金融监管一体化:世界潮流还是全球试点?

本文考察了46个实行一体化金融监管体制的国家，回答了这样一个问题，金融监管组织结构的一体化改革是世界金融监管体制变革的趋势和潮流吗?我们重点从三个方面进行了探讨：第一，什么原因导致如此多的国家竞相进行一体化改革?第二，一体化改革如何处理“谁来监管监管者”?第三，一体化改革为何都遭到了重大阻碍?研究表明，金融监管一体化改革的复杂性超出了绝大多数改革设计者的预计，因此，不能认为一体化改革已经完全成熟并代表着未来金融监管的发展方向。一体化改革的有些方面值得借鉴(例如，拆分金融机构的审批权与监管权、拆分监管规则的制定权与执行权等)，而另一些方面则值得谨慎和深思(例如巨大的监管文化冲突、监管同一性的异化等等)。基于上述研究，我们认为现阶段我国不宜贸然进行金融监管一体化改革，因为没有任何必然的理由可以保证将“一行三会”合并起来就能够从根本上提高监管水平。     

日本金融监管的改革与变化

金融监管是各国政府、中央银行或有关货币当局的共同重要职责。第二次世界大战后的日本逐渐形成一套以大藏省为主体。由大藏省和日本银行共同管理金融事业的监管体制。对于促进日本经济高速增长发挥了极为重要的作用。然而。随着世界金融一体化、经营业务多样化方向的发展，以及日本自身经济、金融实力的迅速强大．日本的监管体制持续性地暴露出病态特征．严重危及金融业的稳健发展。为此。日本在20世纪末进行了金融监管体制的变革，形成了以金融厅为主导的金融监管体系，并逐步走向了金融监管的良性循环。     

论金融集团主导下的金融监管组织体系设置

本文针对当今国际金融界混业经营和金融集团主导金融业的格局，提出了金融监管体制如何应对的问题，主要讨论了在组织结构上应如何进行改革。文章回顾了金融监管体制设计原理和应用模式，分析了传统的“部门模式”和“业务模式”在混业经营下的缺陷，提出了新的“目标模式”。文章介绍了世界各国对金融集团监管的主要方法。最后作者的观点是：针对金融集团，金融监管不论如何一体化整合或者进行联合监管，还必须重视金融业务的根本区别。     

关于完善我国金融监管体系的若干建议

20世纪80年代以来,西方发达国家金融一体化、自由化的不断发展,金融创新此起彼伏,大大改变了金融业的原貌。金融创新使金融机构和金融业务的界限日益摸糊,原来对金融业实行分业经营的国家,政府管制和法律限制被不断突破,混业经营趋势不断增强。与此相对应,各国金融监管体制也在进行重大变革,逐渐由分业监管转向混业监管或部分混业监管模式。随着经济金融形式的变化,金融监管由分业向混业模式转变的趋势正在加强。     

中国金融监管的新趋势

近几年,理论界和实业界关于中国金融监管体制的争论越来越多,主要焦点在于当前的监管体制是否能够适应未来经济发展的需要,中国目前的监管体制成型于2003年,迄今为止已经发展了十年,主要采用的是分业监管模式,这种模式符合中国过去和现在的金融监管需求,然而在金融全球化的背景下,中国目前越来越面临着混业经营所带来的监管挑战。因此,中国的金融监管模式必须做出相应的调整,以适应新的需求。为了避免金融业的波动,维护金融体系的稳定,在进行金融监管体制改革之前,必须先要明白目前的体制存在的问题和缺陷,以做到有的放矢、循序渐进和积极稳妥地推动金融监管体制变革。     

从“分业监管”到“混业监管”——德国金融监管体制的变迁

德国一向以严密的金融监管制度而著称。德国金融监管制度的形成,经历了一个从分业监管到混业监管的转变的过程。文章在概述德国金融监管体制特点的基础上,剖析了其金融监管制度变迁的原因和内容。     

