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Financial Regulation and Innovations: International Context
Финансовое регулирование и инновации: международный контекст
УДК 336.7
Котелкин Сергей Владимирович
доцент Санкт-Петербургского университета управления и экономики, кандидат экономических наук 190103, Санкт-Петербург, Лермонтовский пр., д. 44, лит. А
Kotelkin Sergey Vladimirovich
St. Petersburg University of Management and Economics
Lermontovskiy Ave. 44/A, St. Petersburg, 190103, Russian Federation
Volmer Philipp
Big Four Audit firm in Berlin (restructuring department), Ph.D in Management, Weserstr. 12, Berlin Germany
This paper is devoted to the historic and conceptual aspects of financial innovations in Western (mostly American) economy. The crucial changes in legal acts were inspired by the creation of new banking products, stock exchange financial derivatives (on the stocks, indices, interest and exchange rates), mortgage bonds, money market mutual funds and other innovations. In the US national economy, particularly after the Great Depression, regulatory acts very carefully describe the possible operations with the financial instruments. So, the financial innovations have often been created with the aim to bypass any positions of legal acts. Regulatory bodies in their turn, keeping in mind the usefulness of the new financial products, tried to renew the current acts with the requirements of time. The paper also refers to international features of monetary architecture regulation and financial innovations. The analysis of foreign and inter-governmental financial regulation types, linkages between financial engineering and derivatives, the innovations and banking supervision, new financial tools and technical progress are represented. As a conclusion it was stated that the mutual development of financial innovations and changes in regulatory system was like a Hegel's triad: initial regulatory acts (thesis) — financial innovations (antithesis) — regulatory acts corrected (synthesis). It provided the considerable input into the development of modern market economy.
Keywords: foreign and inter-governmental financial regulation, financial engineering, derivatives in foreign exchange and capital markets, innovation and banking supervision, new financial tools and technical progress.
The financial system is the most regulated sector of the economy as financial institutions exploit, in first run, funds of their customers [see, e. g., 1; 2]. Attempts of financial institutions and their clients to bypass regulation, to decrease the tax burden [3], to neutralize the risks (increase the yields), and also the technical progress
Зефиров Владимир Игоревич
доцент Санкт-Петербургского университета управления и экономики, кандидат экономических наук 190103, Санкт-Петербург, Лермонтовский пр., д. 44, лит. А
Zefirov Vladimir Igorevich
St. Petersburg University of Management and Economics
Lermontovskiy Ave. 44/A, St. Petersburg, 190103, Russian Federation
create the new financial tools (innovations) in the process of financial engineering.
In their turn, latter impacts the economy in two opposite directions — both positively [4-6], and destructively. The globe-famous economic thinkers and practitioners (for instance, P. Krugman, Nobel prize Winner, B. Bernanke, P. Volker, present and former chairs of US Central bank [7, p. 5; 8; 9, p. 15]) started to discuss this mixed topic intensively during and after the world financial crisis of 2007-2009 [10]. This paper refers to international features of financial regulation and innovations.
Foreign and Inter-governmental Financial Regulation
International financial regulation can be categorized as the regulation of foreign (national, domestic) markets and of Eurocurrency (off-shore), foreign exchange ("forex") markets.
There are 3 reasons, why the financial system is regulated in a stronger manner, than the activities of industrial and trade businesser. Each community is aspired:
a) to spread the access of the investors (depositors) to appropriate information for decision making;
b) to support the healthy functioning of financial institutions;
c) to improve community control over monetary and financial policies (of Central bank; Treasury department, or Ministry of finance) [11].
The first one is important as asymmetric information, increasing the possibility of adverse selection and moral hazard, drive the market out of efficiency conditions. Correspondently, the regulation should be directed to the raising of the information's accessibility required for investors. The minimum amount of information, offered for the market by the potential funds' recipients (securities' issuers) in majority of countries, is stated in the law, the regulations of governmental agencies. For instance, the US Securities and exchange commission (SEC) requires transparency of information relatively sales, assets, earnings and projects. SEC also limits the insider trade (i. e. fransactcons on basis of the knowledge, accessable only for top-managers and main stockholders of the corporation), stipulating the criminal responsibility.
