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Master's Dissertation
DOI
10.11606/D.101.2018.tde-14052018-114636
Document
Author
Full name
Thais Guimarães Junqueira
E-mail
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 2018
Supervisor
Committee
Lins, Maria Antonieta Del Tedesco (President)
Datz, Giselle
Duran, Camila Villard
Title in Portuguese
Too big to fail? O fracasso do lobby financeiro na formação das regras para as instituições globais sistemicamente importantes (G-SIBs)
Keywords in Portuguese
Bancos
Crise financeira
Interesse público
Interesses privados
Lobby financeiro
Regulamentação financeira
Too big to fail
Abstract in Portuguese
Consideradas uma das principais medidas das reformas regulatórias financeiras pós-crise 2008, as novas políticas para os bancos "too big to fail", também conhecidos como bancos globais sistematicamente importantes (G-SIBs), representam uma grande oportunidade para um melhor entendimento da complexa relação entre Estados Nacionais e os grandes conglomerados financeiros. Dialogando com a ideia -ubíqua na literatura de economia política internacional de finanças - que com frequência identifica na regulamentação financeira transnacional a presença de regulatory capture, este trabalho objetiva verificar, a partir de um estudo empírico, em que medida essas novas regras produzidas em âmbito internacional foram forjadas em prol dos interesses e preferências dos atores privados afetados por tal regulamentação. As opiniões dos representantes do setor bancário privado no processo de consulta para as regras estabelecidas pelo Comitê de Basiléia de Supervisão Bancária (Basel Committe on Banking Supervision) em 2011, sob a epígrafe "Global Systemically Important Banks: Assessment Methodology and the Loss Absorbency Requirement" constituíram o material de base para o estudo. O argumento central apresentado neste trabalho é o de que o setor bancário transnacional não foi bem-sucedido em fazer valer seus interesses e preferências na elaboração desta regulamentação, confirmando a tese defendida por Kevin Young (2009;2012; 2013c), de que a influência do setor privado financeiro é assistemática, circunscrita e condicionada. Entre os mecanismos que limitaram a capacidade de influência dos grandes bancos nessa fase regulatória, dois aspectos foram especialmente significativos: a adoção do paradigma macroprudencialista pelos reguladores e o contexto político, principalmente dos países desenvolvidos.
Title in English
Too big to fail? The failure of financial lobby in the rulemaking to the global systemically important banks (G-SIBS)
Keywords in English
Banks
Financial crisis
Financial regulation
Financing lobby
Private interest
Public interest
Too big to fail
Abstract in English
Considered as one of the key measures of the financial regulation overhaul following the 2008 crisis, the new policy towards "too big to fail" banks, also known as global systemically important banks (G-SIBs), represents a great opportunity for a better understanding of the complex relationship between national states and major financial conglomerates. Discussing the generally ubiquitous idea in the international political economy literature which often identifies the presence of regulatory capture in transnational financial regulation, this paper aims to verify, based on an empirical study, whether these new international rules have been elaborated according to the interests and preferences of the private actors affected by such regulation. The opinions and views of the private banking sector in the consultation process of the rules established in 2011 by the Basel Committee on Banking Supervision, named "Global Systemic Important Banks: Assessment Methodology and the Loss Absorbency Requirement", constituted the base material for this work. The central argument presented in this paper is that the transnational banking sector was not successful in asserting its interests and preferences in the elaboration of this regulation, confirming the thesis sustained by authors such as Kevin Young (2009, 2012; 2013c) claiming that private financial sector influence is limited, conditioned and not systematic. Two aspects have been especially significant among the mechanisms that limited the influence of large banks in this regulatory phase: the macroprudential ideational shift in the international regulatory policy community and the political context, especially in developed countries.
 
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Publishing Date
2018-05-15
 
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