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政府和国际组织日益担心系统性风险。正是由于此种风险,世界金融系统可能会像多米诺骨牌一样崩溃。不过,对系统性风险的原因乃至定义目前仍存在着广泛的争议,对如何控制它,人们也还不确定。本文为考查哪些风险真正是“系统”的、系统性风险产生的原因及如何对那些风险进行规制(如果需要规制的话)提供了一个概念框架。历史上,学者们倾向于主要从金融机构(如银行)方面来考虑系统性风险。然而,随着非居间化/脱媒化(disintermediation)的发展,公司得以进入资本市场融资而无须通过银行或其他中介机构,金融市场以及市场和机构之间的关系应当得到更多的关注。这种视角表明:系统性风险产生于一种公地悲剧(tragedy of the commons)。在缺少规制的情况下,市场参与者缺少足够的激励去限制冒险从而减少对其他人造成的系统性风险。因此,法律在减少系统性风险方面应发挥其作用。
Governments and international organizations are increasingly concerned about systemic risks. It is because of this risk that the world financial system may collapse like a domino. However, there is still a wide range of controversies over the causes and even the definition of systemic risk. People are not sure about how to control it. This article provides a conceptual framework for examining which risks are truly “system”, the causes of systemic risk, and how to regulate those risks, if required. Historically, scholars tended to consider systemic risk primarily from financial institutions such as banks. However, as nonintermediation / disintermediation develops, companies should gain more attention as they enter the capital markets without having to go through banks or other intermediaries, financial markets, and the relationships between markets and institutions. This perspective suggests that systemic risk arises from a tragedy of the commons. In the absence of regulation, market participants lack sufficient incentives to limit risk and thereby reduce systemic risk to others. Therefore, the law should play its role in reducing systemic risk.