后危机时代影子银行监管的国际金融法制变革

The International Financial System Reform of Shadow Banking Supervision in Post-crisis Era

影子银行泛指游离于传统商业银行监管体系之外的金融机构。影子银行在推动金融创新、繁荣金融市场的同时,也会诱发监管套利和系统性风险等问题。本次金融危机的爆发,使影子银行的监管问题成为全球金融监管的重大议题,美国、欧盟等国家和国际金融组织针对本次危机暴露出的监管漏洞,纷纷出台了监管法案和政策建议。借鉴国际经验和结合我国的实际,我国影子银行的监管应着重从宏观审慎监管、微观审慎监管、法律监管等方面进行完善。

The ＂shadow banking＂ refers to the credit intermediary which is free from traditional banking su- pervision system. The development of shadow banking not only promotes the financial irmovation and finan- cial market prosperity, but also aggravates regulatory arbitrage and systemic risk problems. The outbreak of the financial crisis, the shadow banking regulatory problems become a major issue on global financial regula- tion. The United States, the European Union, the FSB and other countries and international financial organi- zations issued some regulation law and policy suggestions for the supervision loopholes exposed in the crisis. Drawing lessons from international experience and integrated with the actual conditions of our country, Chi- na＇ s shadow banking supervision should be emphatically improved on the macro prudential supervision, micro prudential supervision, lezal supervision.