美国金融监管结构的转型及对我国的启示

Structural Transition of US Financial Supervision and its Implication

研究发现,美国现行金融监管结构存在着监管重叠、监管疏漏、监管合作不畅、监管成本偏高等问题,存在着转型的压力;但与此同时,由于美国反垄断的文化特征、"危机驱动"的改革传统、联邦政治体制的经济影响以及既得利益集团的阻碍,美国金融监管结构要实现彻底转型困难重重。我们因此预测,美国金融监管结构的转型方向在相当长时间内将很可能是"合作",而不是"合并"。在比较研究的基础上,我们认为,我国目前金融监管结构一体化的条件还不成熟。

This paper explores a very unique issue： why US sticks to its traditional multiple supervision structure while many other developed countries like England and Germany have engaged in a supervision integration reform？ According to the studies, there do exist pressures to transition： the current US financial supervisory structure could induce problems llke supervision overlapping, omission, lack of cooperation and high supervision costs. But the fact is, the anti-monopoly culture in the US, the crisis-driven reform tradition, the federal political impacts on the economy and the vested interests groups all constitute obstacles for a thorough transition. Thus we believe that in the long run, the direction of US financial supervision structure transition would be ＂ cooperation＂ , instead of ＂ merger＂ . Based on a comparative study, this paper draws a conclusion that the current situations in China could not allow a financial supervision integration reform.