最后贷款人规则争议探讨

On the Disputes of the Last Lender’s Resort Rules

随着金融在现代经济体系中的功能与作用不断加大,金融的稳健与安全对社会经济发展和社会秩序稳定的重要性也在不断增加,然而金融市场自身的脆弱性表明金融危机是不可能避免的。"危机"是危险与机会的结合,金融业的发展正是通过在危机中不断变革而达到的。最后贷款人制度成为金融危机处理中最重要的缓冲器,其经典理论巴杰特规则面临许多新的挑战。通过对巴杰特规则七大争议的总结、分析,对巴杰特规则进行了更多切合现实的讨论,最后得出结论:第一,政府在进行最后贷款援助时应当采用政策组合;第二,最后贷款人制度的规则应当是动态的。

In the modern economic system, the function and effect of finance is playing a more and more important role, simultaneously, the importance of financial steady and safety to the development of society and economy is strengthening. However, the frangibility of the financial market indicates that financial crisis is unavoidable. The word ＂Crisis＂in Chinese means a combination of danger and opportunity, which has been verified by the development of financial industry. The Lender of Last Resort is the most important buffer for handling the financial crisis, and its classical rules, the Bagehot Rules, are facing many new challenges. After a brief introduction of the LOLR and Bagehot Rules, the paper discusses the Bagehot Rules by analyzing the disputes. At last, suggestions are given： （1）the government should implement the mixed policies;（2）the rules of LOLR should be adjusted to the situation.