论金融集团主导格局下的金融监管组织体系设置

本文针对当今国际金融界混业经营、金融集团主导金融业的格局 ,提出了金融监管体制如何应对的问题 ,主要讨论了在组织结构上应如何进行改革。文章回顾了金融监管体制设计原理和应用模式 ,分析了传统的“部门模式”和“业务模式”在混业经营下的缺陷 ,提出了新的“目标模式”。文章介绍了世界各国对金融集团监管的主要方法。最后作者的观点是 :针对金融集团 ,金融监管不论如何一体化整合或者进行联合监管 ,金融业务的根本区别还是监管中应该加以重视的。     

日本金融监管的改革与变化

金融监管是各国政府、中央银行或有关货币当局的共同重要职责。第二次世界大战后的日本逐渐形成一套以大藏省为主体,由大藏省和日本银行共同管理金融事业的监管体制,对于促进日本经济高速增长发挥了极为重要的作用。然而,随着世界金融一体化、经营业务多样化方向的发展,以及日本自身经济、金融实力的迅速强大,日本的监管体制持续性地暴露出病态特征,严重危及金融业的稳健发展。为此,日本在20世纪末进行了金融监管体制的变革,形成了以金融厅为主导的金融监管体系,并逐步走向了金融监管的良性循环。传统的以大藏省为主导的金融监管体制内涵和…     

日本金融监管的改革与变化

金融监管是各国政府、中央银行或有关货币当局的共同重要职责.第二次世界大战后的日本逐渐形成一套以大藏省为主体,由大藏省和日本银行共同管理金融事业的监管体制,对于促进日本经济高速增长发挥了极为重要的作用.然而,随着世界金融一体化、经营业务多样化方向的发展,以及日本自身经济、金融实力的迅速强大,日本的监管体制持续性地暴露出病态特征,严重危及金融业的稳健发展.为此,日本在20世纪末进行了金融监管体制的变革,形成了以金融厅为主导的金融监管体系,并逐步走向了金融监管的良性循环.……     

金融监管一体化模式的考察及其演变探讨

为适应金融混业经营与金融全球化要求，一种新的监管模式——由一个机构对金融业进行全面监管的一体化监管随之产生，并正被越来越多的国家所采用。本文分析了一体化监管出现的内在动因，并从比较制度视角考察了一体化监管模式，就一体化监管是否会成为各国普遍选择还是各国仍保留自己监管特点进行了探讨，认为存在多样性的趋同更可能是未来金融监管模式的演变方向。     

CURRENCY VERSUS BANKING IN THE FINANCIAL CRISIS OF 1931

During the 1920s, Germany was the world's largest capital importer, financing reparations through U.S. credits. We examine financial channels in crisis transmission between these two countries around the German financial crisis of 1931. We specify a structural dynamic factor model to identify financial and monetary factors separately for each of the two economies. We find substantial crisis transmission from Germany to the United States via the financial channel, while monetary or financial crisis transmission from the United States to Germany was weak. We also find major real effects of the 1931 crisis on both economies, again transmitted via the financial channel.     

Growth Effects of EU Membership: The Case of East Germany

The East German experience after unification in 1990 probably comes close to what might be called a controlled experiment for assessing the growth effects of EU membership. This article uses an open-economy neoclassical growth model as a measure of reference against which the actual performance of the East German economy can be evaluated. With no obvious differences in institutions and technology, and with physical capital accumulation in East Germany exceeding the West German rate, differences in human capital remain as the major reason for differences between the theoretical and the actual East German growth rate. Simulation results suggest that East Germany's stock of human capital per worker reaches only about one third of the West Germany level. The main lesson from the East German experience for other EU accession countries is that catching up may come to a halt below the EU average, even under pretty favorable institutional and financial conditions.     

