美国金融监管改革及其面临的挑战

The U.S.Financial Regulatory Reform and the Challenges

美国金融监管制度的改革方案及其实施效果,将是影响全球金融监管改革、全球金融市场稳定、国际金融体系重构等问题的主要因素,对21世纪世界经济和金融的稳定健康发展具有重要意义。本文分析了当前全球金融经济危机的根源,揭示了以金融证券化与美国金融监管放松等为主要特征的金融自由化浪潮在此次全球金融经济危机中的作用;详细阐述了美国金融监管改革方案的主要内容,并从金融监管框架、美联储职能以及金融业薪酬激励制度等层面,深入评价了美国金融监管改革方案;最后,从国内金融利益集团、国际金融监管竞争和现代金融发展模式等3个方面研究了美国进一步推行金融监管改革将面临的主要挑战。

The U.S.financial regulatory reform has significant effects on global financial regulatory cooperation,global financial stability and restructure of international financial system,and hence is essential to the development of world finance and economy in the future.This paper analyzes the roots of the current global financial and economic crisis and points out that financial liberation is the most important cause of the crisis.Then the paper gives a detailed review ofthe key recommendations in the reform proposal from the macro regulatory structure,regulatory institutions and micro motivation system.At last,the paper lays out the potential challenges,with which the regulatory reform will be confronted,mainly from domestic financial interest groups,international regulatory competition and modern financial development mode.