我们需要什么样的金融监管——对美国金融危机的反思

发布时间：2018-04-16 20:30

本文选题：金融监管 + 监管套利　；参考：《学术月刊》2010年10期

【摘要】：美国金融危机的爆发引起了人们对目前金融监管模式有效性的激烈争论。从行为经济学的角度来看,由于信息不对称和市场非理性以及外部性的存在,因而需要金融监管。金融监管与金融创新是一对天然的矛盾统一体,金融监管推动了金融创新,但是金融监管总是跟不上金融创新的步伐。在传统的金融监管模式下,金融监管带来的两个问题特别突出:内生风险与顺周期性。监管竞争和监管套利是此次美国金融危机爆发的诱因之一,也是危机在全球范围内蔓延的重要原因。从金融监管的角度来看,美国金融危机有许多地方值得人们反思:(1)金融监管应该是原则导向的,而非规则导向的;(2)应采取统一监管模式,降低监管套利空间;(3)发挥市场约束的作用,增强信息的实质性披露;(4)改革金融监管制度,降低监管的顺周期性。
[Abstract]:The outbreak of the financial crisis in the United States has caused a fierce debate on the effectiveness of the current financial regulatory model.From the point of view of behavioral economics, financial supervision is needed because of information asymmetry, market irrationality and externality.Financial supervision and financial innovation are a natural contradiction. Financial supervision promotes financial innovation, but financial supervision can not keep up with the pace of financial innovation.Under the traditional financial supervision mode, the two problems brought by financial supervision are particularly prominent: endogenous risk and procyclicality.Regulatory competition and regulatory arbitrage were one of the triggers of the U.S. financial crisis and an important cause of its spread across the globe.From the perspective of financial regulation, there are many aspects of the US financial crisis that are worth reflecting on.) Financial supervision should be principle-oriented, not rules-oriented, and should adopt a unified regulatory model.Reduce the scope of regulatory arbitrage (3) play the role of market constraints, enhance the substantive disclosure of information. 4) Reform the financial regulatory system, reduce the pro-cyclical regulation.
【作者单位】：中央财经大学财经研究院;
【基金】：作者主持的国家社科基金一般项目“美国金融危机的成因和教训研究——软预算约束角度”(09BJY096)的阶段性成果之一中央财经大学“211工程”三期项目的资助
【分类号】：F831.59

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