Come difendere la globalizzazione e salvaguardare i sistemi bancari dal contagio?(How to Defend Globalization while Safeguarding Banking Systems from Contagion?)

Mario Sarcinelli

Abstract


The work summarises the main literature on the impact of globalisation and of the crisis on banking systems. The main conclusion is that a more compelling approach to financial regulation appears as necessary, though the complete homogenisation of financial systems is not a goal to be sought. The current approaches in the Anglo-Saxon countries, based on the segmentation of banking activities seems a right choice, due to both the political difficulties in enacting a stricter regulation of finance and the practical difficulty of regulating a sector pervaded by financial innovation. However, both the Volcker rule and the British approach of ring-fencing, suffer from two limitations: the risk of transferring even more risk to the shadow banking system, and the difficulty in practice to distinguish between legitimate hedging activities and forbidden speculative activities. 

 
JEL: G01, G18, G28


Keyword


globalization, banking systems, contagion, crisis, sistemi bancari, contagio, crisi, globalizzazione

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