次贷危机后国际金融监管制度的变革
发布时间：2018-12-14 21:59
【摘要】：金融危机是金融监管立法改革最重要的推动力,随着世界经济形势的复苏和金融体系的逐步稳定,在后危机时代下世界主要经济体的主要任务开始由采取短期政策措施以遏制危机蔓延和深化转向金融监管立法制度改革,以此修复现行金融监管体系的根本性缺陷。此次危机暴露出以往的金融监管存在的固有弊端,比如,一是既有共识的片面性错误。危机爆发前各国绝对相信金融市场的自我稳定机制；二是系统性风险监管的忽视。金融机构间的关联性和框架建设则往往容易被忽视；三是影子银行和金融创新的监管空白。一般认为,对冲基金、私募资金、抵押贷款经济公司等所谓的影子银行具有较高的抵御风险能力,因此,此类金融机构常游离于金融监管之外；四是法律底线的不断失守。纵然有部分金融监管法律但是该法律没有组成严格有序的监管体系,反而不断放松对金融监管的要求,没能及时预防问题的爆发。美英及欧盟三大经济体先后颁布多项金融监管立法改革方案,反映出各经济体在金融监管立法改革方面的不同态度和利益诉求,折射出后危机时代下国际金融监管立法改革的新动向,为完善我国金融监管制度提供了深度思考的机会。 本文以次贷危机的爆发为研究切入点,从挖掘次贷危机的背后成因及此次次贷危机折射出的金融监管制度的漏洞,着重考察各国在危机后金融监管制度变革的动向,以阐明当前主要国际金融中心在金融监管法律方面做出的努力及发展趋势。文章主要分为三个大部分,第一部分,在阐述此次次贷危机发生背景的前提下,着重分析了危机发生的法律原因,进而从法律原因中看出主要为金融监管力度不足,监管法律的制定和执行都存有漏洞,而这正是导致危机爆发的核心原因；第二部分,是本文的重点阐述部分,在综览危机后各主要金融中心改革措施后,得出各国改革的一般趋势,主要从四个方面的改革趋势进行分析,即宏观审慎监管理念、大而不倒政策、金融消费者的权益保护及金融监管的国际合作化趋势,通过最近改革的方向来系统分析金融监管制度变革的主流思想体系；第三部分回归我国建设国际金融中心的实际,鉴于目前国家正下大力气集中努力把上海打造为新兴的国际金融中心,与世界发展潮流接轨,本文就以上海为例分析我国建设金融中心存在的问题,及面对这些问题如何因地制宜的制定出适合我国金融业健康发展的监管法规,这也是本次研究的落脚点和实践点,紧跟国际金融业发展方向,这对我国的金融监管制度提出更高的要求,因而本研究对我国金融监管的依法顺利进行具有现实的借鉴意义。
[Abstract]:The financial crisis is the most important driving force in the legislative reform of financial supervision. With the recovery of the world economic situation and the gradual stabilization of the financial system, In the post-crisis era, the major tasks of the world's major economies began to repair the fundamental defects of the current financial supervision system by taking short-term policy measures to contain the spread of the crisis and deepen the reform of the financial regulatory legislation system. The crisis exposed the inherent drawbacks of past financial regulation, such as the one-sided error of consensus. Before the crisis, countries absolutely believed in the self-stabilization mechanism of financial markets; second, the oversight of systemic risk regulation. The relationship between financial institutions and the construction of framework are often ignored; third, the regulatory gaps in shadow banking and financial innovation. It is generally believed that so-called shadow banks, such as hedge funds, private equity funds and mortgage economy companies, are highly risk-resistant, so such financial institutions are often free from financial regulation; fourth, the legal bottom line is constantly lost. Even though there are some financial regulation laws, the law does not constitute a strict and orderly regulatory system, but constantly loosens the requirements of financial supervision, and fails to prevent the outbreak of problems in time. The three major economies of the United States, the United Kingdom and the European Union have successively promulgated a number of plans for the reform of financial regulation legislation, reflecting the different attitudes and interests of the various economies in the reform of financial supervision legislation. It reflects the new trend of the legislative reform of international financial supervision in the post-crisis era, and provides an opportunity for the improvement of China's financial supervision system. In this paper, the outbreak of sub-prime crisis as a research breakthrough point, from the underlying causes of the subprime mortgage crisis and the subprime mortgage crisis reflected in the financial regulatory system loopholes, focusing on the post-crisis financial regulatory system changes in the trend, In order to clarify the current major international financial centres in the legal aspects of financial regulation efforts and trends. The article is divided into three major parts. The first part, on the premise of explaining the background of the subprime mortgage crisis, focuses on the analysis of the legal causes of the crisis, and then finds out from the legal reasons that the financial supervision is insufficient. There are loopholes in the formulation and enforcement of regulatory laws, which is the core cause of the crisis. The second part is the emphasis of this article, after reviewing the reform measures of the major financial centers after the crisis, the general trend of the reform of various countries is obtained, mainly from four aspects of the reform trend analysis, that is, the concept of macro-prudential supervision. The major policy, the protection of the rights and interests of financial consumers and the trend of international cooperation in financial supervision, through the direction of recent reform to systematically analyze the mainstream of the reform of the financial regulatory system of the ideological system; The third part returns to the reality of China's construction of an international financial center. In view of the fact that the country is currently making great efforts to turn Shanghai into a new international financial center, it is in line with the world trend of development. This paper takes Shanghai as an example to analyze the problems existing in the construction of financial center in China, and how to formulate regulations and regulations suitable for the healthy development of China's financial industry in the face of these problems. This is also the foothold and practice point of this study. Following the development direction of the international financial industry, this paper puts forward higher requirements for the financial supervision system of our country, so this study has practical significance for the smooth development of the financial supervision in our country according to the law.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.1;D922.28