The authorities are goaled to prevent a financial panic, leading to so called bank run, when depositors massively
withdraw their funds firstly from the weak institutions, and then from healthy ones, increasing the feasibility of an overall financial system crash. There are 6 measures of regulation, directed to prevent the panic in financial markets, including:
• the licensing of the commercial banks,
• regular financial statement' publication, transparency of information, auditing,
• restrictions of determined activity,
• insurance of private (individual) deposits,
• limiting of branch' establishment (to decrease the destroying, or so called throat cut, competition)
• ceilings of deposit rates (to cheapen the credit' interest rates and stimulate the investment process). Regulation of such kind, besides the stabilization of
financial institutions, improves the control of monetary policy (including the reserve, discount ones, the open market transactions, the targeting of money supply).
The structure of governmental bodies, supervising the financial markets, varies in different countries. The experience of US agencies, regulating the financial system, is valuable as it was applicable to world largest financial market. Us security markets are supervised by SEC, and additionally by the US Commodity Futures Trading Commission.
The competency of the first body is spread to the organized exchanges, and the over-the-counter (electronic) capital markets. It establishes the requirements on informational transparency, and restricts insider trade. The second body conducts the overall regulation of the trade procedures in the organized exchanges, where futures' contracts are negotiated.
The banking sphere is inspected by a range of a governmental entities. On the federal level, there are the Currency comptroller office of the Treasury department (Ministry of finance)1, the Federal reserve system (Central bank), and the Federal deposit insurance corporation (FDIC). The first one grants the licenses, audits the accounting statement, and restrains the transactions of banks. The Central bank ("Fed") verifies the financial statement of depository institutions, installs the reserve requirements for deposits, the discount rate ("refinancing rate", in terms of Russian Central bank), Also it promotes the monetary policy ("money-credit policy"). FDIC insures the deposits in depository institutions, checks their accounting statement, and enters the restrictions on deals to elevate the investment reliability. On the local level, the regulating functions are realized by the agencies, like the State (County) offices for the banks and financial institutions supervision.
Nonresidents, conducting the transactions in the USA (issues of securities, establishment of subsidiaries, branches, raising the credits, insurances), subjecting to American legislation, are regulated by the same (above-listed) agencies.
For all of that, the supervision of national markets are accomplished in direct and just severe regime, however, the inspection of Eurocurrency (off-shore) transactions is characterized by indirect features, and it linked in prevailing degree with the measures of the major central banks.
Promoting the currency policy, the central banks conduct the interventions in forex and money markets, utilize the tools of monetary policy (manipulating by discount rate, reserve requirements, transacting in the open market), and also the currency legislation (prohibitions, restrictions, control). As a result, determined countries are
1 This governmental body controls the internal (domestic) financial processes.
capable to influence sufficiently the international financial < markets. ^
Inter-governmental (and supranational) financial regu- ° lation refers to the coordination of the currency interven- < tions, monetary policy, and the unification of the financial i juridical regimes among the countries. e^
The patterns of the first ones are the agreements be- q^ tween the central banks' chairs of the 10 major western ^ countries ("Group 10", G10), concluded in 1985 in Wash- m ington (February), and in New-York City (September, 8 "Plaza agreement"2), considering a decreasie of the dollar < rate, which was estimated as overvalued around 35-40%. ^ One example of the long-run coordination of the currency e policy is G10' arrangement of February 22, 1987 in Paris (so titled "Louvre accord"), which, due to opinion of many analysts, unofficially targeted the US dollar rates against German mark and Japanese yen for the decades. In Russia, customarily the phrase "to introduce the currency corridor" is utilized instead of "target zone".
The unification of financial legislation is represented
• by the system of arrangements, undertaken in developed countries in early 1980s for financial markets (deregulation);
• by Basel agreement 1988 regarding to the identification of capital adequacy ratio for the banks in matured economies [12; 13].
Generally, the authorities are goaled to moderate the volatility of the financial environment, in which the economy functions, by the regulation. In their row, the financial institutions and business customers are aspired to avoid the regulative restrains, that is appeared as the important reason for financial innovations (the construction of new financial products and techniques), emerging as a result of financial engineering [14; 15]. This term was invented in 1988. In accordance with J. Finnerty, it includes the projecting, producing, and realizing of innovative financial instruments, processes, and creative searching of new approaches to decision making in sphere of finance. Special attention in this definition is given to the ferms "innovative" and "creative" [16-18].
Usually, financial innovations are rooted by 3 backgrounds — they are appeared as a response to economic environment changes:
• regulative measures of the authorities,
• emerging of risks,
• technical progress.
