金融系统性风险与金融监管变革

Financial Systemic Risk and Financial Supervision Reform

后金融危机时代,系统性风险的治理和宏观审慎监管成为近年来国际金融变革的重心,美国、英国、欧盟等发达经济体以及主要国际金融组织纷纷出台金融监管改革方案和措施。本文从金融市场失灵、行为金融学理论、复杂网络理论3个角度剖析系统性风险的产生机理,并对国际金融监管改革动态进行系统梳理,最后立足于国内现实环境分析我国金融体系面临的系统性风险,提出了具体的金融监管改革建议。

The management of systemic risk and macro prudential supervision become the focus of international financial regulatory reform in the post-crisis era. Developed economies such as the United States, the United Kingdom, the European U- nion, as well as the major international financial institutions have introduced financial regulatory reform plans and measures. This paper analyzes the generating mechanism of systemic risk from the perspective of market failure, behavioral finance theory, com- plex network theory, and systematically combs the trend of the international financial regulatory reform, finally we analyze the systemic risk of the financial system in our country and propose concrete suggestions on financial regulatory reform based on the domestic realistic environment.