美国金融监管改革法案的新政治经济学分析

发布时间：2018-10-15 08:53

【摘要】：2010年美国国会通过的《多德-弗兰克华尔街改革与消费者保护法案》（简称《多德-弗兰克法案》），是2008年金融危机后美国金融监管改革的重要法案。对该法案的研究，是国内外学界一个新的课题。本文在综述国内外相关研究成果的基础上，从新政治经济学的视角，，综合运用管制政治经济学、利益集团理论和政党投票选举理论，将政治因素引入经济分析框架，探讨美国国内利益集团和左右翼政党的政策偏好及其对《多德-弗兰克法案》的影响。研究表明，《多德-弗兰克法案》是美国国内金融利益集团、消费者集团以及共和党、民主党多方政治力量在政治市场上利益冲突和妥协的产物。各利益集团和政党从自身的经济和政治利益出发，对金融监管持不同立场，围绕法案展开政治博弈。金融利益集团主张金融自由化，对法案持反对意见，消费者集团要求加强金融监管，支持法案。两大利益集团通过政治捐款、信息传播和投票选举等方式，影响共和党和民主党在《多德-弗兰克法案》上的政策立场；两党则利用不同利益集团的政策偏好和政治支持，实现选票最大化，以赢得2008年大选和2010年中期选举的胜利。在民主党控制参众两院多数席位的背景下，法案历经坎坷，终获通过。最终版本的法案在监控系统性风险、合理处置“大而不能倒”金融机构和加强金融消费者保护等金融监管改革关键议题上有重大突破。然而，由于受到金融利益集团和共和党的强力阻挠，法案在有序清算基金、银行税、“沃尔克法则”、公司治理、高管薪酬、衍生品交易和“两房”七项关键条款上有所弱化，其力度已明显削弱。《多德-弗兰克法案》生效一年多来，仍然受到相关利益集团和政党利益斗争的深刻影响。法案的具体实施效果和对美国经济乃至世界经济的影响，不仅受制于各种经济因素，而且取决于2012年美国大选期间各相关利益主体的政治博弈以及大选结果的影响。
[Abstract]:The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) passed by the U.S. Congress in 2010 is an important bill for financial regulatory reform in the United States after the 2008 financial crisis. The research on the bill is a new topic in the academic circle at home and abroad. On the basis of summarizing the relevant research results at home and abroad, this paper, from the perspective of new political economy, synthetically applies the theory of controlling political economics, interest group theory and political party voting election theory, and introduces political factors into the economic analysis framework. This paper discusses the policy preferences of domestic interest groups and political parties on the left and right and their influence on Dodd-Frank Act. Studies show that the Dodd-Frank Act is the product of conflicts of interest and compromises in the political market between domestic financial interest groups, consumer groups, and Republicans and Democrats. Starting from their own economic and political interests, various interest groups and political parties hold different positions on financial supervision and conduct political games around the bill. Financial interest groups advocate financial liberalization and oppose the bill, while consumer groups demand stronger financial regulation and support the bill. The two major interest groups influence the policy positions of Republicans and Democrats on the Dodd-Frank Act by means of political donations, information dissemination and voting; the two parties use the policy preferences and political support of different interest groups. Maximize votes to win the 2008 and 2010 midterm elections. With Democrats controlling majorities in both houses of Congress, the bill was bumpy and passed. The final version of the bill made a major breakthrough in monitoring systemic risks, properly addressing key issues of financial regulatory reform such as "big but not failing" financial institutions and strengthening financial consumer protection. However, as a result of strong obstructions from financial interests and Republicans, the bill has weakened seven key provisions on orderly clearing funds, bank taxes, "Volcker's Law," corporate governance, executive compensation, derivatives trading, and Fannie and Freddie. The Dodd-Frank Act, which has been in force for more than a year, is still deeply affected by interest struggles between relevant interest groups and political parties. The concrete implementation effect of the bill and its influence on the American economy and the world economy are not only subject to various economic factors, but also depend on the political game of the relevant stakeholders during the 2012 US election and the influence of the result of the election.
【学位授予单位】：清华大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F837.12;F091

【参考文献】