Come difendere la globalizzazione e salvaguardare i sistemi bancari dal contagio?

• Main Author: Mario Sarcinelli
• Format: Article
• Language: Italian
• Published: Associazione Economia civile 2012-03-01
• Series: Moneta e Credito
• Subjects: globalization; banking systems; contagion; crisis; sistemi bancari; contagio; crisi; globalizzazione
• Online Access: http://ojs.uniroma1.it/index.php/monetaecredito/article/view/9941/9824

The work summarises the main literature on the impact of globalisation and of the crisis on banking systems. The main conclusion is that a more compelling approach to financial regulation appears as necessary, though the complete homogenisation of financial systems is not a goal to be sought. The current approaches in the Anglo-Saxon countries, based on the segmentation of banking activities seems a right choice, due to both the political difficulties in enacting a stricter regulation of finance and the practical difficulty of regulating a sector pervaded by financial innovation. However, both the Volcker rule and the British approach of ring-fencing, suffer from two limitations: the risk of transferring even more risk to the shadow banking system, and the difficulty in practice to distinguish between legitimate hedging activities and forbidden speculative activities.