东北亚金融监管的区域性协调与合作问题研究
发布时间：2018-07-27 15:24
【摘要】：随着东北亚各国相互间经济联系的渐趋密切、贸易和金融自由化的不断发展,近年来,东北亚区域金融一体化趋势日益明显,货币金融合作逐渐被提上了各国的议事日程。在这一背景下,研究东北亚金融监管的区域性协调与合作这一课题,对于东北亚区域货币金融合作以及促进中国的金融发展和国际化均具有推动作用。从东北亚角度看,由于金融监管的协调与合作是金融合作的基础性环节,因此,探讨如何通过金融监管的协调与合作来推动区域内货币金融合作的更进一步发展并维护区域金融稳定成为各国面临的共同课题。从中国的角度来看,在区域金融一体化的情势下,研究如何通过加强与区域内其他国家的金融监管合作这一课题,对于我国防止金融传染的冲击、维护金融稳定、循序渐进地开放金融市场、实现金融自由化以及提高人民币的国际地位等亦具有重要的现实意义。 虽然,在亚洲金融危机后,学术界和政策界对东北亚货币金融合作的相关问题进行了较为广泛的研究和讨论,而且在实践中,东北亚货币金融合作也初步取得了一些进展。但是,对于东北亚金融监管的协调与合作,目前学术界尚没有专题性的系统研究,本文的选题,旨在填补这一学术研究的空白。本文运用实证研究与规范研究相结合的研究方法,将金融监管的一般理论与东北亚区域金融发展的具体情况结合起来,分析了东北亚区域金融一体化、区域金融合作以及金融监管协调与合作的现状,并根据区域金融监管合作的相关理论以及欧盟所提供的国际经验,力图探讨并解决有关东北亚区域金融监管合作的两个问题：(一)“为什么,,的问题,即东北亚金融监管的区域性协调与合作的背景和原因；(二)“怎么样”的问题,即东北亚地区应该在哪些方面、如何进行金融监管的区域性协调与合作。 首先,本文在概括和评析金融监管理论的基础上,结合东北亚区域货币金融合作与金融一体化的实际情形,分析了东北亚金融监管协调与合作的背景和原因。 根据早期的金融监管理论,政府之所以要实施金融监管,主要是因为金融领域广泛存在的市场失灵,例如,信息不对称、金融负外部性、金融传染、金融垄断等。金融领域的市场失灵造成金融体系的脆弱性,严重的时候甚至导致金融危机,鉴于金融在现代经济中的核心地位,该理论主张政府应该介入金融领域,实施金融监管,以维护金融体系的稳定。金融监管理论后来的发展,便是出现了“监管失灵论”,该理论认为,政府金融监管的目的并非完全是维护金融体系之稳定,更重要的是为了维护相关利益集团的私人利益。金融监管不但会导致市场效率的损失,而且不当的监管往往成为金融体系不稳定的根源之一。因而,该理论主张放松金融监管的同时,强调市场纪律在维护金融体系稳定中的作用。 区域金融一体化导致了市场失灵和监管失灵的区域化,主要表现为：(一)信息不对称更为突出；(二)金融负外部性的区域化,如金融危机的区域性传染；(三)各国监管者之间的利益和激励冲突,例如监管竞争和监管“争下游”；(四)重复监管和监管真空。在现实的金融世界中,市场失灵和监管失灵的区域化已经成为导致区域金融不稳定的主要因素,自1990年代以来发生的一些主要金融危机,都具有金融传染的特征。与此同时,市场失灵和监管失灵的区域化,也是阻碍区域金融一体化进一步深化的重要因素。尽管随着经贸联系的密切和各国金融自由化改革,出现了金融一体化的趋势,但是,诸如重复监管、各国监管者之间利益冲突、监管标准的千差万别等因素将极大地妨碍着区域金融一体化和区域资源优化配置的实现。由此,在区域经济和金融一体化的趋势下,区域内各国非常有必要进行金融监管的协调与合作,以维护区域金融稳定、深化区域金融合作、推进区域金融一体化。欧盟是当今世界区域金融一体化的一个典型例子,欧盟的实践表明了在区域金融一体化发展过程中进行金融监管区域性协调与合作的必要性。 近年来,区域经济一体化的发展、货币金融领域的一些合作,使得在东北亚地区也萌生了金融一体化发展的趋势。在此背景下,一般意义上的市场失灵和监管失灵的区域化在该地区也开始表现了出来,成为东北亚地区金融监管协调与合作的具体原因：(一)金融危机的区域性传染,例如1997年的东亚金融危机；(二)不同的监管标准妨碍着区域内金融机构的跨国进入；(三)东北亚地区业已开始的货币金融合作的推进,离不开金融监管的区域性协调与合作。 其次,本文重点分析了东北亚地区应该在哪些方面、如何进行区域金融监管协调与合作的问题。鉴于维护区域金融稳定、推进区域金融合作及一体化发展的目标,本文认为,东北亚区域金融监管协调与合作,主要涉及两个方面：(一)东北亚区域金融监管协调与合作的机制构建；(二)东北亚金融监管协调与合作的路径,包括银行业监管的区域性协调与合作,证券业监管的区域性协调与合作。 在金融监管协调与合作机制的构建与创新方面,基于对东北亚主要国家中国、日本和韩国的监管体制及当前东北亚金融合作进展的分析,比照欧盟的实践,本为提出,东北亚区域监管协作机制构建与创新过程中,需要注意：双边机制与区域性多边机制的相互结合、正式机制与非正式机制的相互补充、分阶段循序渐进地深化、区域内的机制与区域外的机制的相辅相成。更具体地,可以考虑,分三个阶段逐步确立东北亚金融监管的区域合作机制。在第一阶段,应继续完善已有的双边监管协作机制,包括实施监管合作谅解备忘录、签订双边金融监管合作协议等。在第二阶段,逐步形成区域性金融监管合作机制的基础,包括就构建东北亚区域监管合作机制各国所达成的共识、构筑各国监管者之间交流与合作的平台等。第三阶段是区域性多边金融监管合作机制的形成和完善阶段,包括建立东北亚金融监管区域性合作的组织机构,发展适合东北亚实际情况的有效监管标准和规则,最终确立东北亚区域金融监管合作机制。 在银行业监管的区域性协调与合作方面,本文首先对中国、日本和韩国的银行业监管、特别是对外资银行监管进行了实证比较。在此基础上,本文分析并指出了东北亚银行业监管协调与合作的路径。特别地,东北亚国家需要继续完善本国的银行业监管,并且逐步引入《巴塞尔协议》等国际银行监管标准,在这个过程中,相互之间扩大金融市场对区域内其他国家金融机构的开放,从而形成东北亚国家银行业监管协调与合作的基础。