最后贷款人理论变革及对我国金融监管的启示

The Reform of Lender of Last Resort Theory and Its Enlightenment to China’s Financial Supervision

最后贷款人救助是金融监管中的关键组成部分,也是守住不发生系统性风险底线的基石。在2008年全球金融危机以前,针对传统理论的救助原则争议不断,但并未取得实质性的理论突破。金融危机以后,最后贷款人理论出现了三个显著的转变:其一,传统最后贷款人理论的争议融入当前的金融市场环境中;其二,最后贷款人理论的关注焦点由单个问题机构转移到对市场的救助,即“最后做市商”职能;其三,危机管理模式不再局限于最后贷款人的“救”与“不救”,针对“如何救”出现了突破,即提出“自救机制”。本文系统梳理并分析了最后贷款人理论的发展变革,以及危机后新的理论突破,并结合我国的金融环境与制度现状,对我国金融监管实践提出建议。

Assistance from lender of last resort is a key component of financial regulation,and it is also the cornerstone to guard against systemic risk. It plays an extremely important role in preventing the outbreak,spread & deepening of the crisis. The 2008 international financial crisis has reshaped the role of lender of last resort in the financial safety net. It has also prompted a large number of new rescue practices,pushing the controversial lender of last resort theory and practice to the forefront of academic debate. In recent years,a large number of studies and reports on the theory have emerged,but there is a lack of literature to carefully record the latest research progress. This paper systematically sorts out and analyzes the development and reform of lender of last resort theory and the new theoretical progress after the crisis,and puts forward suggestions for China’s financial supervision in the light of China’s financial environment and system status.