本文编号：2379388
[Abstract]:The financial crisis is the most important driving force in the legislative reform of financial supervision. With the recovery of the world economic situation and the gradual stabilization of the financial system, In the post-crisis era, the major tasks of the world's major economies began to repair the fundamental defects of the current financial supervision system by taking short-term policy measures to contain the spread of the crisis and deepen the reform of the financial regulatory legislation system. The crisis exposed the inherent drawbacks of past financial regulation, such as the one-sided error of consensus. Before the crisis, countries absolutely believed in the self-stabilization mechanism of financial markets; second, the oversight of systemic risk regulation. The relationship between financial institutions and the construction of framework are often ignored; third, the regulatory gaps in shadow banking and financial innovation. It is generally believed that so-called shadow banks, such as hedge funds, private equity funds and mortgage economy companies, are highly risk-resistant, so such financial institutions are often free from financial regulation; fourth, the legal bottom line is constantly lost. Even though there are some financial regulation laws, the law does not constitute a strict and orderly regulatory system, but constantly loosens the requirements of financial supervision, and fails to prevent the outbreak of problems in time. The three major economies of the United States, the United Kingdom and the European Union have successively promulgated a number of plans for the reform of financial regulation legislation, reflecting the different attitudes and interests of the various economies in the reform of financial supervision legislation. It reflects the new trend of the legislative reform of international financial supervision in the post-crisis era, and provides an opportunity for the improvement of China's financial supervision system. In this paper, the outbreak of sub-prime crisis as a research breakthrough point, from the underlying causes of the subprime mortgage crisis and the subprime mortgage crisis reflected in the financial regulatory system loopholes, focusing on the post-crisis financial regulatory system changes in the trend, In order to clarify the current major international financial centres in the legal aspects of financial regulation efforts and trends. The article is divided into three major parts. The first part, on the premise of explaining the background of the subprime mortgage crisis, focuses on the analysis of the legal causes of the crisis, and then finds out from the legal reasons that the financial supervision is insufficient. There are loopholes in the formulation and enforcement of regulatory laws, which is the core cause of the crisis. The second part is the emphasis of this article, after reviewing the reform measures of the major financial centers after the crisis, the general trend of the reform of various countries is obtained, mainly from four aspects of the reform trend analysis, that is, the concept of macro-prudential supervision. The major policy, the protection of the rights and interests of financial consumers and the trend of international cooperation in financial supervision, through the direction of recent reform to systematically analyze the mainstream of the reform of the financial regulatory system of the ideological system; The third part returns to the reality of China's construction of an international financial center. In view of the fact that the country is currently making great efforts to turn Shanghai into a new international financial center, it is in line with the world trend of development. This paper takes Shanghai as an example to analyze the problems existing in the construction of financial center in China, and how to formulate regulations and regulations suitable for the healthy development of China's financial industry in the face of these problems. This is also the foothold and practice point of this study. Following the development direction of the international financial industry, this paper puts forward higher requirements for the financial supervision system of our country, so this study has practical significance for the smooth development of the financial supervision in our country according to the law.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.1;D922.28
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