然后结合欧盟的成功经验,确立东北亚银行监管协调与合作的原则,例如最低一致原则、相互承认原则、母国监管原则等,最终,在市场准入、资本金要求、资本充足率等方面实现东北亚银行业监管的协调和统一。 在证券业监管的区域性协调与合作方面,本文从证券机构监管、证券交易监管、上市公司监管尤其是信息披露三个方面对东北亚各国证券业监管进行了比较分析。在此基础上,以东北亚债券市场发展和股票市场一体化为背景,探讨了东北亚证券业监管的协调与合作问题。当前,东北亚各国证券监管协调与合作表现两个层面,其一是证券监管当局之间的协调与合作,例如,区域内各国证券监管当局之间通过签署“证券监管合作备忘录”形式进行的合作。其二,近年来,东北亚各国尤其是中日韩的证券交易所积极开展合作,相互加强了信息的交换和技术的交流。根据东北亚证券市场一体化发展的趋势,本文认为,东北亚区域证券监管协调与合作的努力方向包括下面三个方面：(一)继续加强相互之间的信息交流,深化双边监管合作；(二)在上述基础上,逐渐实现区域内的证券监管的协调和统一；(三)区域内各个交易所之间的协调与合作。 本文的创新之处有二。第一,本文将金融监管相关理论与区域金融一体化相结合,提出了市场失灵区域化和监管失灵区域化概念,并认为,表现为区域金融传染、重复监管、监管真空以及监管者利益与激励冲突的市场失灵和监管失灵的区域化,为区域金融监管的协调与合作提供了理论依据。第二,本文在东北亚区域经济、金融渐趋一体化的背景下,首次提出并系统研究了东北亚区域金融监管协调与合作问题,从而填补了国内在该领域研究的一个空白。当然,由于主客观的原因,本文的不足之处也是显见的。其中特别需要提出的是,因为东北亚金融合作才刚刚起步,金融监管方面的合作尚处于学术探讨层面,相关的合作行动十分鲜见,因而,本文在实证研究方面略有不足,当然,这也为今后就此课题进行更深入研究提供了一个方向。
[Abstract]:With the closer economic ties between countries in Northeast Asia and the continuous development of trade and financial liberalization, the trend of financial integration in Northeast Asia is becoming more and more obvious in recent years. Monetary and financial cooperation has gradually been put on the agenda of various countries. In this context, the study of regional coordination and cooperation in East North Asia's financial supervision is a lesson. In the Northeast Asia, the coordination and cooperation of financial supervision and cooperation are the basic links of financial cooperation. Therefore, this paper discusses how to promote regional monetary and financial cooperation through the coordination and cooperation of financial supervision. Further development and maintenance of regional financial stability has become a common topic for all countries. From the perspective of China, in the context of regional financial integration, the research on how to strengthen the financial supervision and cooperation with other countries in the region is a step by step to prevent the impact of financial transmission and maintain financial stability. It is also of great practical significance to release financial markets, achieve financial liberalization and raise the international status of the renminbi.
Although, after the Asian financial crisis, the academic and policy circles have carried out a more extensive study and Discussion on the related issues of monetary and financial cooperation in Northeast Asia, and in practice, some progress has been made in the monetary and financial cooperation of Northeast Asia. However, there is no topic in the academic circle for the coordination and cooperation of Northeast Asia financial supervision. The purpose of this paper is to fill