TAILIEUCHUNG - Assessing the Cost of Financial Regulation

Unique data on the mechanics of account use across economies show that here too there are sharp differences between high-income and developing economies—in the frequency of deposits and withdrawals, in the way that people access their ac- counts, and in the payment systems they use. In developing economies 10 percent of adults with a formal account report making no deposits or withdrawals in a typical month; in high-income economies only 2 percent report this. Most ac- count holders in developing economies make deposits and withdrawals primarily through tellers at bank branches; their counterparts in high-income economies rely more heavily on automated teller. | WP 12 233 Assessing the Cost of Financial Regulation Douglas Elliott Suzanne Salloy and André Oliveira Santos 2012 International Monetary Fund WP 12 233 IMF Working Paper Monetary and Capital Markets Assessing the Cost of Financial Regulation1 Prepared by Douglas Elliott2 Suzanne Salloy 2 and André Oliveira Santos Authorized for distribution by Aditya Narain September 2012 This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author s and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author s and are published to elicit comments and to further debate. Abstract This study assesses the overall impact on credit of the financial regulatory reforms in Europe Japan and the United States. Long-term cost estimates are provided for Basel III capital and liquidity requirements derivatives reforms and higher taxes and fees. Overall average lending rates in the base case would rise by 18 bps in Europe 8 bps in Japan and 28 bps in the United States. These results are similar to the official BIS assessments of Basel III and an OECD analysis but lower as a result of including expense cuts and reductions in the returns required by investors. As a result they are markedly lower than those of the IIF. JEL Classification Numbers G21 G24 G28 G32 Keywords Basel III Financial Regulation Systemically Important Institutions Banks Author s E-Mail Address DElliott@ ASantos2@ 1 We are grateful for the guidance and comments provided by Jonathan Fiechter Aditya Narain Jodi Scarlata and colleagues in the Monetary and Capital Market Department s Financial Sector Analysis division. 2 Douglas Elliott is a Fellow at the Brookings Institute and is a consultant to the IMF on this project. Suzanne Salloy was a summer intern at the IMF when this paper was initiated. 2 Contents Page Executive I. Literature .

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