基于交易费用理论的金融监管制度变迁解读

交易费用理论揭示,制度变迁的动力在于节约交易费用。用交易费用解析金融监管制度,可以发现,金融监管制度改变了金融交易行为集,降低了金融交易费用,促进了金融交易规模扩大。我国1977年以前"大一统"的金融体制下,设立金融监管不能降低交易费用,因而,没有金融监管是合理的。改革开放以来,我国金融监管从集中到分业监管的变迁,节约了金融交易费用,促进了金融业的繁荣发展。未来我国的分业金融监管将逐步走向统一监管,但是,现阶段选择协调监管更有效。

Analysis of System Transition in Financial Regulation by Using Transaction Costs Theory

The transaction costs theory reveals that the motivity of system trasition is to reduce transaction costs.Analysis of the transaction costs theory on financial regulation system shows: financial regulation system reduce the financial transaction cost,and enlarge the financial transaction volume.Before 1977 in China,financial regulation made no use to reducing transaction costs.After the innovation and openning,the change of separated regulation from cetralized reduced financial transaction costs.In the future,separated regulation system will be substituted by combined regulatory system.