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Lag of Induced Institutional Evolution and the Relevant Solution:Case Study on Comprehensive Transformation of Chinese Finance
Author(s): 
Pages: 20-25,136
Year: Issue:  3
Journal: Finance & Trade Economics

Keyword:  诱致性制度变迁 自生性滞后 默契僵局 次贷危机 市场稳定性监管;
Abstract: 作为诱致性制度变迁的金融综合化转型未能完成由普遍性市场行为到强行性规则体系的程式转换,肇因于分业监管体制下的行政监管者和金融企业基于有限理性的成本—收益考量。在既得利益已达到"满意标准"的情况下,双方均缺乏推动制度供给的动力,从而形成自生性滞后的默契僵局,酝酿了严重的市场稳定性风险。鉴于次贷危机的教训和美国《蓝皮书》的改革思路,综合化转型的市场稳定性风险应该由回归监管角色的央行负责,并由其主导金融控股公司立法进程,最终实现分业监管体制的整合。
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