We study the relaxation of the capital requirements regulation in Japan around the global financial crisis of 2007–08, which represents a change in bank regulation, to test whether an effect of bank competition on risk-taking is moderated by a change in bank regulation. Although this particular change in bank regulation in Japan was primarily meant to help stabilize the banking system, we show that there is evidence for some spillover effects on bank risk-taking. We find that bank competition is positively associated with ex ante bank risk-taking, roughly measured as loan growth and the interest rate margin. We show that the relaxation of the capital adequacy requirement affects the influence of bank competition on bank risk-taking. With domestically active banks getting more preferential treatments from the regulatory change, the relaxation of the regulation appears to have the differential effects on bank risk-taking across the domestically active banks and the internationally active banks in Japan.

我们研究了2007-08年度全球金融危机期间日本对资本要求监管的放松，这代表了银行监管的变化，以检验银行竞争对风险承担的影响是否会因银行监管的变化而减弱。尽管日本银行监管的这一特殊变化主要是为了帮助稳定银行体系，但我们表明，有证据表明对银行冒险行为有一些溢出效应。我们发现，银行竞争与事前银行冒险活动呈正相关，大致可以用贷款增长和利率幅度来衡量。我们表明，资本充足率要求的放松会影响银行竞争对银行冒险的影响。随着国内活跃的银行从监管变化中获得更多优惠，