美国金融监管新政中的系统性风险防范

发布时间：2019-03-01 09:00

【摘要】：2008年肇始于美国的次贷危机除了各国金融监管出现漏洞之外,混业经营造成的系统性风险加剧了金融危机的蔓延扩散。危机过后,欧美各国进行了不同程度的金融监管体制改革,而从美国金融监管新政中可以管窥未来金融监管体制改革的新方向和思路。未来金融监管发展趋势将受混业经营背景下的系统性风险这一因素深远影响,并呈现出以下特点:逐步拆分金融机构的高风险业务,适当借鉴分业经营模式;金融机构"大而不倒"或将成为历史;削弱金融市场信息不对称的影响;监管要求提高导致金融自由化时代暂时终结。中美两国的金融实务和系统性风险水平尽管所处层次存在差异,但美国金融改革法案设定的相关规则及其优质内核,对于我国在防范系统性风险具有重要的借鉴作用。
[Abstract]:The subprime mortgage crisis, which started in 2008 in the United States, except for the loopholes in the financial regulation of various countries, the systemic risk caused by the mixed operation aggravates the spread of the financial crisis. After the crisis, European and American countries have carried out different degrees of financial regulatory system reform, and from the new deal of financial supervision in the United States, we can see the new direction and ideas of the future financial regulatory system reform. The development trend of financial supervision in the future will be deeply influenced by the systemic risk under the background of mixed operation, and presents the following characteristics: gradually splitting up the high-risk business of financial institutions and drawing lessons from the separate business model; Financial institutions "big enough not to fail" could become history; weaken the effects of asymmetric information in financial markets; and higher regulatory requirements lead to a temporary end to the era of financial liberalization. Although there are differences in the levels of financial practice and systemic risk between China and the United States, the relevant rules and its high-quality core set by the Financial Reform Act of the United States play an important role in preventing systemic risks in China.
【作者单位】：对外经济贸易大学金融学院;
【分类号】：F837.12

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