金融监管国际合作失衡下的监管套利理论透析

发布时间：2018-05-10 08:03

本文选题：金融监管 + 国际合作　；参考：《国际金融研究》2011年08期

【摘要】：金融监管的制度差异、监管竞争、金融创新导致金融监管国际合作协调机制失衡,进而产生金融监管套利行为。金融监管套利容易引发金融系统的负外部性,导致金融风险不断累加直至爆发金融危机。金融监管套利的盛行暴露了金融监管体系的漏洞,推动了金融监管国内协调统一和国际合作的发展。本文从金融监管国际合作失衡的角度,以监管制度的成本收益和供需均衡分析为框架,运用净制度负担的一价定律模型和金融监管国际合作博弈模型,探讨了金融监管国际合作不同状态下的监管套利问题。文章还提出了构建具有层次性、区域性的金融监管合作机制,加强各国协作并保持政策的一致性,拓宽金融监管国际合作的参与主体范围和市场领域,通过国际合作监管来缓解监管竞争,减少和消除监管套利的政策建议。
[Abstract]:The institutional differences of financial supervision, regulatory competition and financial innovation lead to the imbalance of the coordination mechanism of international cooperation in financial supervision, which leads to the arbitrage of financial supervision. Financial regulatory arbitrage can easily lead to negative externalities of financial system and lead to financial risk accumulation until financial crisis breaks out. The prevalence of financial regulation arbitrage exposes the loopholes of financial supervision system and promotes the development of domestic coordination and international cooperation. In this paper, from the perspective of the imbalance of international cooperation in financial supervision, we use the one-price law model of net institutional burden and the game model of international cooperation in financial supervision, taking the cost-benefit and supply-demand equilibrium analysis of regulatory system as the framework. This paper probes into the problem of regulatory arbitrage under different states of international cooperation in financial supervision. The paper also proposes to construct a regional cooperation mechanism of financial supervision, strengthen the cooperation between countries and maintain the consistency of policies, and broaden the scope of the main body and the market area of international cooperation in financial supervision. Through international cooperation regulation to ease regulatory competition, reduce and eliminate regulatory arbitrage policy recommendations.
【作者单位】：西安交通大学经济与金融学院;哈尔滨金融学院金融研究所;西安交通大学经济与金融学院金融系;
【基金】：国家社科基金重点项目(09AZD020):“我国金融监管的制度框架、制衡机制与绩效评价研究” 哈尔滨金融学院院级重点科研项目“基于金融稳定的逆周期宏观审慎监管制度框架构建研究”
【分类号】：F832.1

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