国际金融危机背景下欧洲金融结构的转型——走向银行与资本市场并重均衡的欧洲金融体系  

Transformation of the European Financial Structure in the Context of International Financial Crisis-Towards a Balanced Financial System between Bank and Capital Market

作　　者：胡琨[1] 

机构地区：[1]中国社会科学院欧洲研究所

出　　处：《欧洲研究》2017年第4期18-36,共19页Chinese Journal of European Studies

摘　　要：长期以来,尽管各成员国之间差异巨大,但欧盟金融结构总体上呈现银行主导的特征。国际金融危机冲击下欧洲金融体系的动荡表明,欧盟银行主导的金融体系并不完美。一方面,对银行业的过度依赖会因银行监管和市场出清机制的不足导致系统性风险累积,增加金融系统的脆弱性;另一方面,又因缺乏一个替代性机制缓冲经济基本面所受到的冲击,难以为经济复苏提供必要的金融支持。因此,欧盟在通过银行业联盟确保银行体系稳定的同时,着手借助资本市场联盟的建设推动资本市场发展,欧盟金融体系也因此启动了从银行主导向银行与市场并重的重大结构转型。Under the influences of a series of factors,the EU's financial structure has presented a bank-based feature for a long time,despite the great differences among the member countries. The turmoil of the European financial system caused by the international financial crisis shows that the bank-based financial system in the EU is far from perfect. Its over-reliance on the banking sector will lead to both systemic risk accumulation due to the deficiencies in the banking supervision and market clearing mechanisms,which will increase the fragility of the financial system,and to the absence of an alternative mechanism after the breakout of a crisis,which could have absorbed the shock of the crisis and provided the necessary financial support for economic recovery. In order to overcome these weaknesses,the EU starts to build a capital market union in order to promote the development of its capital markets while ensuring the stability of the banking system through the banking union.The EU's financial system has thus undergone a significant transformation from a bank-based structure to a balanced one between bank and capital market.

关 键 词：欧洲金融结构 银行主导 资本市场联盟 结构转型 

分 类 号：F835[经济管理—金融学]