制度变迁与美国金融制度演变

Institutional Change and the Evolution of U.S.A Financial System

1999年《金融服务现代化法》的通过意味着美国金融业进入了混业经营的新时代。美国因其在世界经济金融中的独特地位 ,其金融制度一直是许多国家的主要参照体系。本文从制度变迁的视角 ,分析美国分业经营的由来、衰落及混业经营的崛起 ,揭示出美国金融制度演进的内在动力是在经济发展中不同层次的行为主体预期通过变迁建立起更有效率的制度安排并从中获益。混业经营显然是满足以不同层次行为主体的各自偏好的合理的制度安排。

The legislation of the Financial Modernization Act in November 1999 implied that the financial industry of the U.S.A. has entered into a new era of mixed operation. American financial system has been a main reference system for many other countries in the world because of the unique position of American in the world financial economics. From the angle of institution change, this paper analyses the origin and dwindle of divided operation and grow- up of mixed operation in the U.S.A. Then reveal the internal force of American financial institutional change that behavior bodies from different administrative levels could take anticipated revenue from some effective new institutional arrangement. Mixed operation is obviously the reasonable institutional arrangement that can meet personal needs of behavior bodies from different administrative levels.