美国金融业监管制度的演进

The Evolution of U.S. Financial Regulation and Supervision Institution

金融监管制度的健全性是金融市场健康发展的关键 ,而金融体制的健全性又在于金融体制的稳定性、有效性及公平性 ,在于市场法则的有效运作及政府对金融市场干预的程度低。这是减少金融危机发生的关键。本文从考察美国金融监管体系确立与演进的历程中看到 ,金融监管并非以政府管制金融资源为目的 ,而是以提升金融市场有效运作为目的 ,即如何在金融自由化与金融监管之间找到均衡。面对金融全球化 ,国家仍然掌握着最大权力 ,国家如何从管制、松绑及再管制中 ,找出符合国家利益及经济发展的均衡 ,是保证金融业发展的关键。因此 ,中国应该以市场法则为依据 ,确立多层次的金融监管体系 ,并且放松管制。

Sound financial regulation and supervision are the keys to financial market development. But well functioned institutions depend on financial market's stability,efficiency,justice, and also depend on the realization of market mechanism and the relaxation of government intervention.The article documents the evolution of financial regulation and supervision institutions in American, and argues that financial regulation doesn't mean government controls of financial resource, but improving financial market's efficiency. Facing financial globalization, government still owns the greatest power. On the stage of regulation, deregulation, re-regulation, how can government balance state interest and economic development? The answer lies in the assurance of financial development instead of strengthening regulation.