Wholly, the "correlation" between financial regulation and innovations in international context could be represented visually in upcoming manner (Exh. 1).
Financial risks, engineering, innovations
The launch of the "floating" exchange rates' regime in 1973 exacerbated sharply the financial risks. Thus, in 1950-1960s the exchange rates fluctuated in diapason of ±1% around the currency' parities (in the framework of Bretton-Woods regime). In 1973-1987 the rate of the German mark (DEM) is changed in zone 0,30 to 0,90 dollar (USD), i.e. with an amplitude of ±50% around average level (0,60 USD per DEM). After the "Louvre accord" of the leading central banks in 1987 fluctuations of mark-dollar rate narrowed, substantially — roughly 70±15% regarding the medium-term trend. The "jumps" of major currencies strengthened after introducing of common (single) European currency (Euro). It stipulated high exchange rate risks in business both for legal entities and natural persons.
2 It is titled on behalf of world-famous hotel near Central park in "Big Apple".
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Interest rates of short-term (3-months) US treasury bills counted 1,0-3,5% in 1950s, but in 1970-1980s — substantially higher 4-15% (with wider amplitude). Interest rates of long-term US treasury bonds in 1933-1963 aried between 2 and 5%, in 1963 leveled to 4%, then it raised up to 15% in 1981, fell below 6% in 1993. Such "jumps" of interest rates stipulated the huge interest risks for investors (creditors) and for recipients of funds (borrowers). Thus, when the prime rate (the cost of credits to higher rating borrowers) reached 20% in 1981, then price losses for 30-years bonds holders equaled 50%. Up to 2013 interest rates in developed countries decreased almost to zero level.
In culmination of such trends, the demand for financial products, neutralizing the exchange and interest rate risks, increased sharply [19]. As a result of financial engineering, the line of innovations appeared, in first range, securities with floating rates and financial derivatives [20-23]. The first ones of the above-mentioned refers to mortgage credits (launched in 1975), Euronotes (1970), Eurocommercial papers (1985), note issuance facilities, revolving underwriting facilities (1986)3.
Financial Engineering and Derivatives
Chicago Mercantile Exchange (CME) has been trading futures' contracts for the main world currencies since 1972. It is a global centre for dealing with this tool. However, New York Produce Exchange (1969), New York Futures Exchange (1980), Philadelphia Board of Trade (1986) failed to launch currency futures. More successful about currency futures were the Mid America Commodity Exchange (since 1983) and New York Cotton Exchange (since 1985)4, but in terms of the turnover they are out of comparison with CME. Currency futures are also traded beyond the borders of the USA: in London International Financial Futures Exchange (LIFFE) since 1982, in Singapore International Monetary Exchange (SIMEX) since 1984, and in some other organized exchanges.
Currency options in organized exchanges were introduced in 1982 on European Options Exchange (EOE) in Amsterdam (Holland). Analogical markets were opened in 1982 on the Montreal and Philadelphia stock exchanges (PHLX), in 1985 on London stock exchange (LSE) and LIFFE. Most active trades of currency options take place on PHLX. Currency futures options (for German mark, British pound, Swiss franc, Japanese yen, Canadian and
3 Eurocurrency syndicated loans with floating interest rate are granted just since early 1950s.
4 This is the futures on USD-rate index, weighted with 10 major currencies.
Australian dollar) are negotiated on CME since 1984. Other stock exchanges failed with the launching of the same contracts.
In 1975, Chicago Board of Trade (CBOT) offered interest contracts on home mortgage (on certificates of Government National Mortgage Association, GNMA). In 1976, CME entered the futures on Treasury bills; in 1977, CBOT introduced futures on Treasury bonds. The last one turned out to be the most popular derivative all over the globe — the pattern of its specification and circulation started to be copied in other contracts on long-term interest rate. 90-days Eurodollar deposit (CME, since 1981) became a model for the futures on short-term interest rate. In general, it was created more than 50 derivatives on fixed-rate financial instruments in the USA. The contracts for the securities of either lifetime (30, 90 days; 1, 2, 4-10, 12, 15, 20 years) are represented now for dealing.