in the blank of this academic research. This paper combines the general theory of financial supervision with the specific situation of the financial development of Northeast Asia, and analyzes the financial integration of Northeast Asia, regional financial cooperation and Finance with the combination of empirical research and normative research. In accordance with the relevant theories of regional financial supervision and cooperation and the international experience provided by the EU, we try to explore and solve two problems about the cooperation of financial supervision in Northeast Asia: (I): "why, the problem, that is, the background and cause of regional coordination and cooperation in Northeast Asia financial supervision; (two) The question of "how" is the regional coordination and cooperation of financial supervision in Northeast Asia.
First of all, on the basis of summarizing and evaluating the theory of financial supervision and combining the actual situation of monetary and financial cooperation and financial integration in Northeast Asia, this paper analyzes the background and reasons of the coordination and cooperation of Northeast Asia financial supervision and regulation.
According to the early financial supervision theory, the government to implement financial supervision is mainly because of the widespread market failure in the financial field, such as information asymmetry, financial negative externality, financial contagion, financial monopoly and so on. The market failure in the financial field has caused the vulnerability of the financial system, and even the financial crisis in serious time, and even the financial crisis. In the core position of Finance in the modern economy, the theory advocates that the government should intervene in the field of Finance and implement financial supervision in order to maintain the stability of the financial system. The later development of the financial supervision theory is the emergence of "the theory of regulatory failure". The theory holds that the purpose of the government financial supervision is not to maintain the stability of the financial system, and more. It is important to maintain the private interests of the related interest groups. Financial regulation not only leads to the loss of market efficiency, but also improper supervision often becomes one of the causes of the instability of the financial system. Therefore, this theory advocates the relaxation of financial regulation and emphasizes the role of market discipline in maintaining the stability of the financial system.
