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The Research on the Commercial Bank’s Procyclicality and Counter-Cyclical Regulation Instruments

Author: LiuNing
Tutor: ChenHua
School:
Course: Finance
Keywords: Commercial bank’s procyclicality Counter-cyclical regulationFormation mechanism Instruments
CLC: F832.33
Type: Master's thesis
Year: 2012
Downloads: 174
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Abstract


The outbreak of global financial crisis which caused by the subprime mortgage crisisof America brought an unprecedented impact on the global economy and promotedprofound changes in the global financial pattern and the finance regulation philosophy.Beyond all doubt, the procyclical market rule is a very important reason for the crisis. Afterthis crisis, establishing counter-cyclical macro-prudential regulatory framework hasreached a consensus on the global scale. For most countries, the commercial bank is animportant component of the financial system as a whole, as a recult, the financialprocyclicality is much more characterized by the commercial bank’s procyclicality.Firstly, this dissertation defines the connotation of the commercial bank’sprocyclicality, and then on the basis of the relative theories, analyzes the formationmechanism of the commercial bank’s procyclicality. On the one hand, with someunderlying causes, the existence of the commercial bank’s procyclicality has its certainobjectivity; On the other hand, to a great certain extent, some irrationality of thecommercial bank’s business rules, including regulatory capital regime, fair valueaccounting system,eposit insurance system and compensation incentives,strengthens thecommercial bank’s procyclicality.This procyclicality promotes the accumulation ofsystemic risk and enhances the fragility of financial system, then poses a serious threat tofinancial stability. Therefore, some essential counter-cyclical regulations have to beimplemented. In consideration of some underlying causes of the bank’s procyclicality,these counter-cyclical regulations should focus on the improvement of the banks outsidebusiness rules discussed previously, rather than eliminate the procyclicality completely.Secondly, based on the research of the formation mechanism of the commercialbank’s procyclicality, this paper analyzes the implementation of the commercial bank’scounter-cyclical regulatory instruments, including the types and the operationmechanismas of these instruments, as well as some problems that may be encountered inpractice.Finally, the paper proposes some policy recommendations to improve thecounter-cyclical regulatory of China’s commercial banks. On the basis of the researchabove of the commercial bank’s procyclicality and its counter-cyclical regulatoryinstruments, this dissertation holds that the financing system dominated by commercialbanks and much similar operation of commercial banks are the two special major factorsfor the procyclicality of China’s commercial banks.Consequently, it is supposed to bepushed forward in a broader field of vision to improve the counter-cyclical regulatory ofthe commercial banks of our country.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial organizations, banks > Commercial banks ( specialized banks )
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