美国金融救援与最后贷款人制度的演进

The Development of American Financial Rescue and the Lender of Last Resort System

最后贷款人概念自18世纪末提出后,经过不断丰富和发展,现已形成相对完整的理论体系,成为各国金融救援的指导原则。美国次贷危机爆发后,美联储等部门对陷入危机的金融机构实施了大规模的金融救援,既体现出对最后贷款人理论的遵循,又在金融救援主体、金融救援对象和金融救援方式等方面突破了传统理论的界定,丰富了最后贷款人制度的内容。分析美国金融救援并得到有益启示,有助于推动最后贷款人理论的发展。

The concept of the lender of last resort was proposed in the late 18th century, and since then it has been enriched and developed to form a comparatively complete theoretical system and becomes the guiding principle of financial rescue in different countries. After the outbreak of the sub -prime mortgage crisis in America, organizations such as the federal reserve committee of America has made large scale rescue to the financial institutions in crisis. This shows not only their obeying to the lender of last resort theory, but also their breakthrough in the traditional theo- retical definition of the implementing subject, rescue object, and the rescue modes of financial rescue, which enriched the contents of the theory. The author analyzes the financial rescue in A- merica and gets some enlightenment to help promoting the development of the lender of last resort theory.