Capital Inadequacies: The Dismal Failure of the Basel Bank Capital Standards

Thursday, November 17, 2011
1:00 PM (Lunch Included)

Featuring Kevin Dowd, Professor, Cass Business School, City University, London; moderated by Mark Calabria, Director, Financial Regulation Studies, Cato Institute.

Senate Banking Committee Hearing Room, Dirksen 538

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Cato scholar Kevin Dowd will present his recent paper, "Capital Inadequacies: the Dismal Failure of the Basel Regime of Bank Capital Regulation." The Basel regime is an international system of capital adequacy regulation designed to strengthen banks' safety and soundness. "Capital Inadequacies" provides an assessment of the Basel regime and a focus on its most ambitious feature: the principle of "risk-based regulation." Professor Dowd demonstrates how the Basel system provides a textbook example of the dangers of regulatory empire building and regulatory capture, and the underlying problem it addresses — how to strengthen the banking system — can only be solved by restoring appropriate incentives for those involved. Professor Dowd is also the co-author of Alchemists of Loss: How Modern Finance and Government Intervention Crashed the Financial System.

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