| Abstract |
The financial system, especially the banking system has a more homogeneous character in the world, to do this though a series of institutional changes originally occurred and elimination of restrictions and rules that prevailed until then. There was a series of institutional changes that eventually led to the release of the financial system and led to a rapid development of trade, which in turn created new financial instruments such as plastic money, debit and credit cards, the use of checks, etc., ultimately increasing competition. The characteristics of the financial system are: a) Interdependence b) Identity c) Relativism d) Stability e) Effectiveness f) Development The participants in the financial system are different entities such as central banks, businesses, financial institutions, private investors, institutional investors, etc. The purpose which serve financial institutions is essential to eliminate the problems caused in the financial system, such as more rational distribution of available funds and reduce transaction costs. The function of course of the financial markets under the control of supervisors by establishing specific rules for their proper functioning in order to minimize the risk for investors and users of capital. A prerequisite for the functioning of the financial system is the existence of financial markets since through them the transfer of surplus funds to deficit units. The banking system is the heart of the financial system of a country. In this part of organizations holding the role of intermediary between savers and creditors, ensuring liquidity. Commercial banks are essentially those involved in the mediation between the surplus and deficit economic units, and specialized credit institutions engaged in the conduct limited banking services such as financing long-term investment and the housing and mortgage credit.
The financial system consists of institutions that help to bring together savers with investors. It is the necessary catalyst to transfer money from savings to investment. The financial institutions belong to the following two categories: Financial markets • Purchase of bonds and shares Financial intermediaries • Banks and Funds The great financial crisis had serious consequences for the banking system and the same is true even in the international arena. The lack of liquidity made many banks extremely cautious. In the US market the mortgage giants Freddie Mac and faith Fannie Mae, collapsed in record time thus announced in September 2008 its nationalization versus $ 200 billion. In Japan insurance company Yamato Life Insurance having declared bankruptcy debts exceeding assets by 116 million US dollars. Of course, the biggest problem of this crisis has Iceland and the reason is that the economy is based on the banking system. H Iceland to meet the debts she left this crisis thinking to borrow from the International Monetary Fund. In Europe and particularly when the governments of Belgium, France and Luxembourg decided to save the biggest sponsor loans to local authorities worldwide to the right, this lead in boosting $ 6.4 billion. Followed, and other countries have strengthened their financial institutions such as Norway who strengthened 55.4 billion US dollars in the country's banks while Russia strengthened its own banks with $ 130 billion. Spain, Greece, Italy guaranteed deposits up to 100,000 euros and the other to strengthen the bank assets of $ 50 billion respectively.
The recent financial crisis (2007-2009), launched by the US and aired quickly and in other developed financial markets due to the high interconnectivity featuring modern financial system, led to the largest post-war crisis in the international financial system, from which even today not fully recover the global economy as a whole. The size and scale of the crisis forced governments, supervisory and monetary authorities of the countries to take unprecedented measures to reduce the impact that threatened to collapse in the global financial system with incalculable consequences for the global economy. During the crisis, many international banks because of insufficient capitalization and excessive leverage, were not be able to absorb losses arising from exposure to the US housing market, which after a prolonged period characterized by rapid growth of house prices collapsed. The crisis has demonstrated the importance of capital shield banks from the risks they are exposed in their activities, which in recent decades have become more and more complex. Of course, strengthening banks' capital base both in quantity and quality is not sufficient to ensure the stability of the banking system, it is necessary to assist and other stakeholders to achieve this goal. However, the adoption of an adequate and convenient mesh of rules on capital adequacy of banks, as well as the consistent and rigorous application of a prerequisite for ensuring the international banking system stability. In one of the chapters of this present thesis, there is the detailed recording and analysis of the international regulation of the regulatory bank capital, i.e. one of the two determinants of the capital ratio of banks. The rules on regulatory own funds of banks are at the core of micro-regulatory intervention in the operation of banks. Initially, it sought an analysis of the justification for regulatory intervention in the banking system and its connection to the frequency and cost of banking crises. The second section will analyze the previous international regulatory framework for regulatory capital, as amended in 1988 by the Basel Committee on Banking Supervision ('Basel Committee on Banking Supervision', hereinafter "the Basel Committee" or "Committee") the changes followed until the outbreak of the crisis and the gaps of the previous regulatory framework, as emerged during the financial crisis. The third section will present the contents of the configuration of the new international regulatory framework with regard to the regulatory own funds of banks through which seeks to enhance the quality and quantity of the capital base of banks, and some innovative elements introduced by the new regulatory framework and which seeks to link the capital requirements banks have to comply with the macroeconomic environment in which they operate.
