Spurred by the success of the first stress test of US banks toward
the end of the global economic crisis in 2009, stress testing of
large financial institutions has become the cornerstone of banking
supervision worldwide. The aim of the tests is to determine which
banks are adequately capitalized under severe economic shocks and
to order corrective measures for those that are vulnerable. In
Banking's Final Exam, one of the world's leading experts on banking
regulation concludes that the tests administered on both sides of
the Atlantic suffer from fundamental weaknesses, leading to a false
sense of reassurance about the safety and soundness of the banking
system. Some weaknesses can be corrected within the existing
bank-capital regime, but others will require bold reforms-including
higher minimum capital requirements for the largest and most
systemically-important banks. The banking industry is likely to
resist these reforms, but this book explains why their objections
do not hold water.
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