美国信贷市场结构:演变、影响及启示——基于金融监管视角

Structure of U.S Credit Market: Evolution, Effect and Implication for China

本文主要研究美国的信贷市场在1970-2012年发生了怎样的变化,传统的信贷机构——商业银行面临怎样的冲击、如何实现转型,最终怎样推动整个信贷债务体系的演变。研究目的,是为中国信贷体系结构性调整和发展提供基本的借鉴。基本的结论是:美国适时采取包容性法律制度供给,鼓励所有的信用中介和工具参与市场发展与竞争,而不是以维护某一类信贷机构而限制其他机构发展,从而形成对称性脱媒效果。发达的非银行信贷、非信贷型债务工具和市场发展,内在地促进了商业银行的良性转型,也提高了金融体系的间接融资效率。

This article analyzes the changes of U.S credit market from 1970 to 2012, including the fallowing questions： how have commercial banks been transformed when confronting external shocks and how has the whole credit debt system evolved during the changing era. Our purpose is to draw some lessons for thcstrnctural adjustment and development of China＇s credit system. The conclusions indicate that American government adopted inclusive laws encouraging all the credit intermediations and instruments to compete, instead of defending one kind of credit institutions by restricting others. As a result, advanced non-bank credit and non-credit debt instruments have developed very fast, which helped promote the virtuous transformation of commercial banking industry and raise the indirect financing efficiency of the whole financial system.