难以实现预期目标的国际金融监管改革--基于政治经济学的分析  

Why Won't the International Financial Regulatory Reform Achieve Its Desired Goal——An Political Economy Analysis

作　　者：穆良平[1] 张静春[2] 

机构地区：[1]西南财经大学经济学院 [2]中国银监会

出　　处：《国际经济评论》2010年第5期121-132,共12页International Economic Review

摘　　要：本次金融危机是宏观货币因素与微观监管因素密切作用的结果。尽管要有效应对金融危机,需要全球着手应对资本跨境流动和国际货币体系缺陷的问题,并同时加强微观金融监管、建立起稳健的金融体系,但在现实中,改革实际上是一个各方利益的博弈过程,尤其是既得利益集团坚决抵制改变依靠资产泡沫快速攫取利润的增长方式,使国际金融监管改革难以实现预期目标。在未来的金融体系下,一方面全球失衡可能重新积累;而另一方面金融监管则将依然欠缺有效性。虽然发达经济体的初衷是维护本国金融利益,但正如事实已经表明的,这样的体系并不利于其实现长期的整体竞争力。This article discusses the effectiveness of the international financial regulatory reform presently under development from the perspective of international political economy.The authors argue that the current financial crisis resulted from a close interaction between macro monetary factors and micro regulatory factors.Seen from the overall scenario though,to make reforms effective,the international community needs to address cross-border capital movement and defect of the existing global monetary system,and at the same time strengthen financial regulation and build up a resilient financial system.However,the reform is in reality a complicated process of multi-party games.Particularly,due to the fact that vested interest groups resist changing the mode of operation that allows them to rapidly grab exorbitant profits through creating financial asset bubbles,most likely the reform would fail to achieve their original objectives as stipulated in the G20 statements.As a result,under any likely future financial system, global imbalance could build up again on the one hand,while on the other hand,financial regulation could fail to show its teeth as before.Although the developed economies have meant to safeguard their national financial interests,the present crisis has revealed that maintaining the current system will not really help them keep their long-term overall competitiveness.

关 键 词：金融监管改革 资本流动 货币体系 稳健性 

分 类 号：F831.1[经济管理—金融学]