In 1979, Sydney Futures Exchange (CFE) introduced contracts on interest rate. These contracts were also traded on Toronto Stock Exchange in 1980, on SIMEX (1984), on TSE (1985), and on Montreal, Rio-de-Janeiro, San-Paolo stock exchanges (1985). Since 1982 the contracts on interest rates in the main currencies have been traded on LIFFE. In 1986 futures exchange MATIF (Marche a Terme d'Instruments Financiers) was opened in Paris, in 1990 — Swiss Options and Financial Futures Exchange in Zurich, in 1990 — Deutsche Terminboerse (DTB) in Frankfurt-am-Mein, in 1991 — Stockholm Options Exchange, in 1993 — Oslo Stock Exchange.
Options on interest rate on an organized market were first traded on European Option Exchange (EOE) in Amsterdam in 1981. The underlying assets were the fixed-rate bonds. Options on futures on Treasury bonds were proposed by CBOT in 1982. Futures options on 90 days LIBOR were launched in 1985 on CME. Then, options on interest rate futures were introduced in other financial centers.
The futures on Value Line Average Stock index was represented on Kansas City Board of Trade in 1982 after the elimination of the legal obstacles a first version of that instrument was submitted to the US Commodity Futures Trading Commission in 1977. Leader for this market segment was launched on CME in 1982. Stock Index futures have been traded in the USA (most popular is Standard and Poor's 500, SP500), Europe, South-East Asia and Latin America.
It was a great event in 1973: after the negotiations with Commodity Exchange Authority and Securities Exchange Commission (SEC), stock options were introduced on CBOT (initially call options and since 1977 — put options). In 1982 commodity exchanges in the USA got permis-
sion to trade futures options on stocks. Similar products were launched on other world organized exchanges. The expansion of the US options market was hindered by the prohibition of futures options, till its full cancellation in 1986. Then, the techniques of option contracts was utilized for stock indices: in 1983 CME proposed an option on index futures, and CBOE offered one on stock exchange spot-index S&P 500. The last one had a phenomenal success5.
Thus, the situation in financial markets at the beginning of 1970s created the wave of innovations. Derivatives on all the basic financial assets were launched in organized exchanges before 1986. After that, the course of development was an extension of geography and internationalization of market. The weak-demanded derivatives were cancelled (e. g., options and futures on 90-days Treasury bills on the Paris MATIF, some currencies futures on CME) [24].
Innovations and bank regulation
In the USA, 2 regulations are utilized to limit the banks' earnings — reserve requirements and interest ceilings (in accordance with Fed's Regulations D and Q). To bypass them, 4 main techniques were exploited. Banks accepted Euro-deposits from non-residents which did not subjected to above-mentioned regulations. Parent banking holdings issued commercial papers, and funds raised were re-credited to their owns subsidiaries (commercial banks). These funds are non-depositary in nature, and for this reason were not subjected to Regulations Q and D.
At the end of 1960s, inflation and interest rate growth strengthened the impetus to avoid the interest ceilings by invention so-called "quasi-checking" accounts. In 1970s, NOW-accounts (Negotiable orders of withdrawal) had the properties to pay interest and endorse the checks for funds withdrawal. As a result of some legal cases, the US Federal court in 1980 legalized NOWs for all the states. Other similar accounts were private Automatic transfer of savings (ATS) and corporate Sweeps. By the legislation, they are savings accounts. They provide checking and adding the funds. In accordance with Sweep accounts' terms, the surplus of current account above minimal sum by the end of the day has been invested in one-day REPOs (Repurchasing agreements). By way, clearly, that the appearance of such accounts were stipulated not only by the wish to avoid the regulations, but also due to the progress in computer technologies [25; 26].
Also (as a reaction to interest ceilings) banks started to establish MMMFs (money market mutual funds) in form of their own subsidiaries, because the contributions in the mutual fund, by law, are shares, not current accounts. Nevertheless, an interest is accrued on the value of the share and a withdrawal of funds from the share is similar to the money transfer. The quick development of these financial institutions began at the end of 1970s after the interest rates "jump" [27].