Regional financial integration leads to the regionalization of market failure and regulatory failure, mainly as follows: (I) information asymmetry is more prominent; (two) the regionalization of financial negative externalities, such as regional transmission of financial crisis; (three) the interests and incentive conflicts among supervisors of various countries, such as supervision competition and supervision "downstream"; (four) (four) In the real financial world, market failure and the regionalization of regulatory failure have become the main factors that lead to regional financial instability. Some of the major financial crises that have occurred since 1990s have the characteristics of financial contagion. At the same time, the regionalization of market failure and regulatory failure is also a hindrance zone. Although the trend of financial integration has emerged in spite of the close relationship between economic and trade and the reform of financial liberalization in various countries, such factors as duplication of supervision, conflicts of interest among regulators in various countries and the diversity of regulatory standards will greatly impede regional financial integration and regional capital. As a result, in the trend of regional economic and financial integration, countries in the region are very necessary to coordinate and cooperate with the financial supervision in order to maintain regional financial stability, deepen regional financial cooperation and promote regional financial integration. Practice shows the necessity of regional coordination and cooperation in financial supervision in the process of regional financial integration.
In recent years, the development of regional economic integration and some cooperation in the field of monetary finance have made the trend of financial integration development in Northeast Asia. Under this background, the general market failure and the regionalization of supervision failure have also begun to show in the region, and become the coordination and cooperation of financial supervision in Northeast Asia. The specific reasons are: (I) the regional contagion of the financial crisis, such as the East Asian financial crisis in 1997; (two) different regulatory standards impede the transnational entry of financial institutions in the region; (three) the advance of monetary and financial cooperation in Northeast Asia can not be separated from the regional coordination and cooperation of financial supervision.
Secondly, this paper focuses on the aspects of Northeast Asia and how to coordinate and cooperate with the regional financial supervision. In view of the goal of maintaining regional financial stability and promoting regional financial cooperation and integrated development, this paper holds that the coordination and cooperation of financial supervision in Northeast Asia is mainly involved in two aspects: (1) northeast China The construction of the coordination and cooperation of subregional financial supervision and cooperation; (two) the path of coordination and cooperation of financial supervision in Northeast Asia, including regional coordination and cooperation in banking supervision and regional coordination and cooperation in the supervision of securities industry.
In the construction and innovation of the coordination and cooperation mechanism of financial supervision and regulation, based on the analysis of the regulatory system of the main countries of Northeast Asia China, Japan and South Korea and the progress of the current Northeast Asian financial cooperation, it is proposed that in the process of construction and innovation of the coordination mechanism of the Northeast Asia regional supervision and cooperation, it is necessary to pay attention to the bilateral mechanism and the process of innovation. The combination of regional multilateral mechanisms, the complementary of formal mechanism and informal mechanism, step by step and gradual deepening, the mechanism in the region and the mechanism outside the region complement each other. More concretely, we can consider, gradually establish the regional cooperation mechanism of the Northeast Asian financial supervision in three stages. In the first stage, we should continue to improve the system. Some bilateral regulatory cooperation mechanisms, including the implementation of the memorandum of understanding and the bilateral financial supervision and cooperation agreements, and so on. In the second stage, the foundation of the regional financial supervision and cooperation mechanism is gradually formed, including the consensus on the construction of the cooperation mechanism of the Northeast Asia regional supervision and cooperation mechanism, and the construction of exchanges and cooperation among the supervisors of various countries. The third stage is the formation and improvement stage of regional multilateral financial supervision and cooperation mechanism, including the establishment of regional cooperation organizations in Northeast Asia financial supervision, the development of effective regulatory standards and rules suitable for the actual situation in Northeast Asia, and the final establishment of the Northeast Asia regional financial supervision and cooperation mechanism.
In the area of regional coordination and cooperation in banking supervision, this paper first makes an empirical comparison of banking supervision in China, Japan and South Korea, especially the supervision of foreign banks. On this basis, this paper analyzes and points out the path of coordination and cooperation in the supervision of Northeast Asian banks. In the course of this process, the banking regulatory standards of the Basel agreement and other international banking regulatory standards are gradually introduced. In this process, the financial markets of other countries in the region are open to each other, thus forming the basis for the coordination and cooperation of the banking supervision of the Northeast Asian countries. The principles of regulatory coordination and cooperation, such as the principle of minimum consistency, mutual recognition principle and the principle of home country supervision, finally achieve the coordination and unification of banking supervision in Northeast Asia in the aspects of market access, capital requirements and capital adequacy.
