金融创新、监管协同与系统性风险控制

反思本轮全球金融危机,实质是金融创新与金融监管不匹配,金融监管缺位导致高杠杆创新性金融衍生产品失控,最终引发金融体系产生系统性风险;在后次贷危机时期,无论是国际组织还是西方经济体都纷纷重新审视诸多重大的监管问题,积极开展金融监管体系重建改革,这必然将对全球金融市场产生深远影响。在后金融危机时期,我国应顺应全球金融监管制度变革趋势,推动金融创新与金融监管协同,从而实现金融市场系统性风险控制。

Control over Financial Innovation, Regulation Synergy and Systematic Risk

Rethinking the global financial crisis, the financial supervision and financial innovation did not match, and financial regulation vacuum which resulted in innovative financial derivative products out of control, all the fundamental reasons which triggered the financial systematic risk. In the post period of the sub-prime crisis, both international organization and western developed countries re-examine numerous vital regulation issues, and seek for financial regulatory system reconstruction. From the London Summit to Toronto Summit, G-20 has got the common agreement on sound regulation of the financial markets. Focusing on U.S. financial regulatory system reconstruction, the Financial Regulation Reform Act which subscribed by U.S. president Obama in July 2010 is the milestone for forward financial regulation, and make profound influence on U.S. and all world financial markets. In the post period of the financial crisis, China should meet the regulatory trends of the global financial regulatory reform, push the coordination between financial innovation and financial supervision, so as to control the systematic risk of financial markets