Question

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The special risks posed by SIFIs have prompted,at the European and international level, a wide range of proposals on how to best address them.From a regulatory perspective, there are two apparent objectives to be achieved. On the one hand, regulation should aim both to increase the shock-absorbing capacity of SIFIs and to lower their contribution to systemic risk, with special reference to the potential for contagion and spillover effects. On the other hand, regulation should aim to mitigate moral hazard and the related implicit or explicit bailout guarantee, with a clear focus on reducing the burden on taxpayers.
The distinction between the two objectives,however, is cloudy at best since the systemic risk relevance of SIFIs and the moral hazard problem associated with the status of “too big or interconnected to fail” complement and reinforce each other, and it is hard to disentangle the effect of a relevant measure according to the two above-mentioned objectives. As a result, it can be argued that actions addressing one objective are instrumental in achieving the other objective as well.

Answer 1

由SIFIs引起的特殊风险已经提示，在欧洲和国际层面上，就如何最好地处理them.From监管的角度来看，有两个明显的目标，要实现大范围的建议。一方面，调控的目标应该既增加了SIFIs吸震能力和降低系统性风险的贡献，并特别提到的蔓延和扩散效应的潜力。另一方面，监管的目标应是减轻纳税人的负担减轻了道德风险和相关的隐含的或明确的救助保证具有明确的重点。
两个目标之间的区别，但是，充其量是阴天以来，SIFIs系统性风险的相关性和道德风险，问题在于“太大或互相连接失败“相辅相成，相互促进的状态有关，这是很难分清一个有关根据上述两个目标措施的影响。因此，可以认为，解决一个行动目标是实现其他目标以及工具。