financial regulation.docx
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financial regulation.docx
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financialregulation
IntroductionandPerspectives
FSA存在的意义:
为了tomakethenewdecision-makingframeworkworkinpractice(例如:
commitmenttocost-benefitrequirements),所以需要:
1needaclearerviewoftheeconomiccaseforregulationoffinancialmarkets,and2arigorousapproachtoassessingwhetherthatcaseismetinrelationtoaparticularsetofinstitutions,
这篇文章的主题:
whyregulationhaswelfarebenefits,
whyitisrationalfor(particularlyretail)consumersoffinancialservicestodemandregulationoffinancialservicesfirms.
关于whojudgethatthereisapositiveroleandeconomicrationaleforregulationinfinance与thosewhoarguethat,atbest,regulationdoesnotenhancewelfareandatworseiscounter-productive,两种观点的区别:
(1)howfinancialinstitutionsandmarketsworkandoperateinpractice,
(2)theincentivestructuresfacedbyfinancialfirms,
(3)theextentofmarketimperfectionsandfailuresinthefinancialsystemandthepowerofregulationandsupervisiontoaddressthem,and
(4)theextenttowhichfinancialproductsandcontractsaresignificantlydifferentfromthegeneralityofgoodsandserviceswhicharenotregulatedtoanywherenearthesamedegreeasfinancialinstitutions.
在深入讲之前,1要分清regulation和monitoring的区别P6。
2由于regulatoryagencies是largelyimposedbytheregulatoreventhoughtheremaybeaprocessofconsultation,所以会产生一些问题:
一些信息的缺失,顾客的不同要求不能被signalled。
3正因为如此,会产生dangerofregulationbeingover-demandedbyconsumersandover-suppliedbyregulators。
例如:
howtoguardagainstsuchdemand-orsupply-drivenover-regulation.原理:
regulationimpose各种cost,这些cost最后会反映在financialservice的价钱上。
如果regulation是多余的,或着重在不重要的事务上,那么会产生avoidablecost而且会大于regulation当初的成本。
4一般认为,regulationisaboutchangingthebehaviourofregulatedinstitutions.由此产生问题:
theextenttowhichbehaviouristobealteredbywayofexternallyimposedrules,orthroughcreatingincentivesforfirmstobehaveinaparticularway.Incentivecontract的设置的好坏影响着regulatedfirms的行为,也会产生副作用。
一些人arescepticalofthebenefitsofregulation.因为他们觉得1如果regulation有用,就不会有marketfailuresandimperfections;2regulation在实际中也解决不了此类问题,3产生的成本比原来的的问题多很多,4耗费很多不同成本。
bankfailuresaroundtheworld就是aproductof‘thepoorlyregulatedandoftendistortedfinancialsectorsinthesecountries。
原因有3:
badincentivestructures,weakmanagementandcontrolsystemswithinbanks,andpoorregulation,monitoringandsupervision.
也有人认为bankfailures是因为theindirectlymaligneffectsofregulation.
Objectivesvsrationale
观点:
regulationservestheinterestofgovernments,legislatorsandregulatedfinancial
firmsbutismostly‘detrimentaltomostconsumers’.所以Itneedstobeemphasised,however,thatmanyoftheregulatorymeasuresthatBenstoncitesdonotapplytotheUnitedKingdom,eitheratallortoanysignificantextent.
从此观点我们只要区别objectivesofregulation(whatoutcomeitistryingtosecure),therationaleforregulation(whyregulationisnecessaryiftheobjectivesaretobeachieved),andthereasonsforregulation(whyinpracticeregulationtakesplace).
inthefinalanalysisthethreecoreobjectivesare:
(1)tosustainsystemicstability,
(2)tomaintainthesafetyandsoundnessoffinancialinstitutions,and
(3)toprotecttheconsumer.
Theeconomicrationaleforregulation
从7个方面解释:
1.Potentialsystemicproblemsassociatedwithexternalities(aparticularformofmarketfailure).
2.Thecorrectionofothermarketimperfectionsandfailures.
3.Theneedformonitoringoffinancialfirmsandtheeconomiesofscalethatexistinthisactivity.
4.Theneedforconsumerconfidencewhichalsohasapositiveexternality.
5.ThepotentialforGridLock,withassociatedadverseselectionandmoralhazardproblems.
6.Moralhazardassociatedwiththerevealedpreferenceofgovernmentstocreatesafetynetarrangements:
lenderoflastresort,depositinsurance,andcompensationschemes.
7.Consumerdemandforregulationinordertogainadegreeofassuranceandlowertransactionscosts.
Twogenerictypesofregulationandsupervisionareidentified:
(i)prudentialregulation,whichfocusesonthesolvencyandsafetyandsoundnessoffinancialinstitutions,and
(ii)conductofbusinessregulationwhichfocusesonhowfinancialfirmsconductbusinesswiththeircustomers.
为什么要customerprotection?
产生原因:
1institution可能会fail2unsatisfactoryconduct
Financialfirm的失败会对systemicstability,andcauselosstoindividualdepositors有影响。
所以更进一步说regulatorsarealmostinevitablyboundtohaveaprudentialconcernfortheliquidity,solvencyandriskinessoffinancialinstitutions.
Prudentialregulation
Why重要?
becauseofimperfectconsumerinformation,agencyproblemsassociatedwiththenatureoffinancialinstitutions’business,andbecausethebehaviourofafinancialfirmafterconsumershavedealtwithitaffectsthevalueoftheirstakeinthefirm.
