Лекция Гура Губермана "The Unheralded Regulatory Forbearance in the US Financial Crisis" пройдет в Шанинке 23 мая

Regulatory forbearance of banks is a familiar theme in past crises yet it is hardly mentioned as a possibility in the US. Bank capital regulation relies heavily on banks’ own accounting valuation of their assets and contingent liabilities. Delayed recognition of deterioration of asset values mitigates the regulatory need to raise capital. Examples and statistical analysis illustrate the surprising extent to which financial intermediaries (ab)used accounting rules to beef up their capital. The role of regulators – those responsible for the integrity of the reporting and those charged with financial stability and systemic risks – is an open question.