危机以来银行资本监管问题的前沿研究:文献综述

A Survey of Frontier Researches on Bank Capital Regulations since the Global Financial Crisis

2008年爆发全球金融危机后,巴塞尔委员会推出了"第三版巴塞尔协议"(以下简称"巴塞尔Ⅲ")。巴塞尔Ⅲ的制定与实施引发了学术界对资本监管问题的新一轮探讨。本文对这些研究进行了梳理与评论。从现有理论研究来看,巴塞尔Ⅲ资本监管政策的实施主要产生了以下三方面的影响:一是提升了银行资本数量和质量,对全球银行业格局产生了一定影响;二是逆周期资本监管对于熨平宏观经济波动具有积极意义;三是资本监管对货币政策传导产生了"扭曲"效应。未来,资本监管领域的研究将聚焦在资本监管与银行战略选择、资本工具创新、系统重要性银行资本管理、资本监管与宏观经济波动以及资本监管与货币政策的协调搭配五个方面。

Since the outbreak of the 2008 financial turmoil, the Basel Committee enacted the Basel Accord Ⅲ. The implementation of the very Accord has led to a new round of debates on capital regulations. From existing studies, the enactment of Basel Ⅲ has the following effects. It raises the amount and quality of bank capital, which changes the landscape of the global banking industry; the counter-cyclical capital buffer helps to mitigate the fluctuations of macro-economy; and capital regulations distort the transmission of monetary policy. This study on bank capital regulation should focus on bank strategic choices, capital innovation, global systemically important banks, fluctuations of macro-economy and the coordination with monetary policy in the future.