期货市场缺陷、政府介入与监管权分配

发布时间：2018-01-10 00:08

本文关键词：期货市场缺陷、政府介入与监管权分配　出处：《新金融》2014年04期 　论文类型：期刊论文

【摘要】：由于期货市场存在垄断、外部性和信息不对称等市场缺陷,需要政府以监管的方式介入。出于监管成本和效率考虑,政府应当采取混合监管模式。在交易所具有足够激励的领域政府监管当局应当让交易所独立行使监管职能;在交易所激励不足的领域,从外部对交易所施加影响,改变交易所市场监管激励。政府监管当局一直持有主动权,在交易所没有有效地履行监管责任时,监管当局可以对交易所进行惩罚或者直接介入市场监管。
[Abstract]:Because of the market defects such as monopoly, externality and information asymmetry in futures market, the government needs to intervene in the way of supervision, considering the cost and efficiency of supervision. The government should adopt the mixed regulatory model. In the areas where the exchange has sufficient incentives, the government regulatory authority should allow the exchange to exercise its supervisory function independently; In areas where exchange incentives are inadequate, external influences are exerted on exchanges and regulatory incentives in the exchange market are changed. Government regulatory authorities have always held the initiative when the exchange has not effectively fulfilled its regulatory responsibilities. Regulatory authorities may penalize exchanges or intervene directly in market regulation.
【作者单位】：中国社会科学院马克思主义研究院琼州学院理论创新基地;
【分类号】：F832.51
【正文快照】： 期货理论界关于政府是否应当以监管的方式介入期货市场,交易所等自律组织是否已经很好地履行市场监管职能,如果政府介入,如何在交易所和政府监管当局之间进行协调,合理地分配市场监管权等一系列问题的争论一直没有停止过。其中核心议题就是如何使期货市场上最重要的两个监管主

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