金融危机后有关金融监管改革的理论综述

Post-crisis Financial Regulatory Reform Proposals:A Theoretical Survey

本文从九个角度综述了金融危机后全球主要金融监管当局关于金融监管改革的代表性文献,包括系统性风险与宏观审慎监管、顺周期性、资本充足率和杠杆率、期限转化和流动性、薪酬激励机制、金融安全网措施和对问题机构的处置机制、信用证券化和信用衍生品市场、信用评级机构、金融监管的理论基础等。本文旨在梳理金融监管改革的最新进展,力图提炼出有待深入研究的课题。

This paper is a theoretical review of post-crisis financial regulatory reform proposals suggested by major financial regulatory authorities. We mainly focus on 9 topics, namely systemic risk and macroprudential supervision, procyclicality, capital adequacy ratio and leverage ratio, maturity transformation and liquidity, remuneration, financial safety net and resolution regime for failed institutions, credit securitization and credit derivatives markets, credit rating agencies, and theoretical foundations of financial regulation. We also suggest several questions for further research.