开发性银行金融监管与风险管理

Financial Regulation and Risk Management in Development Banks

开发性银行是否应接受监管?巴塞尔协议的监管框架是否适合开发性银行?在风险管理方面,开发性银行是否具有不同于私营银行的特点?巴塞尔协议Ⅲ和所谓的新议程巴塞尔协议Ⅳ对开发性银行构成了哪些主要挑战?风险管理专家或学术界很少涉足这些问题。一旦提及,人们往往会给出几种典型的答案:(1)开发性银行一般不吸收现金存款,因而不会造成系统性风险;(2)巴塞尔协议无法针对开发性银行提供充分有效的监管框架;(3)开发性银行的业务领域风险更大、期限更长,私营机构避之唯恐不及,因此开发性银行比私营机构承担的风险更大;(4)巴塞尔协议Ⅲ(和Ⅳ)的要求相对严苛,将加剧开发性银行所面临的挑战。本文旨在更深入地研究上述问题,对相关答案或是提出质疑,或是设置具体条件。每一部分都将讨论一个问题及其典型答案。在得出最终结论前,本文重新梳理了支持金融监管的各种观点,回顾了巴塞尔协议框架的发展历程,基于探索性案例研究得出了若干分析结论,总结了有关开发性银行风险管理实践的文献,整理了风险管理专家和巴西监管机构的采访内容。目前针对开发性银行金融监管的研究基本是一片空白,这也是本项研究的意义所在。世界银行曾牵头对分布在61个国家的90个机构进行过一次调查,其中不少于71%的被调查机构认为开发性银行面临的最大挑战是完善风险管理。此外,巴塞尔协议Ⅲ框架对融资发展的影响也遭到了质疑,相关课题的重要性日益凸显。

Should Development Banks be regulated?Is Basel regulation a suitable framework for Development Banks?With regard to risk management,do Development Banks entail different characteristics from private banks?What are the main challenges posed by Basel Ⅲ and "BaselⅣ",as the new agenda has been called,for Development Banks?These questions are rarely made among risk managers specialists or academics forums.When they are posed,a few habitual answers include:(1)DBs do not constitute sources of systemic risk,because they,generally,do not collect cash deposits;(2)Basel is an inadequate framework for DB regulation;(3)DBs bear greater risks than private institutions,precisely because they operate in areas avoided by the private sector,due to their greater risk and/or longer term;(4)Basel Ⅲ (and Ⅳ)aggravates the situation for DBs due to its tougher requirements.This article intends to investigate these responses in greater depth,sometimes questioning,other times qualifying,them.Each section of this article discusses one of the questions and its habitual response.Our answers will be built upon a reconstruction of the theoretical arguments in favor of financial regulation;a historical description of the evolution of Basel Agreements framework a few analytical generalizations built upon an exploratory case study;a review of the literature on risk management practices in Develoment Banks as well as interviews with risk management specialists and Brazilian regulatory agencies.The overlying justification for this study is that financial regulation of DBs is still a largely unexplored subject,in spite of the fact that in a survey with 90 institutions,led by the World Bank(Luna-Martinez and Vicente,2012)and distributed in 61 countries,no less than 71% of the respondent institutions answered that the biggest challenge facing DBs is to improve risk management.Furthermore,the Basel Ⅲ framework has been questioned regarding its consequences for financing development,rendering this discussion increasingly relevant.