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Who Supervises Whom? Who Pays What?. Boštjan Jazbec Bank of Slovenia Dubrovnik, June 29, 2007 The views expressed herein are not necessarily those of the Bank of Slovenia. Evan, thank you . What is Financial Stability?. Many definitions (talk to David, Gerard, Lars,...).

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who supervises whom who pays what
Who Supervises Whom? Who Pays What?

Boštjan Jazbec

Bank of Slovenia

Dubrovnik, June 29, 2007

The views expressed herein are not necessarily those of the Bank of Slovenia.

what is financial stability
What is Financial Stability?

Many definitions (talk to David, Gerard, Lars,...).

To have a good time while it lasts.

cost of financial instability
Cost of Financial Instability

Source: Wuerz (2005), Honohan and Klingebiel (2000)

slide5
Is there any problem with

rapid credit growth in CEECs?

growth performance
Growth Performance

Source: Schadler (2006)

balance of payments
Balance of Payments

Source: Schadler (2006)

mostly private debt
Mostly Private Debt

Source: Schadler (2006)

bank credit domination
Bank Credit Domination

Source: Schadler (2006)

challenges for financial stability
Challenges for Financial Stability?

Household Financial Leverage

(In percent)

Hungary

Poland

Czech Republic

Turkey

Source: Schadler (2006)

reasons for banking regulation
Reasons for Banking Regulation
  • Role in allocation of ressources
  • Prevention of systemic risks
  • Externalities
  • Market failure/Asymetric Information
  • Moral Hazard
  • Lemon Problem
  • Regulatory Arbitrage
  • Reduction of potential „insurance“ obligation of the state

Source: Mayes (2005)

home vs host
Home vs. Host

Host country problem – bank is of systemic importance,when it is not so in the home country

Home country problem – is there any?

supervision
Supervision

The main debate is over the role of home country as leadconsolidating supervisor.

Should that be so?

Europe not yet ready for a ‘federal level’ player.

deposit insurance scheme
Deposit Insurance Scheme

Those who supervise should also bear costs of deposit insurance scheme.

'We should all be on the same boat to Split'.

conclusions
Conclusions

Home country control

Deposit insurance

European agency