Short- and long-term impact of remarkable economic events on the growth causes of China–Germany trade in agri-food products

This paper focuses on a systematic quantitative discussion of the short- and long-term impact of remarkable economic events on international trade in a two-stage framework. Firstly, procedures based on dummy variables are proposed to detect structural breaks, types and sizes of jumps caused by such events. Then we propose to apply a hierarchical CMS (Constant Market Share) model to all sub-periods determined by the detected change points to study the short- and long-term impact of those events on growth causes. Application to China–Germany trade in agri-food products shows that China's accession to WTO had a negative short-term impact on corresponding series. But its long-term impact on China's export competitiveness was clearly positive. The short-term impact of the EU's CAP (Common Agricultural Policy) reform on Germany's exports to China was also negative. Its long-term impact on export competitiveness was sometimes positive and sometimes negative. The financial crisis of 2008 caused a significant reduction of China's agri-food exports to Germany. But Germany's exports to China in 2009 were not affected by the financial crisis as much.     

Financing Higher Education in a Mobile World

This paper analyzes how integrated labor markets affect the financing of higher education. For this, we employ a general‐equilibrium model with overlapping generations and individuals who differ in their abilities. At the first stage, governments can choose the quality of education and the financing system. At the second stage, individuals make their education and migration decisions given the governmental framework for higher education and the mobility assumptions. In a closed economy and in the presence of imperfect credit markets, a mix of tax‐ and fee‐financing is optimal. In integrated labor markets, countries have an incentive to attract skilled workers and to free‐ride on education provided by other countries. When only skilled workers are mobile, there is a suboptimal shift from taxes to fees and the number of students is too low. When also students can migrate, there is a countervailing force such that maintaining the optimal financial mix becomes possible.     

提高中国金融监管效率的现实选择——世界金融业一体化监管趋势中的中国分业监管

为适应金融自由化、金融全球化这一趋势,越来越多的国家实行金融监管一体化。一体化监管具有规模经济优势,利于节约监管成本,消除监管真空并避免监管套利,从而能较好地适应混业经营状况。中国目前的分业监管框架难以实施有效监管,一体化监管应是中国监管体制变迁的方向。     

Financing port infrastructure

Port infrastructure is essential for the conduct of trade and tourism between countries. This paper aims at investigating the financial strategies used for port projects, project financing, and cash flow techniques used by Los Angeles Airport and Seaport and Long Beach Seaport and European airports and seaports in England, The Netherlands, Belgium, Germany, Greece, and Turkey.Research assistance was provided by Kelly Calabio, Danny Davis, Adam Harita, Carina Lim Dancer, Mary Mulligan, James Nakamura, Evelyn Sellers, and Patty Vajda.     

高技术中小企业间接融资方略

我国高技术中小企业在间接融资市场上面临资产信用严重不足、财产可抵押物少、抵押难等阻碍。美英距离型模式比较日德关系型在建立良性循环的间接融资体系方面具有明显优势。我国高技术产业间接融资的发展模式应当以较为完善的间接融资风险分担体系为目标指向，以美英距离型间接融资模式为基本模式指向，并建立以信用担保机构和中介组织向银行担保为主、个人资产担保为辅助的担保体系。     

我国金融监管改革的路径思考

随着全球经济相互联系的趋势不断加强,金融领域的创新活动日趋活跃,各国的金融监管改革成为关注的焦点。面对金融自由化的强烈冲击,我国又该如何做出积极回应。笔者认为我国的金融监管改革应从监管的理念,监管的职能和方式等各个方面进行变革,建立起金融自由化环境下适合我国具体国情的金融监管模式。     

Patterns of Corporate Financing and Financial System Convergence in Europe

The paper investigates the possibility of convergence in the European Union (EU) in terms of the patterns of corporate financing by banks, bond markets, and stock markets; and in the context of whether the economies are converging towards an Anglo‐Saxon (capital‐market‐oriented) or a continental (bank‐oriented) financial system. GMM estimation of a dynamic fixed‐effects model is implemented to test for conditional and unconditional convergence using a panel of flow of funds data for the period 1972–1996 for seven EU member countries. It is found that the pattern of corporate financing is consistent with the pecking order theory of financing choices. Overall, the evidence suggests convergence of the EU financial systems on a variant of the Anglo‐Saxon model, depicting heavy reliance on internal financing as well as direct financing via equity and bond markets, while bank debt is becoming relatively less important.