金融监管的体制安排问题研究.pdf

金融监管的体制安排问题研究 内容提要 20 世纪 80 年代后期以来，为了应对金融业迅猛发展所带来的挑战，各国开始变革原有的 金融监管体制。一度被传统金融监管理论所忽视的金融监管体制安排问题，逐渐成为人们关注的热点。总 的说来，目前学术界对金融监管体制的设计提出了三种主要的理论模式：机构型监管、功能型监管和目标 型监管。本文首先分析了这三种理论模式，并对各国金融监管体制及 20 世纪 80 年代以来的变革做了简要 的介绍。之后，本文总结了学术界对近年来各国金融监管体制变革正反两种看法，并提出了金融监管的效 用假说，希望能够为有关金融监管体制变革的讨论提供一个统一的分析框架；本文还就金融监管机构的规 模问题，提出了一种政治经济学的解释。在此基础上，本文讨论了各国金融监管体制变革中所需考虑的特 定因素。 关键词 金融 监管 体制安排 Abstract Since the 1980s,with the great challenges of financial industry, countries began to reform their financial regulatory and supervisory system, and the issues of institutional arrangements of financial regulation and supervision, which had ever been ignored, is gaining more and more attention. In general, there are three theoretical major types of institutional arrangements: the institutional approach, the functional approach and the regulation and objectives-based approach. We first dwell on the three types, then introduce briefly on the reform since the 1980s. After summarizing the viewpoints for and against the reform in the academic society, we put forward the hypothesis of the financial regulation and supervision, intending to achieve an integrated framework for such research. W also put forward a political economy framework for analyzing the problem of the scale of the financial supervisor. Last, we discuss the factors that should be with careful considerations when changing the institutional arrangement of financial regulation and supervision. Key words finance , regulation and supervision, institutional arrangement 论各国金融监管的体制安排问题 一、引言 如果从 1720 年英国针对本国“南海泡沫”事件和法国“密西西比泡沫”事件而颁布旨在防止证券过 度投机的《泡沫法》算起，人类金融监管的实践至少进行了几百年( 白钦先，2000) ，金融监管理论也随着 经济、金融的发展和经济学的成熟而成熟。然而，金融监管体制安排问题1 ，往往并非人们关注的重点。 从理论方面看，尽管有关金融监管的论述颇丰，但大多集中于监管效率和目标、金融安全网的设计、 金融风险防范和危机处理等问题，对于监管体制及其绩效的研究并不是很多，往往只是散见于大量的文献 之中 (如 Goodhart