金融体系系统性风险产生机制研究

A Survey on the Causes of Finandal Systemic Risk

始于2007年的次贷危机使得人们意识到金融体系系统性风险的重要性。危机前的金融监管主要是针对单个金融机构风险的微观审慎监管;而危机后,引入宏观审慎框架,针对系统性风险的金融监管改革成为国际共识。这就需要明确系统性风险究竟是如何产生的。文章从系统性风险的定义出发,总结其区别于其他风险的特征,并分析系统性风险的动态演进机制,进而具体从其两个维度:时间维度和横向维度分别对系统性风险的产生机制进行研究。研究认为,应对系统性风险的金融监管也应从这两个维度出发,在其造成严重的不稳定之前进行防范。

The subprime crisis which began in 2007 has motivated us to better understand the financial systemic risk. Before the crisis, the risk of individual financial institutions is what supervisors were concerned with. However, after the crisis, a core element of international efforts to maintain financial stability is strengthening the macro-prudential orientation of the regulatory and supervisory framework which focuses on systemic risk, which requires a clear identification of the fundamental causes of systemic risk. By defining systemic risk, the paper summarizes the unique features of systemic risk and then explores the causes of systemic risk from two dimensions, i.e., a time dimension and a cross-sectional dimension. Therefore, itis suggested that the financial supervision should be performed from the two dimensions to guard against serious instability.