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这场席卷全球的金融危机爆发后,国际社会先后出台了多个金融改革方案,大体上可分为三个主要层面:主要经济体的改革方案、主要国际机构的改革方案,以及“二十国集团”(G20)峰会的努力与成果。这些方案均建立在对金融危机深刻检讨的基础上,以规制和监管改革为鲜明主题,所包含的规制和监管改革措施相当程度上体现了防范未来金融风险和危机的规律和客观需要,同时也突显出金融规制与监管的国际发展新趋势。纵而观之,这些趋势突出地体现在以下几个方面:对宏观审慎与系统风险的规制与监管改革;对规制资本要求的改革;提高抗周期性的规制与监管改革;流动性监管改革;对对冲基金的监管改革;对证券化和对场外衍生品的规制与监管改革;支持金融稳定的薪酬改革;对信用评级机构的监管改革;金融监管机构和模式改革。我国宜将上述发展趋势与我国现有的金融监管制度或实践进行比较、对照,并适当地进行完善。
After the global financial crisis swept through the world, the international community successively promulgated several programs for financial reform which can be broadly divided into three main levels: the reform programs of major economies, the reform programs of major international organizations, and the “twenty National Group ”(G20) summit efforts and achievements. These programs are based on a profound review of the financial crisis. Regulatory and regulatory reform is a distinct theme. The regulatory and regulatory reform measures embodied to a considerable extent reflect the regulatory and objective needs of preventing future financial risks and crises. At the same time, Highlighting the new international trend of financial regulation and regulation. Longitudinally, these trends are prominently manifested in the following aspects: regulation and regulatory reform of macro-prudential and systemic risks; reform of regulatory capital requirements; improvement of anti-cyclical regulatory and regulatory reform; liquidity regulatory reform; Regulatory reform of hedge funds; regulatory and regulatory reform of securitization and over-the-counter derivatives; pay reforms that support financial stability; regulatory reform of credit rating agencies; and reform of financial regulatory agencies and models. It is appropriate for China to compare and contrast these trends with the existing financial regulatory systems or practices in our country and properly improve it.