次貸危機(jī)后國際金融監(jiān)管制度的變革
發(fā)布時(shí)間：2018-12-14 21:59
【摘要】：金融危機(jī)是金融監(jiān)管立法改革最重要的推動(dòng)力,隨著世界經(jīng)濟(jì)形勢的復(fù)蘇和金融體系的逐步穩(wěn)定,在后危機(jī)時(shí)代下世界主要經(jīng)濟(jì)體的主要任務(wù)開始由采取短期政策措施以遏制危機(jī)蔓延和深化轉(zhuǎn)向金融監(jiān)管立法制度改革,以此修復(fù)現(xiàn)行金融監(jiān)管體系的根本性缺陷。此次危機(jī)暴露出以往的金融監(jiān)管存在的固有弊端,比如,一是既有共識的片面性錯(cuò)誤。危機(jī)爆發(fā)前各國絕對相信金融市場的自我穩(wěn)定機(jī)制；二是系統(tǒng)性風(fēng)險(xiǎn)監(jiān)管的忽視。金融機(jī)構(gòu)間的關(guān)聯(lián)性和框架建設(shè)則往往容易被忽視；三是影子銀行和金融創(chuàng)新的監(jiān)管空白。一般認(rèn)為,對沖基金、私募資金、抵押貸款經(jīng)濟(jì)公司等所謂的影子銀行具有較高的抵御風(fēng)險(xiǎn)能力,因此,此類金融機(jī)構(gòu)常游離于金融監(jiān)管之外；四是法律底線的不斷失守�？v然有部分金融監(jiān)管法律但是該法律沒有組成嚴(yán)格有序的監(jiān)管體系,反而不斷放松對金融監(jiān)管的要求,沒能及時(shí)預(yù)防問題的爆發(fā)。美英及歐盟三大經(jīng)濟(jì)體先后頒布多項(xiàng)金融監(jiān)管立法改革方案,反映出各經(jīng)濟(jì)體在金融監(jiān)管立法改革方面的不同態(tài)度和利益訴求,折射出后危機(jī)時(shí)代下國際金融監(jiān)管立法改革的新動(dòng)向,為完善我國金融監(jiān)管制度提供了深度思考的機(jī)會。 本文以次貸危機(jī)的爆發(fā)為研究切入點(diǎn),從挖掘次貸危機(jī)的背后成因及此次次貸危機(jī)折射出的金融監(jiān)管制度的漏洞,著重考察各國在危機(jī)后金融監(jiān)管制度變革的動(dòng)向,以闡明當(dāng)前主要國際金融中心在金融監(jiān)管法律方面做出的努力及發(fā)展趨勢。文章主要分為三個(gè)大部分,第一部分,在闡述此次次貸危機(jī)發(fā)生背景的前提下,著重分析了危機(jī)發(fā)生的法律原因,進(jìn)而從法律原因中看出主要為金融監(jiān)管力度不足,監(jiān)管法律的制定和執(zhí)行都存有漏洞,而這正是導(dǎo)致危機(jī)爆發(fā)的核心原因；第二部分,是本文的重點(diǎn)闡述部分,在綜覽危機(jī)后各主要金融中心改革措施后,得出各國改革的一般趨勢,主要從四個(gè)方面的改革趨勢進(jìn)行分析,即宏觀審慎監(jiān)管理念、大而不倒政策、金融消費(fèi)者的權(quán)益保護(hù)及金融監(jiān)管的國際合作化趨勢,通過最近改革的方向來系統(tǒng)分析金融監(jiān)管制度變革的主流思想體系；第三部分回歸我國建設(shè)國際金融中心的實(shí)際,鑒于目前國家正下大力氣集中努力把上海打造為新興的國際金融中心,與世界發(fā)展潮流接軌,本文就以上海為例分析我國建設(shè)金融中心存在的問題,及面對這些問題如何因地制宜的制定出適合我國金融業(yè)健康發(fā)展的監(jiān)管法規(guī),這也是本次研究的落腳點(diǎn)和實(shí)踐點(diǎn),緊跟國際金融業(yè)發(fā)展方向,這對我國的金融監(jiān)管制度提出更高的要求,因而本研究對我國金融監(jiān)管的依法順利進(jìn)行具有現(xiàn)實(shí)的借鑒意義。
[Abstract]:The financial crisis is the most important driving force in the legislative reform of financial supervision. With the recovery of the world economic situation and the gradual stabilization of the financial system, In the post-crisis era, the major tasks of the world's major economies began to repair the fundamental defects of the current financial supervision system by taking short-term policy measures to contain the spread of the crisis and deepen the reform of the financial regulatory legislation system. The crisis exposed the inherent drawbacks of past financial regulation, such as the one-sided error of consensus. Before the crisis, countries absolutely believed in the self-stabilization mechanism of financial markets; second, the oversight of systemic risk regulation. The relationship between financial institutions and the construction of framework are often ignored; third, the regulatory gaps in shadow banking and financial innovation. It is generally believed that so-called shadow banks, such as hedge funds, private equity funds and mortgage economy companies, are highly risk-resistant, so such financial institutions are often free from financial regulation; fourth, the legal bottom line is constantly lost. Even though there are some financial regulation laws, the law does not constitute a strict and orderly regulatory system, but constantly loosens the requirements of financial supervision, and fails to prevent the outbreak of problems in time. The three major economies of the United States, the United Kingdom and the European Union have successively promulgated a number of plans for the reform of financial regulation legislation, reflecting the different attitudes and interests of the various economies in the reform of financial supervision legislation. It reflects the new trend of the legislative reform of international financial supervision in the post-crisis era, and provides an opportunity for the improvement of China's financial supervision system. In this paper, the outbreak of sub-prime crisis as a research breakthrough point, from the underlying causes of the subprime mortgage crisis and the subprime mortgage crisis reflected in the financial regulatory system loopholes, focusing on the post-crisis financial regulatory system changes in the trend, In order to clarify the current major international financial centres in the legal aspects of financial regulation efforts and trends. The article is divided into three major parts. The first part, on the premise of explaining the background of the subprime mortgage crisis, focuses on the analysis of the legal causes of the crisis, and then finds out from the legal reasons that the financial supervision is insufficient. There are loopholes in the formulation and enforcement of regulatory laws, which is the core cause of the crisis. The second part is the emphasis of this article, after reviewing the reform measures of the major financial centers after the crisis, the general trend of the reform of various countries is obtained, mainly from four aspects of the reform trend analysis, that is, the concept of macro-prudential supervision. The major policy, the protection of the rights and interests of financial consumers and the trend of international cooperation in financial supervision, through the direction of recent reform to systematically analyze the mainstream of the reform of the financial regulatory system of the ideological system; The third part returns to the reality of China's construction of an international financial center. In view of the fact that the country is currently making great efforts to turn Shanghai into a new international financial center, it is in line with the world trend of development. This paper takes Shanghai as an example to analyze the problems existing in the construction of financial center in China, and how to formulate regulations and regulations suitable for the healthy development of China's financial industry in the face of these problems. This is also the foothold and practice point of this study. Following the development direction of the international financial industry, this paper puts forward higher requirements for the financial supervision system of our country, so this study has practical significance for the smooth development of the financial supervision in our country according to the law.