In the area of regional coordination and cooperation in the supervision of securities industry, this paper makes a comparative analysis of securities regulation in the countries of Northeast Asia from three aspects of securities regulatory supervision, securities trading supervision, listed company supervision, especially information disclosure. On this basis, the East Asia bond market development and stock market integration as the background to discuss the East. The coordination and cooperation of securities regulation in North Asia. At present, the coordination and cooperation of securities supervision and cooperation between the countries of Northeast Asia shows two levels, one is the coordination and cooperation between the securities regulatory authorities, for example, the cooperation between securities regulatory authorities in the region through the signing of the "memorandum of supervision and cooperation" in the form of "securities regulatory cooperation memo". North Asian countries, especially China Japan Japan and South Korea stock exchange, actively cooperate with each other to strengthen exchange of information and exchange of technology. According to the trend of the integrated development of the Northeast Asia Securities market, this paper holds that the direction of the coordination and cooperation of securities regulation in Northeast Asia includes three aspects: (I) continue to strengthen each other Exchange of information and deepen bilateral supervision and cooperation; (two) on the basis of the above, the coordination and unification of securities regulation in the region are gradually realized; (three) the coordination and cooperation between the various exchanges in the region.
The innovation of this article is two. First, this paper combines the related theories of financial supervision and regional financial integration, and puts forward the concept of regionalization of market failure and regulation failure, and believes that the region is characterized by regional financial contagion, repeated supervision, regulatory vacuum, market failure and regulatory failure of regulators' interests and incentive conflicts. Regionalization provides a theoretical basis for the coordination and cooperation of regional financial supervision. Second, in the context of the Northeast Asia regional economy and the integration of finance, the problem of coordination and cooperation of financial supervision in Northeast Asia is systematically studied and studied for the first time, which fills a gap in the research in this field. The shortcomings of this article are also obvious. In particular, it needs to be put forward, because the financial cooperation in Northeast Asia has just started, the cooperation in financial supervision is still at the academic level, and the related cooperative action is very rare. Therefore, this article is slightly insufficient in the empirical research, of course, this is also for the future. Further research provides a direction.
【学位授予单位】：东北财经大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F833.1
[Abstract]:With the closer economic ties between countries in Northeast Asia and the continuous development of trade and financial liberalization, the trend of financial integration in Northeast Asia is becoming more and more obvious in recent years. Monetary and financial cooperation has gradually been put on the agenda of various countries. In this context, the study of regional coordination and cooperation in East North Asia's financial supervision is a lesson. In the Northeast Asia, the coordination and cooperation of financial supervision and cooperation are the basic links of financial cooperation. Therefore, this paper discusses how to promote regional monetary and financial cooperation through the coordination and cooperation of financial supervision. Further development and maintenance of regional financial stability has become a common topic for all countries. From the perspective of China, in the context of regional financial integration, the research on how to strengthen the financial supervision and cooperation with other countries in the region is a step by step to prevent the impact of financial transmission and maintain financial stability. It is also of great practical significance to release financial markets, achieve financial liberalization and raise the international status of the renminbi.
Although, after the Asian financial crisis, the academic and policy circles have carried out a more extensive study and Discussion on the related issues of monetary and financial cooperation in Northeast Asia, and in practice, some progress has been made in the monetary and financial cooperation of Northeast Asia. However, there is no topic in the academic circle for the coordination and cooperation of Northeast Asia financial supervision. The purpose of this paper is to fill in the blank of this academic research. This paper combines the general theory of financial supervision with the specific situation of the financial development of Northeast Asia, and analyzes the financial integration of Northeast Asia, regional financial cooperation and Finance with the combination of empirical research and normative research. In accordance with the relevant theories of regional financial supervision and cooperation and the international experience provided by the EU, we try to explore and solve two problems about the cooperation of financial supervision in Northeast Asia: (I): "why, the problem, that is, the background and cause of regional coordination and cooperation in Northeast Asia financial supervision; (two) The question of "how" is the regional coordination and cooperation of financial supervision in Northeast Asia.