Conductofbusinessregulation
怎么做?
在于howfinancialfirmsconductbusinesswiththeircustomers。
businessregulationisdesignedtoestablishrulesandguidelinesaboutappropriatebehaviourandbusinesspracticesindealingwithcustomers.
因此,说回consumerprotectioninretailfinancialservices,fivealternativedimensionstoafailedcontract:
(i)theconsumerreceivesbadadvice-perhapsbecauseanagencyconflictis
exploited;
(ii)thesupplyinginstitutionbecomesinsolventbeforethecontractmatures;
(iii)thecontractturnsouttobedifferentfromwhattheconsumerwasanticipating;
(iv)fraudandmisrepresentation;and
(v)thefinancialinstitutionhasbeenincompetent.
thesevenelementsoftheeconomicrationaleforregulationinfinanceidentifiedabove
1Externalities:
SystemicIssues
为什么SystemicIssuesarecentraltotheregulationofbanks。
1thepivotalpositionofbanksinthefinancialsystem,especiallyinclearingandpaymentssystems;
2thepotentialsystemicdangersresultingfrombankruns;
3thenatureofbank(debt)contractsonbothsidesofthebalancesheet;
4adverseselectionandmoralhazardassociatedwithsafety-netarrangements(lender-of-last-resortanddepositinsurance).
为什么bank在经济中如此重要:
1theyaretheonlysourceoffinanceforalargenumberofborrowers
2theymanagethepaymentssystem
3banksarepotentiallysubjecttoruns,whichmayhavecontagiouseffects.
Theexternalityisthatthefailureofaninsolventbankcancausedepositorsofotherbankstowithdrawdeposits。
为什么?
1banksofferdebtcontractsforliquiddepositsthatfinancetheacquisitionofilliquidassetsofuncertainvalue.
2abank’sassets(loans)arevaluedmorehighlyonagoing-concernbasisthanonaliquidationorbreak-upofthebank.Inparticular,failureorlossesofonebankmaycauseoutsiderstorevisetheirviewofthevalueofotherbanks’assets
3Ifabankisinsolvent,thosewhowithdrawfirstarepaidinfullwhereaslate-comersmaynotbeabletobepaidinfull.
4theinterconnectednessofbanks(e.g.intheirgrosspositionswitheachotherinclearingsystems,ininter-bankdeposits,etc.)ismuchgreaterthanthatinmostotherindustries,whichmeansthatthefailureofonebankcandirectlycauseimmediatelossestoother,interconnectedbanks.
为了应对bankfailure,一般会采取raiseinterestratesonbankdeposits。
但是,会产生1reducethebank’syieldsfromitsassetsbecauseloandefaultsmayrise;2canerodethe
bank’sexpectedflowofprofits。
所以说ariseindepositinterestratesmaybetakento
signalahigherprobabilityofthebankfailing.
Threecounter-arguments(solventbanksareforcedintoinsolvency):
(1)itisnotrationalfordepositorstowithdrawdepositsfromasolventbank,
(2)theexistenceofdepositinsuranceinparticularremovestherationalityofwithdrawingdepositsfrombanks,and
(3)ifaruntocashweretooccurthesystemicproblemcaneasilybehandledbythecentralbankoperatingasalender-of-last-resorttothesystemratherthanindividualbanks:
thisinjectionofsystem-wideliquiditycanbedonethroughnormalopenmarketoperations.Theseareconsideredinturn.
(1)Solventbanks
什么情况下会产生bankrun:
(i)depositorsmaynotbecertainthatabankisinfactsolvent;
(ii)individualdepositorsmaytakearationalandinformedviewthemselvesbutbelieveotherdepositorswillnot
(iii)depositorsmayrealisethatabankcangetintodifficultyifotherdepositorsrun;
(iv)depositorsmighttaketheviewthat,whiletheprobabilityofabankfailureisverylow,itwouldneverthelessbeveryserioustothemifitweretooccur.Withrisk-aversion,andarelativelyhighratioofbankdepositstototalwealth,thethresholdvalueofthisprobabilityisreducedyetfurther;
(v)depositorsmightnotbeconvincedeitherthatthereisalenderoflastresort,orthatitwilloperatewithoutfriction.
还有一种观点认为原因是:
Itisoftenthecasethatstock-marketdatarevealthatbadnewsforonebankdepressesotherbanks’valuesalso.
Benston认为bankrun不会使solventbanksareforcedintoinsolvency。
Whiletheprobabilitythatthefailureofasinglebankwillinduceasystemicproblemmaybeverylow,ifitweretooccuritwouldbeserious,andthecostswouldbehigh.
(2)Depositinsurance
Beston的观点是不一定都对,只在某种情况下适用。
ItisnotthecaseintheUKorinEuropegenerally。
因为1banksmaybeinducedtotakemorerisksandoperatewithlesscapital,anddepositorsmightrationallyseekhigh-riskbanksastheyreceiveahigherrateofinterestintheeventthatthebankremainssolventbutarecompensatedifthebankfails.2ifcoverageislimited,theincentiveinsomecircumstancesforbankrunsremains.
就是说,即使depositinsurance可以减少bankfailure的几率,itisstillrationaltowithdrawdepositsifthebankisperceivedasbeingvulnerable.
就算whendepositinsurance(orothercompensation)isavailable,therearestillproblemsforconsumers:
itcantaketimebeforeredressismade,itmaybepercei
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