系统重要性金融机构的外部性及其宏观效应研究

Research on the Externalities and Micro Effects of Systemically Important Financial Institutions

系统重要性金融机构由于规模和市场关联度的优势,对整个金融体系和实体经济产生了巨大的外部效应。金融创新活动的高风险性带来的负外部效应会引发巨大的系统性风险和危机。分析了系统重要性金融机构正负两方面外部性的作用机制和宏观效应,研究发现负外部性加大了整个金融体系的边际成本、政府和纳税人的负担,而且会快速传递到宏观经济体系;进一步结合庇古和科斯的外部性政策方法对系统重要性金融机构的监管问题进行了讨论,并将监管方法从政府解和市场解两个方面进行了分析,认为现有的业务管制和资本附加等监管方法可以在一定程度上使系统重要性金融机构的负外部性内在化,但是对于银行规模和税收方面的监管措施还需改进。

The systemically important financial institutions produced huge external effects on the entire financial system and real economy, owing to its advantage on scale and market correlation. The negative external effects caused by high risk of financial innovation activities can lead to immense systemic risk and crisis. This paper analy- zes the mechanism and micro effects of positive and negative externalities induced by systemically important finan- cial institutions. It is found that negative externalities will increase the marginal cost of the entire financial system, the government and the taxpayers＇burden, and the negative externalities will quickly pass to the macro economic system. At last, this paper further discuss the regulation of systemically important financial institutions combining the externalities policy methods of Pigou and Coase from two aspects of government and market solutions, and holds that the existing business controls and additional capital regulatory methods can make the negative externalities internalization in a certain extent, but the regulations to bank size and taxation still need to be improved.