论文部分内容阅读
该文考察了美国住房金融局对17家大型金融机构提起诉讼的背景及影响,认为此次诉讼有利于克服道德风险问题,重建美国住房金融市场的信心。通过FHFA的诉讼,美国政府可以部分消除政府担保的外部性、缩小市场主体之间的信息差距并使得市场契约动态完备化。对我国而言,可以借鉴这一诉讼,合理界定政府担保范围,强化搜集信息的激励,并在监管部门的救援与监管角色之间进行动态权衡。
This article examines the background and impact of the U.S. Bureau of Housing Finance instituting legal proceedings against 17 major financial institutions, arguing that the lawsuit is conducive to overcoming the moral hazard problem and rebuilding confidence in the U.S. housing finance market. Through FHFA’s litigation, the U.S. government can partially eliminate the externalities of government guarantees, reduce the information gap between market players and make the market contract dynamic and complete. For our country, we can learn from this lawsuit, define the scope of government guarantee rationally, strengthen the incentive to collect information, and make a dynamic trade-off between the rescue and regulatory roles of regulatory authorities.