First of all, on the basis of summarizing and evaluating the theory of financial supervision and combining the actual situation of monetary and financial cooperation and financial integration in Northeast Asia, this paper analyzes the background and reasons of the coordination and cooperation of Northeast Asia financial supervision and regulation.
According to the early financial supervision theory, the government to implement financial supervision is mainly because of the widespread market failure in the financial field, such as information asymmetry, financial negative externality, financial contagion, financial monopoly and so on. The market failure in the financial field has caused the vulnerability of the financial system, and even the financial crisis in serious time, and even the financial crisis. In the core position of Finance in the modern economy, the theory advocates that the government should intervene in the field of Finance and implement financial supervision in order to maintain the stability of the financial system. The later development of the financial supervision theory is the emergence of "the theory of regulatory failure". The theory holds that the purpose of the government financial supervision is not to maintain the stability of the financial system, and more. It is important to maintain the private interests of the related interest groups. Financial regulation not only leads to the loss of market efficiency, but also improper supervision often becomes one of the causes of the instability of the financial system. Therefore, this theory advocates the relaxation of financial regulation and emphasizes the role of market discipline in maintaining the stability of the financial system.
Regional financial integration leads to the regionalization of market failure and regulatory failure, mainly as follows: (I) information asymmetry is more prominent; (two) the regionalization of financial negative externalities, such as regional transmission of financial crisis; (three) the interests and incentive conflicts among supervisors of various countries, such as supervision competition and supervision "downstream"; (four) (four) In the real financial world, market failure and the regionalization of regulatory failure have become the main factors that lead to regional financial instability. Some of the major financial crises that have occurred since 1990s have the characteristics of financial contagion. At the same time, the regionalization of market failure and regulatory failure is also a hindrance zone. Although the trend of financial integration has emerged in spite of the close relationship between economic and trade and the reform of financial liberalization in various countries, such factors as duplication of supervision, conflicts of interest among regulators in various countries and the diversity of regulatory standards will greatly impede regional financial integration and regional capital. As a result, in the trend of regional economic and financial integration, countries in the region are very necessary to coordinate and cooperate with the financial supervision in order to maintain regional financial stability, deepen regional financial cooperation and promote regional financial integration. Practice shows the necessity of regional coordination and cooperation in financial supervision in the process of regional financial integration.
In recent years, the development of regional economic integration and some cooperation in the field of monetary finance have made the trend of financial integration development in Northeast Asia. Under this background, the general market failure and the regionalization of supervision failure have also begun to show in the region, and become the coordination and cooperation of financial supervision in Northeast Asia. The specific reasons are: (I) the regional contagion of the financial crisis, such as the East Asian financial crisis in 1997; (two) different regulatory standards impede the transnational entry of financial institutions in the region; (three) the advance of monetary and financial cooperation in Northeast Asia can not be separated from the regional coordination and cooperation of financial supervision.
Secondly, this paper focuses on the aspects of Northeast Asia and how to coordinate and cooperate with the regional financial supervision. In view of the goal of maintaining regional financial stability and promoting regional financial cooperation and integrated development, this paper holds that the coordination and cooperation of financial supervision in Northeast Asia is mainly involved in two aspects: (1) northeast China The construction of the coordination and cooperation of subregional financial supervision and cooperation; (two) the path of coordination and cooperation of financial supervision in Northeast Asia, including regional coordination and cooperation in banking supervision and regional coordination and cooperation in the supervision of securities industry.
