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Basle II Capital Requirements and Developing Countries: a Political Economy Perspective on the Costs for Poor Countries of Rich Country Policies

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Abstract:

The 1990s financial crises have triggered changes to the international financial system, the so-called international financial architecture. While much affected, developing countries have had very little influence on the changes, which the formulation of the new Basle capital accord (Basle II, B-II) illustrates. We show that B-II has largely been formulated to advance the interests of powerful market players, at the expense of those of developing economies. For these countries, B-II can raise the costs of and reduce the access to external financing. Importantly, B-II can exacerbate fluctuations in the availability of external financing, an unfortunate outcome, given that developing countries already suffer from volatile capital flows.

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countri (145), rate (139), develop (133), intern (123), financi (112), bank (100), b (100), 0 (99), capit (92), market (80), ii (77), risk (69), r (57), basl (55), b-ii (51), institut (50), requir (48), 1 (48), ubl (46), ic (46), ep (46),
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Name: International Studies Association
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MLA Citation:

Claessens, Stijn., Underhill, Geoffrey. and Zhang, Xiaoke. "Basle II Capital Requirements and Developing Countries: a Political Economy Perspective on the Costs for Poor Countries of Rich Country Policies" Paper presented at the annual meeting of the International Studies Association, Le Centre Sheraton Hotel, Montreal, Quebec, Canada, Mar 17, 2004 <Not Available>. 2009-05-26 <http://www.allacademic.com/meta/p73420_index.html>

APA Citation:

Claessens, S. , Underhill, G. R. and Zhang, X. , 2004-03-17 "Basle II Capital Requirements and Developing Countries: a Political Economy Perspective on the Costs for Poor Countries of Rich Country Policies" Paper presented at the annual meeting of the International Studies Association, Le Centre Sheraton Hotel, Montreal, Quebec, Canada Online <.PDF>. 2009-05-26 from http://www.allacademic.com/meta/p73420_index.html

Publication Type: Conference Paper/Unpublished Manuscript
Review Method: Peer Reviewed
Abstract: The 1990s financial crises have triggered changes to the international financial system, the so-called international financial architecture. While much affected, developing countries have had very little influence on the changes, which the formulation of the new Basle capital accord (Basle II, B-II) illustrates. We show that B-II has largely been formulated to advance the interests of powerful market players, at the expense of those of developing economies. For these countries, B-II can raise the costs of and reduce the access to external financing. Importantly, B-II can exacerbate fluctuations in the availability of external financing, an unfortunate outcome, given that developing countries already suffer from volatile capital flows.

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Associated Document Available International Studies Association

Document Type: .PDF
Page count: 44
Word count: 13080
Text sample:
Draft 8 January 2004 Basle II Capital Requirements and Developing Countries: A Political Economy Perspective on the Costs for Poor Countries of Rich Country Policies By Stijn Claessens Professor of International Finance Policy Geoffrey R. D. Underhill Professor of International Governance University of Amsterdam and Xiaoke Zhang Lecturer University of Nottingham Abstract The 1990s financial crises have triggered changes to the international financial system the so-called international financial architecture. While much affected developing countries have had very little influence
G(0.999)] Risk-weighted assets = K * 12.50 We assume like Weder and Wedow (2002) LGD=50 (see their note 6 “In the consultative document from January 2001 the Basel Committee expressed its belief that a LGD rate of 50 per cent for senior unsecured claims”) This yields the formula used: Risk-weighted assets= 625* N[(1 - R)^-0.5 × G(PD) + (R / (1 - R))^0.5 × G(0.999)] (1 + 0.047 × ((1 - PD) / PD^0.44)) For the table we used


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