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2021 | OriginalPaper | Buchkapitel

11. Ethical Issues in Financial Stress Testing

verfasst von : Kolja Gauer

Erschienen in: Ethical Discourse in Finance

Verlag: Springer International Publishing

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Abstract

This chapter provides insights on ethical issues inherent in financial stress testing. A simple normative framework is developed based on a set of normative principles. The framework serves as an analytical lens for the ethical discussion of different stress-testing applications. The chapter covers portfolio stress testing on the bank level as well as stress testing for supervisory and surveillance purposes. Prior to the actual discussion the fundamentals of financial stress testing are introduced. This includes the concept of stress testing and a brief historical outline. The ethical discussion shows that several moral principles are relevant for guiding the conduct of stress testing and for regulating between good and bad behaviour. Most notably, the discussion demonstrates that bank regulation and ethics are no substitutes but rather complements that reinforce each other. In this regard, the chapter also contributes to the contemporary debate about rule-based versus principle-based regulation.

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Fußnoten
1
For more information, see Drennan (2004), Fassin and Gosselin (2011), and Stevens and Buechler (2013).
 
2
For an overview of the ethics of financial regulation, see Hendry (2013).
 
3
Since early 2000, the Committee on the Global Financial System (CGFS) has occasionally surveyed current stress-testing practices at major financial institutions, see CGFS (2000, 2001, 2005). For a summary of the key findings from the 2001 CGFS survey, see Fender et al. (2001).
 
4
Frame et al. (2013, 2015a, 2015b) devoted several studies to the failure of the OFHEO stress-testing program and the rescue of Fannie Mae and Freddie Mac. The two main reasons that caused the stress tests to fail were outdated model specifications and parameters (which remained unchanged for almost a decade) and insufficiently severe stress scenarios for the development of house prices (Frame et al., 2013, 2015a). Both main reasons are consistent with other studies in the field, see, for example, Gross and Población (2019) and Geršl and Seidler (2011). The OFHEO experience is not discussed further in this chapter because the stress-testing program no longer exists.
 
5
For more information on ethics and digital finance, see, for example, Argandoña (2020), Davis et al. (2013), and Mittelstadt et al. (2016).
 
6
A classic example of a normative standard is the Golden Rule, an ethic of reciprocity that can appear in positive or negative form treat others as you would like others to treat you (positive form) or do not treat others in ways that you would not like to be treated (negative form).
 
7
For example, probability of default (PD), loss given default (LGD), and exposure at default (EAD) in credit risk stress tests.
 
8
For more information on stress testing at the entity or portfolio level, see Bellini (2016), Chorafas (2011), and Rösch and Scheule (2008).
 
9
Akerlof and Romer (1993) developed a model in which bank employees take high risks in order to maximise their bonuses through short-term gains while ignoring the risk of long-term losses. If their bonuses are paid out before the losses are realised, they have actually looted the bank. Such behaviour was also observed during the global financial crisis (2007–2009), see, for example, Bebchuk et al. (2010) and Johnsen (2014).
 
10
For a comprehensive overview of FSAP assessment standards and methods, see World Bank (2020a).
 
11
Čihák (2007) provides an introduction to stress testing under the FSAP. For more elaborate discussions of stress-testing approaches and IMF stress test experience, see Moretti et al. (2008) and Ong (2014).
 
12
The original 2010 list included the following member states: Australia, Austria, Belgium, Brazil, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Korea, Luxembourg, Mexico, Netherlands, Russia, Singapore, Spain, Sweden, Switzerland, Turkey, United Kingdom, and United States. After the methodological revision in 2013, Denmark, Finland, Norway, and Poland were added to the original list. For the effective list of IMF member states with systemically important financial sectors, see IMF (2014b).
 
13
To help its member states improve financial inclusion, the World Bank is focusing on the following nine areas promoting national financial inclusion strategies, modernising retail payment systems and government payments, reforming national payments systems, including remittance markets, diversifying financial services for individuals, leveraging technology for financial inclusion, strengthening competition and expanding access points, protecting financial consumers, increasing financial capability, and surveying financial inclusion data (World Bank, 2020d).
 
14
In addition, the CEBS did not disclose the results of its 2009 stress test at the bank level (only aggregate results); bank-level results of EU-wide stress tests have only been disclosed since 2010.
 
15
The remarks in Subsection 4.1 on the need for honesty in designing scenarios and selecting appropriate models for portfolio stress tests also apply to supervisory stress tests.
 
16
For a discussion of the different approaches to supervisory stress testing and the associated incentives, see Quagliariello (2020).
 
17
The EBA’s dual approach of obliging banks to a prescribed methodology and thoroughly monitoring compliance with it is also consistent with Borio et al. (2014), who mentioned the cross-checking of model outputs (including bottom-up and top-down contrasts) and the buy-in of all stakeholders as elements of good stress-testing practice.
 
18
For a more detailed discussion, see Hendry (2013).
 
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Metadaten
Titel
Ethical Issues in Financial Stress Testing
verfasst von
Kolja Gauer
Copyright-Jahr
2021
DOI
https://doi.org/10.1007/978-3-030-81596-7_11