摘要
2008年国际金融危机以来,系统性金融风险监管成为国内外学术界和全球金融监管改革的一个最热门话题。然而,系统性金融风险既不是一个新概念,也不是一个新问题。本文从系统性风险的含义、演进过程、成因、监管等角度出发,对系统性风险的理论和实践进行了框架性的研究。本文认为,从人类对金融危机的认知历程看,系统性风险概念的强化和应用将极大深化人类对金融危机的认知。这一转变使金融危机从一个突发的风险事件,演变为一个监管机构可以日常持续监控的对象,使得人们有可能通过关注和评估系统性风险的严重程度动态评估金融危机的发生概率,进而采取应对之策。这将具有里程碑意义。然而,系统性风险监管知难行更难,将会经历一个不断试错的过程。
Ever since the 2008 global financial crisis, the supervision of systemic financial risk has been at the center of academic and policy-making debates, both domestically and abroad. However, it is the view of the author that systemic risk is an established concept that has not simply risen up from this crisis. This paper examines the definition of systemic risk, and its evolution and supervision techniques, from two perspectives - theory and practice. The author argues that growing emphasis on systemic risk will greatly enhance our understanding of financial crises, which would have profound significance in that our interpretation of financial crises as sudden and unforeseen incidents would change to an ever present subject that can be monitored in day-to-day supervision. Therefore it would be possible for supervisom to evaluate the probability of distribution of financial crisis in a dynamic way by measuring systemic risk, and to adopt policy measures accordingly. The paper argues that it is not easy to truly understand systemic risk while it is more difficult to intervene it. Supervision of systemic risk will surely undergo a trial and error process.
出处
《国际金融研究》
CSSCI
北大核心
2010年第7期58-67,共10页
Studies of International Finance
基金
教育部哲学社会科学重大课题攻关项目"全球新型金融危机与中国外汇储备研究"(批准号:08JZD0011)的阶段性成果之一
关键词
系统性金融风险
金融危机
金融监管
Systemic Financial Risk
Financial Crisis
Regulation and Supervision
