关于IMF能否作为国际最后贷款人问题之研究

A Study on the Question that If the IMF Can Be the Final International Creditor

在金融国际化的条件下 ,国际金融市场的系统风险问题日益突出。面对金融风险跨国传染的可能性 ,各国积极寻求完善的国际间金融合作框架 ,包括建立全球银行的统一监管标准 ,以及朝着建立国际最后贷款人的方向努力。对于前者 ,目前已建立了包括“有效银行监管的核心原则”在内的许多全球监管标准 ;而后者的工作却逊色得多。本文主要分为三部分 :跨国货币危机与国际最后贷款人 ;IMF面临的道德风险问题以及作为危机贷款者和危机管理者存在的问题 ;提出了IMF要成为国际最后贷款人的改革方案。

Under the circumstance of finance internationalization,questions on system risks in international finance market stick out increasingly.Upon the possibility of finance risk contagion across countries,every country seeks for the perfect international financial cooperation frame,which including founding global bank's union supervision standards and constructing internation leader of last resort.To the former,many global supervision standards have been erected,such as “core principles for effective banking supervision”;but the effects on the latter are less fruitful.Our study focuses on three aspects:curency crises and international lender of last resore;IMF's moral hazard problem and problems of IMF acting as crisis lender and crisis manager;and reforming plan that makes IMF the international lender of last resort.