通往金融稳定的监管新范式——次贷危机后的金融监管改进

New Regulation Framework for Financial Stability:Regulation Reform after Subprime Crisis

次贷危机发生后,一些发达国家准备或正在改进其金融监管以防止危机对经济的进一步拖累。这些改进主要体现在组建超级监管机构、加强监管合作和重新重视规则监管,其实质是通过监管的改进来避免监管套利、监管本位主义和监管宽容。发达国家金融监管的改进是其对本国金融监管的深刻总结,对我国有着多重启示。不仅使我国认清了发达国家金融监管的不成熟一面,而且对我国的监管制度移植与本土化、监管分权和高度合作、以及规则监管在我国的实施都有着深远影响。

After Subprime Crisis, some of the developed countries are initiating the reform of the financial regulation system to prevent the further impact on the economy. To avoid arbitrage, selfish departmentalism and indulgence in supervision, introduction of super financial regulation authorities, enhancement of cooperation among authorities, attaching importance to rule-based regulation are considered as reform steps in many countries. This reform is started in developed countries based on deep investigation of their old regulation and supervision frameworks, and will provide good lessons for Chinese when they are borrowing regulation rules from western countries, reconstructing their financial supervision authorities＇ power division, cooperation, rule - base regulation system.