北岩银行国有化所反映出的英国金融稳定机制缺陷及其改革

On Flaws and Reform of the Northern Rock Bank Nationalization Reflection Financial Stability Cooperation Mechanism in British

维护金融稳定是中央银行的天职。不过,鉴于金融稳定的复杂性和系统性,单纯依靠中央银行的力量可能无法有效地实现金融稳定的目标。因此,有必要在中央银行、财政部门以及其他金融监管部门之间建立相关的金融稳定协调机制。而金融稳定协调机制能否发挥作用还需要经受实践,特别是危机的检验。本文通过分析英国北岩银行国有化事件,来讨论英国金融稳定协调机制的成败及其未来的改革。

Maintaining the financial stability is the central bank＇s inborn responsibility. However, due to its complexity and system, it may be impossible to realize the objective of financial stability by the central bank alone. So we need to establish the financial stability cooperation mechanism among the central bank, the treasury department and financial regulator. Moreover, the effectiveness of the cooperation should endure the test of the practice, especially of the financial crisis. By analyzing the nationalization of the Northern Rock Bank, the present paper aims to discuss the success and failure of financial stability cooperation mechanism in British and its future reform.