摘要
《金融稳定法(二审稿)》首次从法律层面原则性地提出了人民银行行使最后贷款人职责的制度,但是人民银行如何承担最后贷款人职责仍需明确。长期以来理论和实践界围绕央行最后贷款人制度的大量争议实则是在立法上采取了传统的货币主义和现代的金融稳定主义两种不同的立法模式所致。《金融稳定法(二审稿)》明确将央行最后贷款人制度置于金融稳定的立法目的之下,为我国《中国人民银行法》未来修订中进一步明确规则构建提供了立法导向。《金融稳定法(二审稿)》明确了我国金融风险处置采取的是双层结构,人民银行的最后贷款人职责应当仅以系统性金融风险为触发,而不是面面俱到地覆盖所有金融风险。相应地,最后贷款人制度本质上应当设定为紧急流动性提供,采取广泛的适用主体模式,并且辅以最后做市商和最后担保人等衍生制度。
The Financial Stability Law(Second Draft)for the first time proposes in principle that the People's Bank of China(PBoC)should exercise the role of lender of last resort,but how the PBoC should assume the role of lender of last resort still remains to be clarified.The contro-versy surrounding the lender of last resort system in theory and practice has long been the result of the adoption of two different legislative models:traditional monetarism and modern financial sta-bility.The Financial Stability Law(Second Draft)places the central bank's lender of last resort system under the legislative purpose of financial stability,providing a legislative guide for further clarifying the construction of rules in the future revision of the Law of the People's Republic of China on The People's Bank of China.The Financial Stability Law(Second Draft)clarifies that China's financial risk management adopts a two-tier structure,and the PBoC's role as lender of last resort should only be triggered by systemic financial risks,rather than covering all finan-cial risks in an all-encompassing manner.Correspondingly,the lender of last resort system should be essentially set up for emergency liquidity provision,with a broad applicable entity mod-el,supplemented by derivative systems such as market makers of last resort and guarantor of last resort.
出处
《法学杂志》
北大核心
2025年第4期1-18,F0002,共19页
Law Science Magazine
基金
北京市哲学社会科学项目“优化营商环境下的债务人自行管理重整模式的体系建构”(项目编号:23FXB012)
中央部委项目“中小企业破产重整制度研究”(项目编号:ZZBWR-170QNBJ20231700026)
清华大学自主科研“中小企业重整制度研究:国际比较和本土化的视角”(项目编号:2022Z04W01018)的阶段性成果。
关键词
金融稳定
最后贷款人
紧急流动性
中央银行
系统性金融风险
financial stability
lender of last resort
emergency liquidity
central bank
sys-temic financial risk
