摘要
金融衍生工具风险的复杂性、信用创造机制的内在缺陷以及高杠杆性对金融稳定带来了巨大威胁,因此从防范系统性风险的角度考虑金融衍生工具的监管十分必要。金融衍生工具监管的缺陷体现在微观审慎的偏差以及宏观审慎的缺位,必须从加强宏观审慎监管入手来改进金融衍生工具的监管。同时,微观审慎监管需要将衍生工具的微观信息传递给宏观审慎监管;而宏观审慎监管通过对衍生工具系统性风险的评估进行风险预警,并传递给微观审慎监管,故应结合微观审慎监管和宏观审慎监管构建金融衍生工具的监管框架。
The complexity of risk, the intrinsic defects of the credit creation and high leverage of financial derivatives bring great threat to financial stability. Therefore, it is nec-essary to consider the supervision of financial derivatives from the prevention of systemic risks. While supervision of financial derivatives in financial crisis is mainly embodied in the Micro-Prudential Regulation deviation and Macro-Prudential Regulation vacancy, therefore we must strengthen Macro-Prudential Regulation to improve the supervision of financial de- rivatives. At the same time, Micro-Prudential Regulation needs to transfer micro information to the Macro-Prudential Regulation, while the Macro-Prudential Regulation through the as-sessment of Financial Derivatives＇ System Risk, and passed to the Micro -Prudential Regula-tion. It should be combined with Micro and Macro Prudential Regulation to construct the Fi-nancial Derivatives regulatory framework.
出处
《金融经济学研究》
CSSCI
北大核心
2013年第1期16-24,共9页
Financial Economics Research
基金
教育部人文社会科学规划基金项目(11YJA790024)
山东省自然科学基金项目(ZR2011GL026)
关键词
金融衍生工具
金融监管
框架
financial derivatives
financial supervision
framework
