AlldollaramountsareU.S.dollars($),unlessotherwiseindicated.

GLOSSARY

AdditionalCapitalinstrumentsthatmeetthecriteriaforinclusionintheTier1

Tier1capitalcapital.

BankAserviceinstitutionwhosebusinessistoreceivedepositsand/orclose

substitutesfordepositsandgrantcreditand/ormakeinvestmentsin

securities.

BankcapitalEquityownedbyshareholders.

BankregulationRulesthatregulatetheestablishmentandoperationsofbanks.

BanksupervisionImplementationofbankingrulesandregulations.

BankingsectorThecollectionoffinancialinstitutionsprovidedwithabankcharter.

BaselAccordsGlobalminimumstandardsfortheprudentialregulationofbanksset

bytheBaselCommitteeonBankSupervision,housedwiththeBank

forInternationalSettlements.TheBaselAccordsdonothavelegal

force.Thestandardsneedtobeincorporatedintolocallegalframe­

worksthrougheachjurisdiction'srule-makingprocesswithinthe

predefinedtimeframeestablishedbytheBaselCommitteeonBank

Supervision.Therearethreemainsetsoftheseagreements,whichare

commonlyknownasBaselI,ILandIII.

CapitalTheamountofcapitalrequiredofbanksbytheirfinancialregulator

requirementtofundtheirinvestments.Itiscommonlymeasuredintheformofa

ratio,wherethenumeratorcorrespondstotheamountofregulatory

capitalandthedenominatorisameasureofeithertotalassets(com­

monlyknownasunweightedregulatorycapitalratio)orrisk-weighted

assets(commonlyknownastherisk-basedregulatorycapitalratio).

CommonequityCommonsharesandretainedearnings.

Tier1capital

GLOBALFINANCIALDEVELOPMENTREPORT2019/2020ABBREVIATIONSANDGLOSSARYXV

CountryAterritorialentityforwhichstatisticaldataaremaintainedandpro­

videdinternationallyonaseparateandindependentbasis(notneces­

sarilyastateasunderstoodbyinternationallawandpractice).The

term,usedinterchangeablywitheconomy,doesnotimplypolitical

independenceorofficialrecognitionbytheWorldBank.

DepositinsuranceAformoffinancialsafetynetinwhichdepositorsareprovidedwith

aguaranteethattheirdepositswillbepaidpartlyorinfullnomatter

whathappenstothebank.

EconomiccapitalTheamountofcapitalthatafirmneedstoholdtoensurethatitstays

solventgivenitsriskexposures.

FinancialdevelopmentConceptually,aprocessofreducingthecostsofacquiringinforma-tion,

enforcingcontracts,andmakingtransactions.

FinancialsafetynetAgovernmentaffordsprotectiontobankcreditorsbyprovidingdirect

compensationoraguaranteethatabankobligationwouldbefulfilled

underspecificcircumstances.

FinancialsystemAcountry'sfinancialinstitutions(banks,insurancecompanies,and

othernonbankfinancialinstitutions)andfinancialmarkets(suchas

thoseinstocks,bonds,andfinancialderivatives).Alsoincludesthe

financialinfrastructure(forexample,creditinformation-sharingsys­

temsandpaymentsandsettlementsystems).

InstitutionalPublicandprivatepensionfunds,lifeinsurancecompanies,non-life

investorsinsurancecompanies,andmutualfunds.

Internalratings-basedIntroducedwiththeBaselIIcapitalaccord,thisapproachallows

approachbanks,subjecttoprevioussupervisoryapproval,tousetheirown

internalriskmodelstoquantifythecapitalrequirementsforexposures

tocreditrisk,operationalrisk,andmarketrisk.

InternationalbankAbankwithsignificantcross-borderoperationsorinternational

subsidiaries.

LeverageAmeasureofhowmuchofabank'sfundingisintheformofbank

capital.Commonlycomputedasbankcapitaldividedbybankassets

orbankassetsdividedbybankcapital.

LimitedliabilityTheobligationofanownerofacompanyislimitedtotheamount

investedinthecompany.

NegativeCostsbornebyathirdpartyforeconomicactivitiescarriedoutbya

externalitiescompany.

NonbankfinancialInstitutionalinvestorsandothernonbankfinancialintermediaries

institutions(suchasleasingcompaniesandinvestmentbanks).