In the construction and innovation of the coordination and cooperation mechanism of financial supervision and regulation, based on the analysis of the regulatory system of the main countries of Northeast Asia China, Japan and South Korea and the progress of the current Northeast Asian financial cooperation, it is proposed that in the process of construction and innovation of the coordination mechanism of the Northeast Asia regional supervision and cooperation, it is necessary to pay attention to the bilateral mechanism and the process of innovation. The combination of regional multilateral mechanisms, the complementary of formal mechanism and informal mechanism, step by step and gradual deepening, the mechanism in the region and the mechanism outside the region complement each other. More concretely, we can consider, gradually establish the regional cooperation mechanism of the Northeast Asian financial supervision in three stages. In the first stage, we should continue to improve the system. Some bilateral regulatory cooperation mechanisms, including the implementation of the memorandum of understanding and the bilateral financial supervision and cooperation agreements, and so on. In the second stage, the foundation of the regional financial supervision and cooperation mechanism is gradually formed, including the consensus on the construction of the cooperation mechanism of the Northeast Asia regional supervision and cooperation mechanism, and the construction of exchanges and cooperation among the supervisors of various countries. The third stage is the formation and improvement stage of regional multilateral financial supervision and cooperation mechanism, including the establishment of regional cooperation organizations in Northeast Asia financial supervision, the development of effective regulatory standards and rules suitable for the actual situation in Northeast Asia, and the final establishment of the Northeast Asia regional financial supervision and cooperation mechanism.
In the area of regional coordination and cooperation in banking supervision, this paper first makes an empirical comparison of banking supervision in China, Japan and South Korea, especially the supervision of foreign banks. On this basis, this paper analyzes and points out the path of coordination and cooperation in the supervision of Northeast Asian banks. In the course of this process, the banking regulatory standards of the Basel agreement and other international banking regulatory standards are gradually introduced. In this process, the financial markets of other countries in the region are open to each other, thus forming the basis for the coordination and cooperation of the banking supervision of the Northeast Asian countries. The principles of regulatory coordination and cooperation, such as the principle of minimum consistency, mutual recognition principle and the principle of home country supervision, finally achieve the coordination and unification of banking supervision in Northeast Asia in the aspects of market access, capital requirements and capital adequacy.
In the area of regional coordination and cooperation in the supervision of securities industry, this paper makes a comparative analysis of securities regulation in the countries of Northeast Asia from three aspects of securities regulatory supervision, securities trading supervision, listed company supervision, especially information disclosure. On this basis, the East Asia bond market development and stock market integration as the background to discuss the East. The coordination and cooperation of securities regulation in North Asia. At present, the coordination and cooperation of securities supervision and cooperation between the countries of Northeast Asia shows two levels, one is the coordination and cooperation between the securities regulatory authorities, for example, the cooperation between securities regulatory authorities in the region through the signing of the "memorandum of supervision and cooperation" in the form of "securities regulatory cooperation memo". North Asian countries, especially China Japan Japan and South Korea stock exchange, actively cooperate with each other to strengthen exchange of information and exchange of technology. According to the trend of the integrated development of the Northeast Asia Securities market, this paper holds that the direction of the coordination and cooperation of securities regulation in Northeast Asia includes three aspects: (I) continue to strengthen each other Exchange of information and deepen bilateral supervision and cooperation; (two) on the basis of the above, the coordination and unification of securities regulation in the region are gradually realized; (three) the coordination and cooperation between the various exchanges in the region.
The innovation of this article is two. First, this paper combines the related theories of financial supervision and regional financial integration, and puts forward the concept of regionalization of market failure and regulation failure, and believes that the region is characterized by regional financial contagion, repeated supervision, regulatory vacuum, market failure and regulatory failure of regulators' interests and incentive conflicts. Regionalization provides a theoretical basis for the coordination and cooperation of regional financial supervision. Second, in the context of the Northeast Asia regional economy and the integration of finance, the problem of coordination and cooperation of financial supervision in Northeast Asia is systematically studied and studied for the first time, which fills a gap in the research in this field. The shortcomings of this article are also obvious. In particular, it needs to be put forward, because the financial cooperation in Northeast Asia has just started, the cooperation in financial supervision is still at the academic level, and the related cooperative action is very rare. Therefore, this article is slightly insufficient in the empirical research, of course, this is also for the future. Further research provides a direction.
【学位授予单位】：东北财经大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F833.1
【参考文献】
中国期刊全文数据库 前10条
1 王芳;马君潞;;东北亚经济一体化与区域政策性银行的作用[J];东北亚论坛;2010年02期
2 周泉恭;王志军;;欧盟国家金融监管结构发展分析[J];当代财经;2006年04期
3 巴曙松;王t熲，
本文编号：2148262
本文链接：https://www.wllwen.com/guanlilunwen/huobilw/2148262.html
