金融衍生品测试:金融创新中的食品与药物管理局
发布时间：2018-11-26 09:32
【摘要】：导致2008年金融危机爆发的部分原因是对复杂的金融衍生品进行投机性投资。在制定《多德-弗兰克法》过程中,美国国会曾试图寻求解决投机的办法,却仅仅把权力转移到各机构,始终未找到切实可行的解决方案。目前大多数观点都集中于交易所和结算所的使用及信息披露。然而,我们认为这种强制披露制度几乎没有作用,因为金融机构投资了大量资金开发金融产品,并借此进行博弈和监管套利,而这两种行为都只能造成社会资源的浪费。因此,我们建议当投资机构创造出新的金融产品时,在获得政府机构的许可之前应该被禁止销售,该政府机构应该沿用美国食品与药物管理局检查创新药品的标准来检查新的金融衍生品。只有当新开发的金融衍生品通过了社会效用测试,才可获准投放市场。
[Abstract]:Part of the reason for the 2008 financial crisis was speculative investment in complex derivatives. In the process of formulating Dodd-Frank Act, the United States Congress tried to find a solution to speculation, but only transferred power to institutions, and never found a practical solution. Most current views focus on the use and disclosure of exchanges and clearing houses. However, we think this kind of compulsory disclosure system has little effect because financial institutions invest a lot of money to develop financial products and carry out game and regulatory arbitrage, both of which can only lead to the waste of social resources. So, we suggest that when investment agencies create new financial products, they should be banned from selling until they get permission from government agencies. The agency should follow the FDA's standards for inspection of innovative drugs to examine new derivatives. New derivatives are allowed to market only if they pass the Social Utility Test.
【作者单位】： 美国芝加哥大学法学院;美国芝加哥大学经济学系;华东政法大学;
【基金】：上海市教委科研创新项目“2008年金融危机背景下美国的经济立法及其借鉴”(项目批准号:12YS096)的研究成果
【分类号】：F831.5;R95
，
本文编号：2358164
[Abstract]:Part of the reason for the 2008 financial crisis was speculative investment in complex derivatives. In the process of formulating Dodd-Frank Act, the United States Congress tried to find a solution to speculation, but only transferred power to institutions, and never found a practical solution. Most current views focus on the use and disclosure of exchanges and clearing houses. However, we think this kind of compulsory disclosure system has little effect because financial institutions invest a lot of money to develop financial products and carry out game and regulatory arbitrage, both of which can only lead to the waste of social resources. So, we suggest that when investment agencies create new financial products, they should be banned from selling until they get permission from government agencies. The agency should follow the FDA's standards for inspection of innovative drugs to examine new derivatives. New derivatives are allowed to market only if they pass the Social Utility Test.
【作者单位】： 美国芝加哥大学法学院;美国芝加哥大学经济学系;华东政法大学;
【基金】：上海市教委科研创新项目“2008年金融危机背景下美国的经济立法及其借鉴”(项目批准号:12YS096)的研究成果
【分类号】：F831.5;R95
，
本文编号：2358164
本文链接：https://www.wllwen.com/jingjilunwen/guojijinrong/2358164.html
