巴塞尔协议改革、最终方案及其评价

The Basel Reformation, Finalization of Basel Ⅲ and its Implication

2017年底,《巴塞尔协议Ⅲ》最终方案出台,这是国际银行业监管改革的最新成果,也是对国际金融危机全面反思的产物。通过回顾巴塞尔协议的改革历程,对各版巴塞尔协议的重要内容和监管标准进行了分析比较,并着重探讨了后危机时代以来巴塞尔协议的改革路径和最终方案。后危机时代的改革选择了以下路径:坚持完善核心监管指标,并辅以多样化监管约束;从微观审慎监管转向微观与宏观审慎监管相结合;坚持国际监管底线要求,也预留自由裁量空间;与其他国际金融治理措施协调推进。《巴塞尔协议Ⅲ》最终方案在实施进程中,可能面临着以下挑战:协议的全面实施面临钟摆效应考验;预期的改革目标是否达成尚需时间证明;尚需探索前瞻性反应机制以应对潜在风险。最后就国内银行业如何应对《巴塞尔协议Ⅲ》最终方案提出了政策建议。

At the end of 2017, Basel Committee announced the finalization of Basel Ⅲ, which could be recognized as the recent achievements of international banking regulations as a result of stocktaking the lessons of financial crisis. This paper explores the reform path taken by Basel committee, and analyzes the evolution of regulatory frameworks and standards imposed by various versions of Basel Accords with the focus on final version of Basel Ⅲ. The post-crisis banking regulatory reforms are characterized with these features: enhancing the core regulatory standards complemented with multiple regulatory backups;integrating macroprudential elements into microprudential regulation;adhering to international minimum requirements while leaving the discretion to sovereign authorities;collaborating with financial governance reforms in other fields. In the process of implementation, Basel Ⅲ may be faced with such challenges as the implementation of Basel Ⅲ retarded by regulatory pendulum effect;the extent to which the expected regulatory reform targets fulfilled;and the need to design forward-looking mechanism against the potential risks. Finally, Suggestions are made regarding to implementing the final Basel Ⅲ in China.