Basel III introduced unweighted capital standard and new regulatory liquidity standards to complement the revised risk-weighted capital requirements. This change in banking sector regulation raised questions on how the capital and liquidity requirements interact and how they should be jointly treated. In the paper, we assess how a regulatory and a subsequent economic shock, and banks’ subsequent response to it, affects compliance with the four regulatory requirements. We find that the capital and liquidity requirements can act as both, substitutes and complements, depending on the adjustment strategy banks choose to react to these shocks. We assert that to be able to properly calibrate macroprudential policy measures such as the counter-cyclical capital buffer, it is vital for macroprudential authorities to look at the initial levels of the other required ratios as well as to monitor banks’ subsequent response.

巴塞尔协议III引入了非加权资本标准和新的监管流动性标准，以补充修订后的风险加权资本要求。银行业监管的这一变化引发了有关资本和流动性要求如何相互作用以及应如何共同对待的疑问。在本文中，我们评估了监管和随后的经济冲击以及银行对之的后续反应如何影响对四个监管要求的遵守。我们发现，资本和流动性要求既可以作为替代，也可以作为补充，这取决于银行选择对这些冲击做出反应的调整策略。我们认为，为了能够适当地调整宏观审慎政策措施，例如反周期资本缓冲，