欧盟金融监管合作与金融稳定:一个文献综述

On EU’s Cooperation of Financial Regulation and Financial Stability:A Literature Review

欧盟金融一体化发展与各国分散监管的非对称性制度安排以及由此引发的对欧盟乃至全球金融稳定的影响,成为当前理论界和政策制定者所关注的热点问题。欧盟金融监管合作与金融稳定问题的研究是通过以下四个路径联系在一起的:金融监管合作与金融稳定理论研究、最优监管制度设计与合作动机、统一监管中的委托代理问题和多国框架下的危机救助体系安排。通过对文献的梳理发现国内对欧盟金融监管合作与金融稳定间的关系以及欧盟危机救助机制安排等深层次问题的研究尚待深入,这将是这一研究领域未来关注的重点。

The asymmetrical institutional arrangement of European financial integration and the decentralized supervision,as well as the fol lowing influence towards the European or even the global financial stability,becomes the imposing question of reality in front of the academia and policy-maker of European countries.The article makes the research of the relating literatures on the European financial supervision cooperation and financial stability through the following four paths: financial supervision cooperation and financial stability theory; the optimal supervision in stitutional design and the incentive of cooperation; principal-agent problem in the unified supervision and the bailout system arrangement in multinational framework.By combing through the literature,we find that domestic research of deep-rooted issues such as the relationship between the EU financial supervision cooperation and financial stability,as well as the EU crisis rescue mechanism arrangements,begs in-depth study,which will be the focus of this field in the future research.