国际金融综述:法律与监管

An Overview of International Finance:Law and Regulation

本文从法律和监管视角对国际金融进行综述。第一到第四部分分别探讨了国际金融领域的范畴、各国金融市场的一体化、国际金融立法的国际与国家层面的渊源,并评估了国际金融全球化的总成本和总收益。在此基础上,第五部分着重分析了在证券监管、银行业监管和外债问题上,特定情形下应决定适用什么规则:母国规则、东道国规则或者国际规则。相比在东道国和母国之间分配权力的各种方案,由国际组织制订和执行协同性国际金融规则的方式,将促使全球金融不稳定最小化并实现效率最大化。协同性规则已经存在并处于蓬勃发展的趋势之中,这应是我们今后努力的目标。

This is an overview of the field of international finance from the perspective of law and regulation.It is organized as follows.First,it examines what the field of international finance is.Second,it discusses the degree of integration of national financial markets.Third,it looks at the sources of international financial law and regulation-both national and international.Fourth,it evaluates the overall costs and benefits of the increasing globalization of international finance.Based on the foregoing,the fifth section lays great stress on,with respect to securities and banking regulation and sovereign debt,the decision as to what rules,e.g.of the home or host country,or international,apply in particular cases.Compared with the various schemes to allocate authority between host and home countries,the approach of harmonized rules created and supervised by supranational authorities in the field of international finance may minimizes global financial instability and maximizes efficiency.There has been and will continue to be a progressive trend toward harmonized rules where we are headed.