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ID:40525202
大小:149.00 KB
页数:14页
时间:2019-08-04
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1、IntroductionandPerspectivesFSA存在的意义:为了tomakethenewdecision-makingframeworkworkinpractice(例如:commitmenttocost-benefitrequirements),所以需要:1needaclearerviewoftheeconomiccaseforregulationoffinancialmarkets,and2arigorousapproachtoassessingwhetherthatcaseismetinrelationtoaparticularsetofinstitution
2、s,这篇文章的主题:whyregulationhaswelfarebenefits,whyitisrationalfor(particularlyretail)consumersoffinancialservicestodemandregulationoffinancialservicesfirms.关于whojudgethatthereisapositiveroleandeconomicrationaleforregulationinfinance与thosewhoarguethat,atbest,regulationdoesnotenhancewelfareandatwor
3、seiscounter-productive,两种观点的区别:(1)howfinancialinstitutionsandmarketsworkandoperateinpractice,(2)theincentivestructuresfacedbyfinancialfirms,(3)theextentofmarketimperfectionsandfailuresinthefinancialsystemandthepowerofregulationandsupervisiontoaddressthem,and(4)theextenttowhichfinancialproduc
4、tsandcontractsaresignificantlydifferentfromthegeneralityofgoodsandserviceswhicharenotregulatedtoanywherenearthesamedegreeasfinancialinstitutions.在深入讲之前,1要分清regulation和monitoring的区别P6。2由于regulatoryagencies是largelyimposedbytheregulatoreventhoughtheremaybeaprocessofconsultation,所以会产生一些问题:一些信息的缺
5、失,顾客的不同要求不能被signalled。3正因为如此,会产生dangerofregulationbeingover-demandedbyconsumersandover-suppliedbyregulators。例如:howtoguardagainstsuchdemand-orsupply-drivenover-regulation.原理:regulationimpose各种cost,这些cost最后会反映在financialservice的价钱上。如果regulation是多余的,或着重在不重要的事务上,那么会产生avoidablecost而且会大于regulation当
6、初的成本。4一般认为,regulationisaboutchangingthebehaviourofregulatedinstitutions.由此产生问题:theextenttowhichbehaviouristobealteredbywayofexternallyimposedrules,orthroughcreatingincentivesforfirmstobehaveinaparticularway.Incentivecontract的设置的好坏影响着regulatedfirms的行为,也会产生副作用。一些人arescepticalofthebenefitsofreg
7、ulation.因为他们觉得1如果regulation有用,就不会有marketfailuresandimperfections;2regulation在实际中也解决不了此类问题,3产生的成本比原来的的问题多很多,4耗费很多不同成本。bankfailuresaroundtheworld就是aproductof‘thepoorlyregulatedandoftendistortedfinancialsectorsinthesecountries。原因有3:badincentivestructu
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