美国《多德—弗兰克法》及其修订对金融稳定有效性研究

Study of the Effectiveness on the Financial Stability by the American Dodd-Frank Act and its Amendments

美国《多德—弗兰克法》及其修订围绕金融稳定目标建立了一系列监管机制并要求监管机构进一步制定相关监管细则,有利于降低金融行业整体杠杆,抑制过度依赖复杂金融创新,提高金融产品和业务模式透明度,进而有利于增进金融稳定性。但该法束缚了美国央行等金融监管机构危机时期最后贷款人功能发挥,可能加剧未来金融危机的破坏力和危机爆发后经济衰退的深度。特朗普政府实施的监管改革调整,有利于解决中小型企业和居民住户小额融资困境。

For the Purpose of Financial Stability the American Dodd-Frank Act and its amendments has established a set of financial supervision rules and regulations,and required supervisory agencies to make further supplemental and executive rules,those actions will be in favor of lowing leverage ratio,suspend excess and complex financial innovation,enhance the transparency of the financial products and therefore improve the financial stability.However,the limitation to the function of lender of last resort may enlarge the destructive force of future financial crisis and deepen the economic recession thereafter.The amendments made by Trump Administration may be favor of the lending and financing activities of small amounts.