从金融监管角度看系统性危机的应对策略
发布时间：2018-11-08 13:02
【摘要】：随着金融全球化浪潮的到来,各国金融开放程度加大,市场间的联系也日益紧密。这所有的一切,既给全球金融迅速发展带来了难得的契机,亦暗含了系统性危机再次大规模爆发的可能性。在金融全球化的浪潮下,各国经济联系日益密切:一方面,这有利于资本运作;另一方面金融全球化的态势也给各国各区域金融监管带来了系统性危机的挑战。我们应该如何迎接这个挑战?尽管在现阶段,建立一个有强制力的国际监管者并不现实;但是各金融监管机构和金融监管指导性意见制定机构之间的合作,不仅有利于促进监管标准的统一和金融业全球化发展,也有利于最终实现全球金融监管的统一。 从现阶段看来,金融标准的趋同化发展和各国各地区的监管合作是目前金融监管系统化发展的最主流表现。强调合作,是因为在金融机构联系如此紧密的今天,金融业需要面对多种复杂交易以及跨国金融活动所引发的风险。而任意一国或一个地区在金融监管方面的单打独斗,已经不能符合金融全球化下金融业危机防范的要求了。坚持宏观审慎监管与微观审慎监管相结合,并借助相关国际组织和各国监管机构的合作以促进金融监管标准的融合是控制系统性危机的有效手段。这个措施亦分别被国际性,区域性以及国内监管机制所认可。英国的审慎监管委员会,美国的系统性危机委员会,欧盟的系统性危机委员会和全球性的金融稳定委员会的成立和运作都证明了建立一个宏观金融监管机制对于防范系统性危机是十分有必要的。而要实现上述监管模式稳妥运行,金融监管标准的趋同化是很重要的一步。国际法对于金融监管的要求,区域金融监管标准统一,以及软性指导性意见的广泛普及,都促成了金融监管标准的统一化发展。 顺应国际潮流,我们不得不思索:金融业开始蓬勃发展的中国应该如何防范于未然?分析我国金融法规体制以及金融监管机制方面存在的问题是我们控制系统性危机,保持我国金融市场稳定性的前提。而探讨如何顺应国际金融监管改革的趋势以提高我国金融监管水平亦是我国金融监管需要研究的重大课题。短时期内,我国以央行为中心,保监会,银监会和证监会实行分业监管的金融监管机制不会改变,而金融业混业发展的趋势却日益明显。面对这一矛盾现状和我国金融监管所存在的缺陷和漏洞:一方面,我们要加快国内金融法改革,并建立起保监会,银监会和证监会之间的沟通联系机制,加强三个独立监管者之间的相互配合;另一方面,我们要加强国际合作,与其他国家和国际金融监管机构共同努力规避系统性风险。
[Abstract]:With the arrival of the wave of financial globalization, the degree of financial openness has increased, and the relationship between markets has become increasingly close. All this brings a rare opportunity for the rapid development of global finance, but also implies the possibility of another large-scale outbreak of systemic crisis. Under the tide of financial globalization, the economic relations of various countries are becoming closer and closer: on the one hand, this is beneficial to the operation of capital; on the other hand, the situation of financial globalization has also brought the challenge of systemic crisis to the financial supervision of all countries and regions. How should we meet this challenge? At this stage, though, it is not realistic to establish a mandatory international regulator; However, the cooperation between financial regulatory agencies and financial regulatory guidance organizations is not only conducive to the unification of regulatory standards and the globalization of the financial industry, but also conducive to the ultimate realization of the unification of global financial supervision. At the present stage, the convergence of financial standards and the regulatory cooperation between different countries and regions are the most mainstream manifestations of the systematized development of financial supervision. The emphasis on cooperation is due to the fact that the financial industry has to face many kinds of complex transactions and risks arising from transnational financial activities in a time when financial institutions are so closely linked. Any country or region in the financial supervision alone can not meet the requirements of financial crisis prevention under the financial globalization. Combining macro-prudential supervision with micro-prudential supervision and promoting the integration of financial regulatory standards with the cooperation of relevant international organizations and national regulatory agencies is an effective means to control the systemic crisis. This measure is also recognized by international, regional and domestic regulatory mechanisms. The Committee on prudential Supervision in the United Kingdom, the Committee on systemic crises in the United States, The establishment and operation of the European Union's systemic crisis Committee and the Global Financial Stability Board have proved that it is necessary to establish a macro-financial supervision mechanism to prevent the systemic crisis. The convergence of financial regulatory standards is an important step to realize the above regulatory model. The requirements of international law for financial supervision, the unification of regional financial supervision standards, and the widespread popularization of soft guidance have contributed to the unified development of financial supervision standards. In keeping with the international trend, we have to think: how should China, when the financial industry begins to flourish, guard against it? It is a prerequisite for us to control the systemic crisis and maintain the stability of our financial market by analyzing the problems existing in the financial regulation system and the financial supervision mechanism of our country. How to adapt to the trend of international financial supervision reform in order to improve the level of financial supervision in China is also an important subject that needs to be studied. In a short period of time, the financial supervision mechanism of China's central bank as the center, the Insurance Regulatory Commission, the Banking Regulatory Commission and the Securities Regulatory Commission implementing separate supervision will not change, but the trend of mixed development of financial industry is becoming more and more obvious. In the face of this contradiction and the defects and loopholes existing in financial supervision in China, on the one hand, we should speed up the reform of domestic financial law and establish a communication mechanism between the Insurance Regulatory Commission, the Banking Regulatory Commission and the Securities Regulatory Commission. Strengthening the coordination among the three independent regulators; On the other hand, we need to strengthen international cooperation and work with other national and international financial regulators to avoid systemic risks.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D996.2;D922.28
