La adecuación de los capitales propios bancariosfactores explicativos e implicaciones para la política monetaria

Abstract

Equity capital regulation is the main piece of legislation to which the institutions forming the banking system at present are subject. In this article we review the principal factors that explain the capitalization of the financial institutions and we analyze theimplications of the suitability of the levels of equity capital for the transmission of monetary policy. The empirical evidence reveals that the Spanish banks have relatively high levels of capitalization and underlines the importance of this factor in the proper working of the transmission of monetary policy. Lastly, we comment on the main proposals in the realm of solvencyrequirements that are being considered at the Basle International Payment Bank, where the use of credit classifications, development of internal controls and reinforcement of market discipline are the cornerstones.