In general, the principle of so called "regulative syllogism" including 3 phases (Hegel's triad) takes place [28]:
a) the Government adopts regulatory basis ("thesis");
b) businesses and banks create innovations to bypass it
("antithesis");
5 Generally, American organized exchanges occupied far not all financial innovations, based on derivatives, as we observed above. For instance, EOE launched the options on Holland treasury bonds (1981), on currency (1982) — one year before the US institutions.
c) authorities adjust the regulatory acts (synthesis) [29; <
30]. -
Innovations and technical progress ^
i—
Innovations are closely linked to the progress in computer e^ and telecommunication technologies. These technolo- ^ gies make innovations cheaper, and provide full and quick ^ information about issuers of securities and borrowers. m This type of financial engineering led to the creation of 8 6 innovative instruments [31; 32]. <
Firstly, by the end of 1960s computer technologies ^ crucially reduced operational costs, and utilizing of the e credit cards began very reasonable. Among the "first-burned" cards were VISA (initially it was a Bank of America card) and Master Card (a tool of Interbank card association).
Secondly, junk bonds (high-yield bonds with the ratings below Investment grade level) were introduced in 1977 by the investment bank Drexell-Burnham and widely utilized for the acquisitions with borrowed funds (debts). The last scheme is also known as Leverage buyout (LBO). By the end of 1980s the volume of junk bonds was about $ 200 bln (i. e. 20% of corporate bonds market in the USA). Thirdly, in 1970s the improvement of information flows simplified the process of the securities' selection for investors. It caused the growth of corporate commercial papers (CPs) instead of banking loans.
Fourthly, the improvement of telecommunications, informational environment, payment systems, and financial deregulation cut the costs of international financial transactions. Investors started to exploit actively the foreign and Eurocurrency markets, synchroniring their booms and crushes. This process was titled the financial markets globalization.
Fifthly, in parallel with it, the assets securitization accelerated. It means a transformation of non-liquid financial instruments (like mortgage loans) to the marketable securities by the improvement of informational systems and operation technologies resulting in simpler and cheaper process of selling, pooling and passing-through securities to the market. The first one was a "Ginnie Mae" certificate, i. e. mortgage bonds with guarantee of US Government. This way was duplicated by other Governmental agencies, and also by private financial institutions.
Sixthly, the technological progress resulted in the computerization of trade on many organized exchanges, e. g. trade of stock indices futures on DJIA (Dow Jones Industrial Average) and S&P500 on CME, Chicago board of trade (CBOT), New-York futures exchange (NYFE), affiliated with NYSE.
Resume
The financial system is the most regulated sector of economy. The desire of financial institutions to bypass the regulatory acts, decrease the tax burden, and technical progress lies in the basis of financial engineering which creates new financial instruments (innovations).
International financial regulation can be categorized in regulation of foreign (national) financial markets and Eurocurrency (off-shore), forex operations. The coordination of currency interventions, monetary policy, and the unification of financial legislations are the subjects of inter-governmental (supranational) regulation. In these ways, authorities aspire to reduce the volatility of financial environment, in which economic institutions make decisions and the governments conduct the macroeco-nomic policy.
< Financial innovations are created for both the own ^ needs of financial institutes and the satisfaction of cuso tomers. They serve to increase the efficiency of transac-
< tions. As a rule, the innovations come up in response for i such changes in economic environment as a growth of § demand for financial risk' neutralizing products, changes cl in financial regulation, technical progress.
m
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Издания СПбУУиЭ
Санкт-Петербургский университет управления и экономики
Магаданский институт экономики
П. Н. Мальцева
О
СИСТЕМА ГОСУДАРСТВЕННОГО УПРАВЛЕНИЯ ЭНЕРГЕТИЧЕСКОЙ БЕЗОПАСНОСТЬЮ СЕВЕРНОГО РЕГИОНА (на примере Магаданской области)
Мальцева П. Н.
Система государственного управления энергетической безопасностью северного региона (на примере Магаданской области) / Магадан. ин-т экономики С.-Петерб. ун-та упр. и экономики. — СПб.: Издательство Санкт-Петербургского университета управления и экономики, 2012. — 170 с.: ил.
ISBN 978-5-94047-290-2
В монографии рассмотрены вопросы формирования системы государственного управления энергетической безопасностью на региональном уровне. Систематизированы и развиты представления о сущности энергетической безопасности от мега- до наноуровня, раскрыты положения ее диагностики и управления. Проведен индикативный анализ энергетической безопасности за последние годы и раскрыты основные направления повышения энергетической независимости северного региона на примере Магаданской области.
Издание ориентировано на преподавателей, аспирантов и студентов экономических вузов, специалистов, а также для всех интересующихся проблемами анализа и управления энергетической безопасностью на мезоуровне.