OffshorefinancialAcountryorjurisdictionprovidingfinancialservicestononresi­

centerdentsbeyondascalecommensuratewiththesizeandfinancingofthe

domesticeconomy.

RegulatorycapitalTheamountofcapitalrequiredofbanksbytheirfinancialregulator

tofundtheirinvestments,suchasextendingloanstoborrowersor

purchasingsecurities.

Risk-weightedassetsAssetsweightedbytheirriskexposure.Highriskcorrespondstohigh

weight.

SystematicallyBanksimportantonasystem-widelevelbecauseoftheirsize,intercon­

importantbanknectedness,complexity,lackofsubstitutability,orglobalscope.

SystematicallyFinancialinstitutionsimportantonasystem-widelevelbecauseof

importantfinancialtheirsize,interconnectedness,complexity,lackofsubstitutability,or

institutionglobalscope.

Overview

veradecadehaspassedsincethecol­difficultbutneededregulatoryreforms.At

lapseoftheU.S.investmentbankthegloballevel,theG-20hasmandatedthe

LehmanBrothersmarkedtheonsetFinancialStabilityBoard(FSB)topromotethe

Oofthelargestglobaleconomiccrisissince

coordinateddevelopmentandimplementa­

theGreatDepression.Drawingon10yearstionofeffectiveregulatory,supervisory,and

ofdataandanalysis,thisreportreflectson

otherfinancialsectorpolicies.Aspartofthis

thecausesofthecrisisandtheregulatory

regulatoryreformagenda,theBaselCommit­

remediesadoptedtopreventfuturefinancial

teeonBankingSupervision(BCBS)prepared

troubles.Today,thereiswidespreadagree­

mentthatthecrisiswascausedbyexcessivenewcapitalandliquidityrequirementsfor

risk-takingbyfinancialinstitutions.FinancialbanksunderthethirdBaselframework,Basel

intermediariesincreasedtheirleverage,draw­III.Atthenationallevel,manycountrieshave

ingheavilyonwholesalefunding;theylow­enactedorarestillintheprocessofadopting

eredtheirlendingstandardsand,relyingonnewlawsandregulationsinresponsetothe

inaccuratecreditratings,investedincomplexlessonsfromthecrisis.Inadditiontostrength­

structuredinstruments.eningmicroprudentialrules,manycountries

Thecrisisrevealedmajorshortcomingsinhavesteppedupeffortsintheareaofmac­

marketdiscipline,regulation,andsupervision,roprudentialpolicy,aswellasputintoeffect

andreopenedimportantpolicydebatesonfi­betterregimesforbankresolutionandcon­

nancialregulation.1Sincetheonsetofthecri­

sumerprotection.

sis,emphasishasbeenplacedonbetterregula­

Becausethecrisisemanatedfromadvanced

tionofbankingsystemsandonenhancingthe

countries,muchofthereformeffortfocused

toolsavailabletosupervisoryagenciestoover­

seebanksandintervenespeedilyincaseofdis­onreformsinthatpartoftheworld,with

tress.Examiningthekeyreformsinregulationlessemphasisondevelopingcountries.Thus,

andsupervisionsincethecrisis,specificallythereisalackofsystematicevidenceonthe

theexperienceofandlessonsfordevelopingdetailedreformsundertakenbydeveloping

countries,iswhatmotivatesthisissueofthecountriesandontheirimpactonthestability

GlobalFinancialDevelopmentReport.andlendingbehavioroflocalbankingsectors.

Aftertheonsetofthecrisis,therewasmuchUsingnewdatafromtheWorldBank'sBank

talkaboutusingthecrisistopushthroughRegulationandSupervisionSurvey(BRSS)

GLOBALFINANCIALDEVELOPMENTREPORT2019/2020

aroundtheworld,akeyobjectiveofthisre­andexplicitgovernmentguaranteesand

portistostartfillingtheseknowledgegaps.widersafetynetandresolutionmechanisms

Bankregulationandsupervision—therulesintendedtoinstillconfidenceandprovidesta­

ofthegameandhowtheyareenforced—arebilitycanalsodistorttheincentivesofbank

paramountfortheeffectivefunctioningofmanagersandbankliabilityholdersandmake