摘要
从最后贷款人概念提出至今,西方国家对最后贷款人制度的研究已经有了200多年的历史。最后贷款人制度理论随着金融市场的变迁以及各国的实践也发生了很大的变化。本文回顾了最后贷款人制度的设计原则,包括谁来充当最后贷款人、最后贷款人的制度规则以及如何防范最后贷款人引起的道德风险等,在此基础上结合我国的现实情况提出了完善我国最后贷款人制度的若干建议。
Since Francis Baring put forward the concept of the lender of last resort in 1797,the theory has been developed for over 200 years.The theory of the lender of last resort has changed much with the evolution of financial markets and the practice of the lender of last resort.This paper reviews the design principles of the lender of last resort,including the players,polcy rules,and the moral hazard problem induced.It then analyzes the issue against China's current conditions and gives some suggestions on how to construct an effective system of the lender of last resort.
出处
《金融评论》
2011年第2期54-63,124,共10页
Chinese Review of Financial Studies
基金
国家社科基金重大项目<构建金融稳定的长效机制研究--基于美国金融危机的经济学分析>(项目号:08&ZD035)的阶段性研究成果
关键词
最后贷款人
中央银行
金融危机
Lender of Last Resort
Central Bank
Financial Crisis
