金融监管的作用、定位与改革方向

The Role, Boundary and Reform Direction of Financial Supervisions

防范和化解系统性金融风险,是金融监管的首要使命。2007年,次贷危机引发全球金融危机,各国金融监管当局和全球金融监管组织对危机进行了深刻反思,推出了众多金融监管改革措施,但各界对于改革后的金融监管依然存在疑虑。本文通过分析现代金融发展史发现,监管缺失导致金融风险积累越过边界,是金融危机爆发的重要原因;金融自身的逻辑决定了市场机制纠偏的代价很大,甚至大到难以承受的地步,需要政府监管的介入;次贷危机后美国推出的监管改革举措虽然取得了一定成效,但也面临较多争议,金融监管改革仍在探索之中;判断监管改革措施到底是过度还是不足,核心是科学定位金融监管与金融市场的边界,既要避免监管缺位,又要防止监管越位。

The primary mission of financial supervisions is to guard against and defuse systemic financial risks.The sub-prime crisis triggered theglobal financial crisisin 2007.The financial regulatory authorities and the global financial regulatory organizations have had a profound reflection on the crisis, and launched a number of financial regulatory reforms. However, there are still doubts about financial supervisions after the reforms. By analyzing the history of the development of modem finance, we find that the lack of supervision leads to the accumulation of financial risks crossing the threshold, which is an important cause of financial crises. The logic of the finance itself determines that the cost of rectifying through market mechanism is very huge, even unbearable, so government regulations are needed. After the sub-prime crisis, the United States launched regulatory reforms which have achieved success to a certain degree, but there are many disputes. Financial regulatory reform is still under exploration. The core to judge whether the regulatory reform measures are excessive or insufficient is to scientifically locate the boundary of financial supervision and financial market. We should not only avoid the supervision insufficiency, but also prevent the over-supervision.