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Extra info for Bank Behaviour and Resilience: The Effect of Structures, Institutions and Agents
Yet whether a formal institutional arrangement in financial regulation and supervision will contribute to systemic stability and financial soundness is determined by the interactions among various structures, institutions, and agents. When such interactions create conditions that enable national supervisors to adopt aggressive interventionist approaches, regulators challenge market players and take unpopular decisions to guide public interest. In doing so, financial supervisors guide banks to adopt a conservative behaviour in the assessment of risk.
It is interesting to note that competition policy had implications for corporate control in the Australian and Canadian markets that reinforced conservative bank behaviour, which I will describe in some detail in the next section. 4 Competition regulation and agency-level enabling conditions The GFC has also shown that strong competition for corporate control in banking executed through mergers and takeovers, when coupled with ‘impatient capital’, ‘bonus culture’, and inadequate financial regulation and supervision, leads to excessive risk-taking, lending, investment, under pricing of risk and a financial crisis.
Specifically, there have been structural-level enabling conditions which included a financial globalisation process, and technical and technological innovations in finance. (For structural change in finance, see Strange, 1998). These structural forces generated financial regulatory challenges. This included the increasing growth of financial conglomeration and the blurring of distinctions between firms, sectors and products in the financial services industry that increasingly necessitated product-based, rather than entity-based, prudential regulation and supervision.