Mo.Fi.R. Working Papers (>> Mo.Fi.R. website)
Il lavoro parte dalla constatazione che l’onere regolamentare sulle banche si e’ accresciuto dopo la grande crisi finanziaria a causa di una regolamentazione sempre più invasiva e complessa e si propone di analizzare gli effetti di questa “bolla regolamentare” sulle diverse tipologie di banche discutendo il significato e l’effettiva applicazione del principio di proporzionalita’ Con l’ausilio di un questionario sottoposto a 39 banche italiane e con l’utilizzo di un dataset sulle sanzioni comminate dall’autorita’ di
vigilanza nel periodo 1998-2016, si corrobora l’esistenza di economie di scala nel soddisfare i requisiti regolamentari e si sostiene la necessita’ di approfondire le conoscenze e le rilevazioni sui costi da regolamentazione per meglio applicare la proporzionalita’ in campo bancario e contribuire al mantenimento di un pluralismo bancario utile alla crescita dei diversi territori.
The paper starts from the observation that the regulatory burden on banks has increased after the great financial crisis due to more invasive and complex regulation and aims to analyze the effects of this “regulatory bubble” on the different types of banks discussing the meaning and the effective application of the principle of proportionality. With the help of a questionnaire submitted to 39 Italian banks and with the use of a dataset on the sanctions imposed by the supervisory authority in the period 1998-
2016, the existence of economies of scale is corroborated in meeting regulatory requirements. The paper supports the need to deepen the knowledge and surveys on regulatory costs in order to better apply proportionality within the banking sector and to contribute to the maintenance of a banking pluralism, useful for the growth of the various territories.
This paper studies how access to different markets and crises impact debt financing and maturity. Using data on worldwide corporate issuance activity in domestic and international bond and syndicated loan markets during 1991-2014, the paper shows that these markets are affected differently by crises, while providing financing to different firms at distinct maturities. During the global financial crisis and domestic banking crises, large firms moved away from the crisis-hit markets toward less affected, longer-term ones, switching their financing sources. Hence, firms that switched markets compensated for the financing shocks and maintained, or increased, their borrowing maturity. Country-level maturities also remained stable or even lengthened. However, firms that did not move across markets typically experienced declining financing and shorter borrowing maturities. Firm movements across markets are consistent with credit tightening during crises due to supply-side shocks, significantly affecting debt composition, borrowing maturity, and credit redistribution across firms of different sizes.