工业革命、金融革命与系统性风险治理  

Industrial Revolution,Financial Revolution,and Systemic Risk Governance

作　　者：陈雨露[1] CHEN Yulu(The People's Bank of China)

机构地区：[1]中国人民银行,北京100800

出　　处：《金融研究》2021年第1期1-12,共12页Journal of Financial Research

摘　　要：本文以历史上三次工业革命为切入点,探讨工业革命、金融革命与系统性风险治理间的关系。在工业革命演进过程中,先进技术创新应用、经济结构转变和社会环境变迁,推动了金融业演进发展和升级;反过来,资本的快速积累和有效融通对科技进步转化为工业革命不可或缺,以现代商业银行、现代投资银行和创业投资体系为特征的三次金融革命分别是三次工业革命的重要推动力量。但如果制度规则建设和监管滞后,金融发展失序也会导致系统性风险逐步累积,引发金融危机,反过来催生重大金融体制或监管制度变革。当前第四次工业革命已拉开序幕,金融科技引领的金融业集成创新有望成为第四次金融革命的突出特征。我国是全球金融科技发展领先的国家之一,应统筹发展与安全,在金融科技带动下发挥好银行体系、资本市场、创投体系和金融科技企业服务实体经济创新发展的合力,同时做好风险防范,引导从业机构在服务实体经济和遵从审慎监管的前提下守正创新,防止资本无序扩张,牢牢守住不发生系统性风险的底线。This article studies the relationship among industrial revolution,financial revolution,and systemic risk governance by examining the three industrial revolutions in human history.The three industrial revolutions had significantly improved productivity,transformed industrial production and social relations.The advanced technology innovations and applications,transformation of economic structure and evolution of social environments promoted development and upgrading of the financial sector.Subsequently,rapid capital accumulation and effective intermediation were essential in turning technological progress into industrial revolution,and financial revolution became an important catalyst of industrial revolution.However,if the rules,institutional arrangements and regulations could not catch up with the revolution in financial sector,the imbalances will build up and systemic risks accmulate,which would in turn trigger finanical crisis that would subsequently prompt major changes in the financial and regulatory systems.The first industrial revolution established production process mechanization and industry specialization as the pattern of modern production and economic growth.Under the specific socio-economic environment in the UK,the swift industrial and business development drove the expansion of banking system and the emergence of a unified credit market that narrowed the credit spread among areas,and mitigated capital shortage in industrial areas.The first financial revolution,i.e.the rise of modern commercial banking system,provided massive fund support for the full-scale rise of the first industrial revolution.However,due to the weakness in risk management,rapid surge of bank credit accumulated massive risks in the financial system,which triggered frequent financial crises.After the financial crisis in 1825,the UK overhauled its financial system.The Bank of England gradually assumed central bank functions such as currency issuance,financial stability.The British financial industry entered into a century-long stab

关 键 词：工业革命 金融创新 金融监管 

分 类 号：F414[经济管理—产业经济] F831