金融监管改革与金融稳定:美国金融危机的反思  

American Financial Regulatory Reform and its Implications for Financial Stability

作　　者：饶波[1] 郑联盛[2] 何德旭[3,4] 

机构地区：[1]西安交通大学经济与金融学院 [2]中国社会科学院研究生院 [3]湖北经济学院 [4]中国社科院数量经济与技术经济研究所

出　　处：《财贸经济》2009年第12期22-30,共9页Finance & Trade Economics

基　　金：2008年度国家社会科学基金重大项目<构建金融稳定的长效机制研究--基于美国金融危机的经济学分析>(批准号:08&ZD035)的阶段性成果

摘　　要：由次贷问题引发的全球金融危机凸显了美国金融监管缺失的风险和加强金融改革的重要性。在几十年的发展中,美国金融监管体系逐步演进为双层多头的分业监管模式,促进了美国金融市场的繁荣。但是危机的爆发表明这种监管体系缺乏统一监管者,无法有效防范系统性危机,因而存在监管缺陷和监管效率相对低下的问题。危机后,美国政府开始意识到有效金融监管的重要性,并着力进行实质性的改革,以减轻美国金融监管体系与其金融市场制度、金融业务模式等的背离程度。新的监管体系方案有利于提高监管的有效性和促进金融稳定,但并不能根除金融危机根源,并且可能萌生新的金融风险。The global financial crisis,originated in the sub-prime mortgage problem,demonstrates the failure of American financial regulatory system and the necessity to strengthen the regulatory reform. The American financial regulatory mechanism has become a model as double layers and multiple regulatory authorities and promoted the financial markets in America to a high prosperity. However,the global financial crisis shows that the regulatory system,lack of an integrated regulator,or a super regulator,could not prevent a systemic crisis. Meanwhile,there have many failures in the regulatory system that leads to a low effectiveness. After the crisis,the American government has recognized the importance to enhance regulatory effectiveness and has conducted a significant reform to reduce the deviation among the mechanism of financial markets,the financial business models and the financial regulatory system. The new framework would be helpful to improve the efficiency and effectiveness of the regulatory system and enhance the financial stability,while the reform plan does not deracinate the roots of financial crisis and might generate some new financial risks.

关 键 词：金融危机 金融监管 金融稳定 

分 类 号：F837.12[经济管理—金融学]