金融监管国际合作失衡下的监管套利理论透析  

Theoretical Analysis on the Imbalance of International Cooperation in Financial supervision and Regulatory Arbitrage

作　　者：张金城[1,2] 李成[3] 

机构地区：[1]西安交通大学经济与金融学院 [2]哈尔滨金融学院金融研究所 [3]西安交通大学经济与金融学院金融系

出　　处：《国际金融研究》2011年第8期56-65,共10页Studies of International Finance

基　　金：国家社科基金重点项目(09AZD020):“我国金融监管的制度框架、制衡机制与绩效评价研究”;哈尔滨金融学院院级重点科研项目“基于金融稳定的逆周期宏观审慎监管制度框架构建研究”

摘　　要：金融监管的制度差异、监管竞争、金融创新导致金融监管国际合作协调机制失衡,进而产生金融监管套利行为。金融监管套利容易引发金融系统的负外部性,导致金融风险不断累加直至爆发金融危机。金融监管套利的盛行暴露了金融监管体系的漏洞,推动了金融监管国内协调统一和国际合作的发展。本文从金融监管国际合作失衡的角度,以监管制度的成本收益和供需均衡分析为框架,运用净制度负担的一价定律模型和金融监管国际合作博弈模型,探讨了金融监管国际合作不同状态下的监管套利问题。文章还提出了构建具有层次性、区域性的金融监管合作机制,加强各国协作并保持政策的一致性,拓宽金融监管国际合作的参与主体范围和市场领域,通过国际合作监管来缓解监管竞争,减少和消除监管套利的政策建议。Differences between and among the financial regulatory systems, regulatory competition and financial innovation caused the imbalance of international cooperation in financial supervision, thus generating financial regulatory arbitrage.Regulatory arbitrage is apt to cause negative externalities of the financial system, leading to financial risks continuing to accumulate until the outbreak of the financial crisis. The prevalence of financial regulatory arbitrage exposed the loopholes in the financial regulatory system, and called for the harmonization of domestic financial regulation and international cooperation. From the perspective of the imbalance of international cooperation in financial supervision, the paper used the model of the law of one net regulatory burden and game of international cooperation in financial supervision and adopted the framework consisting of cost and benefit analysis as well as the supply and demand balance to discuss the regulatory arbitrage under different conditions of international cooperation in financial supervision. The paper proposed to build a multi-hierarchy regional cooperation in financial supervision mechanism and develop policies to strengthen international coordination so as to maintain the consistency and broaden the participation and scope of international cooperation in financial supervision, thus easing the regulatory competition, reducing and even eliminating policy recommendations for regulatory arbitrage.

关 键 词：金融监管 国际合作 制度非均衡 监管套利 

分 类 号：F831.59[经济管理—金融学]