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次贷危机对新资本协议实施的影响
作者单位:中国银监会国际部,中国银行风险管理部
摘    要:本文以风险管理为切入点,讨论次贷危机与新资本协议之间的关系,试图回答业界对新资本协议制度合理性的某些质疑。与1988年资本协议相比,新资本协议建立了更具灵活性、适应性和前瞻性的资本监管制度,赋予资本充足率更加丰富的风险管理内涵,为商业银行改进风险管理提供了正向激励;次贷危机不仅未否认新资本协议的合理性,反而进一步凸现了全面实施新资本协议的重要性;新资本协议应顺应金融创新的趋势,吸取次贷危机的教训,做出适应性调整;虽然实施新资本协议不可能阻止金融危机再度发生,但可以提升银行体系应对外部冲击的能力,至少可以缓解未来金融危机的破坏力,从而提高社会福利。

关 键 词:次级贷款  资产证券化  新资本协议  发起-分散模式  表外实体

Impact of Sub-prime Crisis on Basel II Implementation
Authors:Chen Ying Wang Shengbang Zhang Shouchuan
Institution:Chen Ying Wang Shengbang Zhang Shouchuan
Abstract:The authors look into the relationship between sub -prime crisis and Basel II in order to respond to the challenging voices on the rationality of Basel II. The authors hold that compared with the 1988 capital accord, Basel II presents a more flexible, practical and forward-looking capital regulation framework, in which capital adequacy has been endowed with a more enriched connotation of risk management; this framework provides positive incentives for commercial banks to enhance risk management. The sub-prime crisis has not denied the rationality of Basel II; on the contrary, it has demonstrated the importance of implementing Basel II in a comprehensive manner. Supervisory authorities should follow the trend of rapid financial innovation and learn the lessons from sub-prime crisis to improve the capital regulation framework. It is fair to say that Basel II implementation cannot prevent the breakout of another financial crisis in the future; however, it can enhance the resilience of the banking system toward external turbulences, and is conducive to reducing negative impacts brought by the potential financial crisis and thus, contributing to a better social welfare.
Keywords:Sub-Prime  Securitization  Basel II  Origination-distribution Model  Off-balance-sheet Entity  
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