从强化监管到放松管制的十年轮回——美国金融监管改革及其对中国的影响与启示  

The Ten-year Cycle of Regulation and Deregulation:US Financial Regulation Reform and Implications for China

作　　者：胡滨[1] Hu Bin

机构地区：[1]中国社会科学院金融研究所

出　　处：《国际经济评论》2020年第5期102-122,7,共22页International Economic Review

摘　　要：美国金融监管政策经历了从强化监管到放松管制的十年轮回。奥巴马政府强化金融监管体系建设并出台沃尔克规则,特朗普政府则大力放松金融监管以提升国际竞争力。特朗普政府提高系统重要性金融机构资产认定门槛,放松大型银行监管标准,明显放松中小银行监管要求,着力放松沃尔克规则,并适度降低资本市场监管要求。监管放松有利于美国金融提高国际竞争力,但可能导致国际监管合作重构,诱发负面外溢效应和全球监管套利,引发新的重大金融风险。与美国不同,中国金融监管近期逐步强化监管,这与中美金融发展阶段、金融结构和监管体制的差异紧密相关。中国需着力把控美国金融监管放松的外溢冲击,全面深化金融改革开放,有效防范内外风险共振,消除监管灰色地带和监管空白,同时,借鉴美国实行差异化监管,大力提升中小企业金融服务水平和消费者保护水平。US’financial regulatory policies have experienced a decade-long cycle,shifting from strengthened regulation to deregulation.The Barack Obama administration strengthened the country’s financial regulatory system and introduced the Volcker Rule,followed by a major effort by the Trump administration to loosen financial regulation to improve international competitiveness.The Trump administration raised the asset threshold for systemically important financial institutions,eased regulations on large banks,significantly loosened regulation on small and medium-sized banks,relaxed the Volcker Rule and moderately reduced regulatory requirements for capital markets.Financial deregulation in the US helps improve the international competitiveness of its financial sector,but it may reconstruct international regulatory cooperation and induce negative spillover effects and global regulatory arbitrage,triggering major financial risks.Unlike the United States,China has recently strengthened its financial regulation.The different approaches adopted by China and the US can be largely explained by the different development levels of their financial sector,financial structures and regulatory systems.China needs to make efforts to cope with the spillover effects of the US financial deregulation,comprehensively deepen its reform and opening-up in the financial sector,prevent synergies of internal and external risks,and eliminate regulatory gray areas and gaps.In addition,US experiences show that China should implement differentiated regulatory policies and improve financial services for small and medium-sized enterprises as well as consumer protection.

关 键 词：监管放松 沃尔克规则 外溢效应 金融危机 

分 类 号：F837.12[经济管理—金融学] F832.1