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Karaś Małgorzata (Warsaw School of Economics, Poland)
Uneven Regulatory Treatment of Different Funded Positions - Regulatory Arbitrage Opportunity?
e-Finanse, 2013, vol. 9, nr 4, s. 48-52, bibliogr. 11 poz.
Słowa kluczowe
Bankowość, Polityka regulacyjna, Inżynieria finansowa
Banking, Regulatory policy, Financial engineering
Regulations treating in a diversified way different types of funded positions introduced over decades, do not take into consideration the increasing opportunities of financial innovation and regulatory arbitrage. These opportunities seem to significantly benefit the most sophisticated market agents, for whom this costly opportunity makes economic sense as they typically engage in gigantic transactions. However, the answer to the question of whether such a diversified system of regulations is socially desirable seems to be negative. (original abstract)
Pełny tekst
  1. Benjamin, J. (2007). Financial Law. Oxford: Oxford University Press.
  2. Bowles, S., Fox, D. (2007). Credit Markets and Market Abuse. Journal of International Banking & Financial Law.
  3. Fleischer, V. (2010). Regulatory Arbitrage. University of Colorado Law School Legal Studies Research Paper Series No. 10-11, p. 227-289.
  4. Greenspan, A. (1998). The Role of Capital in Optimal Banking Supervision and Regulation. FRBNY Economic Policy Review, October, p. 163- 168.
  5. Hughes, M. (2006). Legal Principles in Banking and Structured Finance. Tottel Publishing. 2nd edition.
  6. Knoll, M. S. (2005). Regulatory Arbitrage using Put-Call Parity. Journal of Applied Finance, Vol. 15, No. 1, Spring/ Summer 2005.
  7. Miller, M. H. (1991). Financial Innovations And Market Volatility. Cambridge, MA: Blackwell Publishers, p. 5-9.
  8. Philippon, T. (2008). The Evolution of the US Financial Industry from 1860 to 2007: Theory and Evidence. NYU working paper.
  9. Schwarcz S. (2013). Framing Address: A Framework for Analyzing Financial Market Transformation. 36 Seattle U. L. Rev. 299.
  10. Smith, C. W., Smithson, Ch. W. (1990). Financial Engineering: An Overview. The Handbook of Financial Engineering, New York, NY, Harper Business.
  11. Wood, P. (1995). International Loans, Bonds and Securities Regulation. London: Sweet & Maxwell, p. 11.
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