金融自由化中的政府金融监管和法律框架

发展中国家金融自由化的最深刻教训是忽视金融体系法律框架的建立和对金融机构的审慎监管。本文探讨了金融体系稳健运作所必须遵守的市场经济根本原则,分析了市场经济法律框架所必须包含的基本要素,同时,本文还讨论了有效金融监管的三个必要条件,以及有效金融监管所必需的三大政策工具。本文认为,保证监管机构的独立性、权威性和监管资源的充足性,对银行流动性、资本充足性和资产质量的关注,健全的会计规则、公正的资产评估机构和审计机构以及准确及时的信息披露,这些因素构成审慎监管的最基本内容。

Government Financial Regulation and Legal Framework in the Process of Financial Liberalization

The most important lesson for the LDCs in the process of financial liberalization is neglecting to construct necessary full_fledged legal framework for the financial system, which is helpful for encouraging market competition and financial innovation, maintaining the stability of financial system, and decreasing the possibility of financial fragility and turmoil. This paper discusses the basic principles and essential factors in a market economy that is necessary for the financial safety and effectiveness, and deeply analyzes the conditions and main policy instruments of cautious financial regulation. The conclusion is that bank liquidity, capital adequacy, asset quality, complete financial reporting rules, impartial property assessment institutions, and rigorous information disclosure constitute the basic contents of sound financial regulation.