【摘要】：導致2008年金融危機爆發(fā)的部分原因是對復雜的金融衍生品進行投機性投資。在制定《多德-弗蘭克法》過程中,美國國會曾試圖尋求解決投機的辦法,卻僅僅把權力轉移到各機構,始終未找到切實可行的解決方案。目前大多數(shù)觀點都集中于交易所和結算所的使用及信息披露。然而,我們認為這種強制披露制度幾乎沒有作用,因為金融機構投資了大量資金開發(fā)金融產(chǎn)品,并借此進行博弈和監(jiān)管套利,而這兩種行為都只能造成社會資源的浪費。因此,我們建議當投資機構創(chuàng)造出新的金融產(chǎn)品時,在獲得政府機構的許可之前應該被禁止銷售,該政府機構應該沿用美國食品與藥物管理局檢查創(chuàng)新藥品的標準來檢查新的金融衍生品。只有當新開發(fā)的金融衍生品通過了社會效用測試,才可獲準投放市場。
[Abstract]:Part of the reason for the 2008 financial crisis was speculative investment in complex derivatives. In the process of formulating Dodd-Frank Act, the United States Congress tried to find a solution to speculation, but only transferred power to institutions, and never found a practical solution. Most current views focus on the use and disclosure of exchanges and clearing houses. However, we think this kind of compulsory disclosure system has little effect because financial institutions invest a lot of money to develop financial products and carry out game and regulatory arbitrage, both of which can only lead to the waste of social resources. So, we suggest that when investment agencies create new financial products, they should be banned from selling until they get permission from government agencies. The agency should follow the FDA's standards for inspection of innovative drugs to examine new derivatives. New derivatives are allowed to market only if they pass the Social Utility Test.
【作者單位】： 美國芝加哥大學法學院;美國芝加哥大學經(jīng)濟學系;華東政法大學;
【基金】：上海市教委科研創(chuàng)新項目“2008年金融危機背景下美國的經(jīng)濟立法及其借鑒”(項目批準號:12YS096)的研究成果
【分類號】：F831.5;R95
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本文編號：2358164