监管独立性、金融稳定与金融效率

Regulatory and Supervisory Independence,Financial Stability and Financial Efficiency

本文通过指标编制和跨国/地区实证分析,从宏观层面系统考察了金融监管独立性对金融体系稳定性和效率性的影响。实证结果表明:(1)金融监管独立性程度对金融体系的稳定性和效率性均有统计上明显的正面影响;(2)在金融监管独立性4个基本要素中,监督独立性对金融体系稳定性的影响最为突出,而机构独立性则对金融体系效率性的影响最为突出;(3)通过将监管独立性和机构独立性相结合,能更加有效地促进金融稳定。

Based on the cross-country data analysis,this paper investigates the empirical relationship between and among the financial regulatory and supervisory independence,financial stability and financial efficiency.The empirical results show that：（1） financial regulatory and supervisory independence has a significantly positive impact on both financial stability and financial efficiency;（2） among the 4 basic factors of financial regulatory and supervisory independence,supervisory independence has the most significant impact on financial stability while the institutional independence has the most significant impact on financial efficiency;（3） the combination of supervisory independence and institutional independence will significantly improve the financial stability.