The fourth chapter analyzes the new architecture of international financial and monetary system, institutional structure and international financial standards. The international financial and monetary system has not always had the form it has today. The current form is the result of numerous remodeling, a catalyst in all its development process, economic crises, be they financial or monetary. Upon meeting the Finance Ministers and central bank governors of systemically important economies (G-7) (Gortsos: 2011: 144) Washington April 1998, set up the three working groups known as Groups Willard or G-22, to propose measures on sound economic governance in three areas (monetary policy, fiscal policy, corporate governance and financial governance), which issued three codes of best practices. H first institutional innovation was the creation of the Financial Stability Forum (Financial Stability Forum, hereinafter FSF) in February 2009. Second institutional innovation was the creation of an intergovernmental forum of the Group of 20 (Group of 20, referred to as G-20). The global market was another blow to the international financial crisis of 2007. One of the two institutional developments resulting from the crisis of 2007 to 2009 was the transformation of the G-20, which after the summit in Washington in November 2008, meets at Heads of State or Government rather than finance ministers level as in force until then. The second institutional development was the transformation of the FSF into a stronger supervisory body with an enlarged composition, which was named FSB (Financial Stability Board, hereinafter FSB), following a decision of the summit the G-20 in London in 2009.
These developments have led to shape the current form of the international financial and monetary system. The management of the new international financial and monetary policy was assigned to a set of many and of various bodies and organizations. These bodies are divided into four categories according to their legal nature. International intergovernmental forums are the first class. The second category comprises international financial institutions who hold one of the main roles in the existence and operation of the international monetary and financial system. The third category includes the international fora in which mainly representatives of national supervisory and regulatory authorities of individual sectors of the financial system, which does not have the status of an international organization, since not established by international treaty, have no statute or rules of procedure. On the fourth and last category are two private professional associations, the International Accounting Standards Board, and the International Federation of Accountants. The FSB defines the standards as «a set of widely accepted good principles, practices, or guidelines in a given area». The international financial law, including the international monetary law, which was discussed above, is one of the three branches of international economic law. In the fifth chapter of this work refers to the definition of shadow banking system during the financial stability board. Although initially the FSB distinguish between broad and narrow definition, is progressing in the communications and studies the FSB is: '' The shadow banking system is a credit intermediation system including entities and activities outside the traditional banking system which raises systemic risk concerns in particular liquidity / maturity transformations, leverage and problematic credit risk transfer, as well as regulatory arbitrage ''. The crisis on any social benefits generated by financial innovation should be prudent and be exported on the basis of the final social benefit criterion (End social benefit)and analysis in the financial system level. The shadow banking system is a system that has marked the modern era the course of the financial system, unfortunately for negative reasons, and not unfaithfully- since the pandemic is now assumed that the shadow banking system was one of the main factors for the event and increase the negative externalities that occurred during the recent financial crisis. The sections of this study were exposed as the nature and structure of the shadow banking system and the regulatory intervention initiatives at international and EU level. From the above analysis, it was realized that the shadow banking system plays a central role in the financial system and for this reason the understanding, supervision and regulation thereof, constitute one of the highest priorities of the competent authorities. Thus, the prospects of shadow banking system cannot be taunted but instead require an even summary report to be made more visible the future role of the financial system.
The aim of the last chapter of this thesis is the comparison of institutional characteristics of central banks of USA of also Europe. The historical conditions that undertook the creation of central banks of Eurozone and United States of America are very different. The Treaty of Maastricht included the all institutional regulations on the creation of economic and monetary union in Europe and provided the legal base for the creation of European System of Central Banks which included by the ESF and the National Central Banks of statesof European Union. In contradistinction, the basic bodies of System of Federal Reserve he is the Council of governors (Board of Directors), twelve regional Federal Reserve Banks and the Federal Committee of Open Market (Federal Open Market Committee - FOMC). We observe the existence of important resemblances in the structure of the Euro-System and the System of Federal Reserve. The strategy of monetary policy that has adopted the ESF is recommended in a systematic and reliable approach for the decision-making of monetary policy for the achievement of fundamental objective of stability of prices. The objectives of monetary policy of FED are reported in the Founding Practice of Federal Reserve, which fixes that the Council administrative and the Federal Committee of Open Market it will be supposed they in the long term maintain the growth the monetary and credit sizes, depending on the possibility of economy for increase of production, so as to are promoted effectively the objectives of complete employment, constant prices and withholding of long-term interest-rates. The independence of central banks is a multifaceted concept that includes the following elements: -political independence, which refers to government influence in the appointment, dismissal and term of office of the officials ˙
-economic independence, concerning the separation of the central bank's economic (and its budget) to those of the government, and -functional independence, which is related with the independence of mapping out and exercise of monetary policy. This can also be seen as an independence of objectives and tools. It is explicit that even if the two central banks aim at similar and roughly same tools for the exercise of monetary policy, can be located important differences from each other.
|
Η θεσμική οργάνωση του παγκόσμιου χρηματοπιστωτικού συστήματος