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.1;D922.28
本文編號：2379388
[Abstract]:The financial crisis is the most important driving force in the legislative reform of financial supervision. With the recovery of the world economic situation and the gradual stabilization of the financial system, In the post-crisis era, the major tasks of the world's major economies began to repair the fundamental defects of the current financial supervision system by taking short-term policy measures to contain the spread of the crisis and deepen the reform of the financial regulatory legislation system. The crisis exposed the inherent drawbacks of past financial regulation, such as the one-sided error of consensus. Before the crisis, countries absolutely believed in the self-stabilization mechanism of financial markets; second, the oversight of systemic risk regulation. The relationship between financial institutions and the construction of framework are often ignored; third, the regulatory gaps in shadow banking and financial innovation. It is generally believed that so-called shadow banks, such as hedge funds, private equity funds and mortgage economy companies, are highly risk-resistant, so such financial institutions are often free from financial regulation; fourth, the legal bottom line is constantly lost. Even though there are some financial regulation laws, the law does not constitute a strict and orderly regulatory system, but constantly loosens the requirements of financial supervision, and fails to prevent the outbreak of problems in time. The three major economies of the United States, the United Kingdom and the European Union have successively promulgated a number of plans for the reform of financial regulation legislation, reflecting the different attitudes and interests of the various economies in the reform of financial supervision legislation. It reflects the new trend of the legislative reform of international financial supervision in the post-crisis era, and provides an opportunity for the improvement of China's financial supervision system. In this paper, the outbreak of sub-prime crisis as a research breakthrough point, from the underlying causes of the subprime mortgage crisis and the subprime mortgage crisis reflected in the financial regulatory system loopholes, focusing on the post-crisis financial regulatory system changes in the trend, In order to clarify the current major international financial centres in the legal aspects of financial regulation efforts and trends. The article is divided into three major parts. The first part, on the premise of explaining the background of the subprime mortgage crisis, focuses on the analysis of the legal causes of the crisis, and then finds out from the legal reasons that the financial supervision is insufficient. There are loopholes in the formulation and enforcement of regulatory laws, which is the core cause of the crisis. The second part is the emphasis of this article, after reviewing the reform measures of the major financial centers after the crisis, the general trend of the reform of various countries is obtained, mainly from four aspects of the reform trend analysis, that is, the concept of macro-prudential supervision. The major policy, the protection of the rights and interests of financial consumers and the trend of international cooperation in financial supervision, through the direction of recent reform to systematically analyze the mainstream of the reform of the financial regulatory system of the ideological system; The third part returns to the reality of China's construction of an international financial center. In view of the fact that the country is currently making great efforts to turn Shanghai into a new international financial center, it is in line with the world trend of development. This paper takes Shanghai as an example to analyze the problems existing in the construction of financial center in China, and how to formulate regulations and regulations suitable for the healthy development of China's financial industry in the face of these problems. This is also the foothold and practice point of this study. Following the development direction of the international financial industry, this paper puts forward higher requirements for the financial supervision system of our country, so this study has practical significance for the smooth development of the financial supervision in our country according to the law.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.1;D922.28
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