日内瓦27日：大量资金、少量资本和很少改革：2023年的银行业动荡

Ignazio Angeloni, Stijn Claessens, Amit Seru,Sascha Steffen and Beatrice Weder di Mauro MUCH MONEY, LITTLECAPITAL, AND FEWREFORMSTHE 2023 BANKING TURMOIL ICMBINTERNATIONAL CENTERFOR MONETARYAND BANKING STUDIESCIMBCENTRE INTERNATIONALD’ETUDES MONETAIRESET BANCAIRES MUCH MONEY, LITTLE CAPITAL,AND FEW REFORMSTHE 2023 BANKING TURMOIL Geneva Reports on the World Economy 27 INTERNATIONAL CENTER FOR MONETARY AND BANKING STUDIES (ICMB) International Center for Monetary and Banking Studies2, Chemin Eugène-Rigot1202 GenevaSwitzerland Tel: (41 22) 734 9548Fax: (41 22) 733 3853Web: www.icmb.ch © 2024 International Center for Monetary and Banking Studies CENTRE FOR ECONOMIC POLICY RESEARCH Centre for Economic Policy Research187 boulevard Saint-Germain, 1er étage75007 ParisFrance 33 Great Sutton StreetLondon EC1V 0DXUK Tel: +44 (20) 7183 8801Fax: +44 (20) 7183 8820Email: cepr@cepr.orgWeb: www.cepr.org ISBN: 978-1-912179-88-6 MUCH MONEY, LITTLE CAPITAL,AND FEW REFORMSTHE 2023 BANKING TURMOIL Geneva Reports on the World Economy 27 Ignazio AngeloniSAFE and IEP Bocconi Stijn ClaessensYale School of Management and CEPR Amit SeruStanford Graduate School of Business, Hoover Institution and CEPR Sascha SteffenFrankfurt School of Finance and Management and CEPR Beatrice Weder di MauroGeneva Graduate Institute, INSEAD and CEPR THE INTERNATIONAL CENTER FOR MONETARY AND BANKING STUDIES(ICMB) The International Center for Monetary and Banking Studies (ICMB) was created in 1973 asan independent, non-profit foundation. It is associated with Geneva’s Graduate Instituteof International and Development Studies. Its aim is to foster exchanges of views betweenthe financial sector, central banks and academics on issues of common interest. It isfinanced through grants from banks, financial institutions and central banks. The Centersponsors international conferences, public lectures, original research and publications.In association with CEPR, the Center has published the Geneva Reports on the WorldEconomy since 1999. These reports attract considerable interest among practitioners,policymakers and scholars. ICMB is non-partisan and does not take any view on policy. Its publications, including thepresent report, reflect the opinions of the authors, not of ICMB or any of its sponsoringinstitutions. The President of the Foundation Board is Jaime Caruana and the Directoris Ugo Panizza. CENTRE FOR ECONOMIC POLICY RESEARCH (CEPR) The Centre for Economic Policy Research (CEPR) is a network of almost 1,900 researcheconomists based mostly in European universities. The Centre’s goal is twofold: topromote world-class research, and to get the policy-relevant results into the hands of keydecision-makers. CEPR’s guiding principle is ‘Research excellence with policy relevance’.It was founded in the UK in 1983, where it is a Charity, and in November 2019 CEPRinitiated the creation of an Association under French law, in order to provide a vehicle foran expansion in France. The members of the Conseil d’Administration of the Associationare identical to the UK Board of Trustees. CEPR is independent of all public and private interest groups. It takes no institutionalstand on economic policy matters and its core funding comes from its InstitutionalMembers, projects that it runs and sales of publications. Because it draws on such a largenetwork of researchers, its output reflects a broad spectrum of individual viewpoints aswell as perspectives drawn from civil society. CEPR research may include views on policy,but the Trustees/members of the Conseil d’Administration of the Association do not giveprior review to its publications. The opinions expressed in this report are those of theauthors and not those of CEPR. Sir Charlie BeanRichard PortesBeatrice Weder di MauroMaristella BotticiniAntonio FatásUgo PanizzaHélène ReyTessa Ogden Chair of the BoardFounder and Honorary PresidentPresidentVice Presidents Chief Executive Officer About the authors Ignazio Angeloniis a Senior Policy Fellow at the Leibniz Institute for Financial ResearchSAFE in Frankfurt and a Non-resident Fellow at the Institute for European Policymakingat Bocconi University. Previously he was a part-time Professor at the European UniversityInstitute in Florence (2022-2024) and a Senior Fellow at the Harvard Kennedy School’sMossavar-Rahmani Center for Business and Government. From 2014 to 2019 he was amember of the ECB Supervisory Board. In 2012-2013, as Director General for FinancialStability at the ECB, he coordinated the establishment of the Single SupervisoryMechanism at the ECB. Earlier he was Director for International Financial Relations atItaly’s Finance Ministry, Deputy Director General Research at the ECB and Director ofmonetary research at the Bank of Italy. Ignazio holds a degree from Bocconi Universityand a PhD in Economics from the University of Pennsylvania, and has published articlesin leading academic journals and books. Stijn Claessensis an Executive Fellow