[Abstract]:With the arrival of the wave of financial globalization, the degree of financial openness has increased, and the relationship between markets has become increasingly close. All this brings a rare opportunity for the rapid development of global finance, but also implies the possibility of another large-scale outbreak of systemic crisis. Under the tide of financial globalization, the economic relations of various countries are becoming closer and closer: on the one hand, this is beneficial to the operation of capital; on the other hand, the situation of financial globalization has also brought the challenge of systemic crisis to the financial supervision of all countries and regions. How should we meet this challenge? At this stage, though, it is not realistic to establish a mandatory international regulator; However, the cooperation between financial regulatory agencies and financial regulatory guidance organizations is not only conducive to the unification of regulatory standards and the globalization of the financial industry, but also conducive to the ultimate realization of the unification of global financial supervision. At the present stage, the convergence of financial standards and the regulatory cooperation between different countries and regions are the most mainstream manifestations of the systematized development of financial supervision. The emphasis on cooperation is due to the fact that the financial industry has to face many kinds of complex transactions and risks arising from transnational financial activities in a time when financial institutions are so closely linked. Any country or region in the financial supervision alone can not meet the requirements of financial crisis prevention under the financial globalization. Combining macro-prudential supervision with micro-prudential supervision and promoting the integration of financial regulatory standards with the cooperation of relevant international organizations and national regulatory agencies is an effective means to control the systemic crisis. This measure is also recognized by international, regional and domestic regulatory mechanisms. The Committee on prudential Supervision in the United Kingdom, the Committee on systemic crises in the United States, The establishment and operation of the European Union's systemic crisis Committee and the Global Financial Stability Board have proved that it is necessary to establish a macro-financial supervision mechanism to prevent the systemic crisis. The convergence of financial regulatory standards is an important step to realize the above regulatory model. The requirements of international law for financial supervision, the unification of regional financial supervision standards, and the widespread popularization of soft guidance have contributed to the unified development of financial supervision standards. In keeping with the international trend, we have to think: how should China, when the financial industry begins to flourish, guard against it? It is a prerequisite for us to control the systemic crisis and maintain the stability of our financial market by analyzing the problems existing in the financial regulation system and the financial supervision mechanism of our country. How to adapt to the trend of international financial supervision reform in order to improve the level of financial supervision in China is also an important subject that needs to be studied. In a short period of time, the financial supervision mechanism of China's central bank as the center, the Insurance Regulatory Commission, the Banking Regulatory Commission and the Securities Regulatory Commission implementing separate supervision will not change, but the trend of mixed development of financial industry is becoming more and more obvious. In the face of this contradiction and the defects and loopholes existing in financial supervision in China, on the one hand, we should speed up the reform of domestic financial law and establish a communication mechanism between the Insurance Regulatory Commission, the Banking Regulatory Commission and the Securities Regulatory Commission. Strengthening the coordination among the three independent regulators; On the other hand, we need to strengthen international cooperation and work with other national and international financial regulators to avoid systemic risks.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D996.2;D922.28
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