影子银行监管的国际经验及对我国的启示

International Experience of Supervision of the Shadow Banking System and Its Revelation to China

"影子银行"泛指游离于传统银行监管体系之外的信用中介。影子银行在推动金融创新的同时,也加剧了金融体系的脆弱性和系统性风险。次贷危机的爆发,使影子银行的风险及其监管问题成为国际社会关注的一大焦点。针对危机中暴露出的监管问题,美国和欧盟相继出台了金融监管改革法案或相关指令将影子银行纳入其监管框架,并加大监管力度;FSB则强调从宏观和微观两个视角强化对影子银行的监管,并提出分类监管措施。借鉴国际经验并立足我国的实际,我国对影子银行的监管应当注重实现功能监管与机构监管,金融创新与金融监管,微观审慎监管与宏观审慎监管之间的有效平衡。

The ＂shadow banking＂ refers to the credit intermediary which is free from traditional banking supervision system.The development of shadow banking not only promotes the financial innovation,but also aggravates the fragility of the financial system and the systematic risk.With the outbreak of the subprime crisis,the shadow banking risk and regulatory issues become the focus of attention in the international society.Based on the regulatory issues exposed in the crisis,the United States and the European Union promulgated financial regulatory reform bills or related directions,which have brought shadow banks into the regulatory framework,and intensified supervision;FSB emphasizes the supervision of shadow banking from macro and microcosmic angles and proposes the measures of classification supervision.Based on both international experiences and national conditions,the article says that our country should attach importance to the effective balance between institutional supervision and functional supervision,financial innovation and financial supervision,microcosmic prudential supervision and macro prudential supervision in the regulatory process of the shadow banking.