《新巴塞尔协议》防范系统性金融风险的缺陷与弥补

论《新巴塞尔协议》防范系统性金融风险的缺陷与弥补

摘要

发生与2007年的由次贷危机引起的金融危机，先后席卷美欧与亚洲金融市场，其产生的溢出效应重创全球实体经济，可谓意义深远。主流学派认为，这是一场由自上世纪70年代后所建立的强势美元地位、美国人过度膨胀的消费观与自2001年以来美联储错误的宏观经济政策共同酿成的金融危机。然而我们不难发现作为银行业的最高标准—《巴塞尔新资本协议》（也称“新巴塞尔协议”）在防范此次由次贷危机引起的系统性金融风险面前的无力。同时仔细审视《巴塞尔新资本协议》之后，就不难发现，现行的巴塞尔体制与新资本协议中的某些规定，共同造成了对系统性金融风险防范上的缺失，甚至是刺激其产生与扩散，如不及时加以修正，则无法保证下一场类似的危机不会重演。

本文将以此次金融危机为视角，全面阐述系统性金融风险的成因与扩散，并指出巴塞尔体系与新资本协议中的某些弊端，并结合国际社会对于修改《巴塞尔新资本协议》的动向，启示我国正在进行的金融监管体制改革。本文拟从以下四部分进行探讨：

第一部分讨论系统性金融风险，本部分旨在为本文提供一个金融学知识背景，通过对系统性金融风险的概念、特征、产生与扩散等相关知识的介绍，并以此次次贷危机为实例，使读者对系统性金融风险有具体的了解，为本文以后展开论述奠定基础。

第二部分讨论巴塞尔体系金融监管的不足与漏洞，本部分将从巴塞尔委员会的非平衡决策机制、资本制度上的缺陷、《新资本协议》实体规则上存在的不足与《新资本协议》的亲周期性上述四个部分，系统阐述了《巴塞尔新资本协议》对系统性金融风险产生与扩散的无力化。

第三部分讨论系统性金融风险的国际监管路径研究，本部分将在前文的基础上，针对《巴塞尔新资本协议》中暴露出的缺陷，从改革旧的国际经济秩序，增加发展中国家的话语权、金融监管架构应为宏观经济服务、加强金融市场的异质性与各国央行之间紧密合作，建立事前的、系统的国际化的金融监管体系四个角

度提出改进之策。

第四部分讨论《巴塞尔新资本协议》的修改对我国金融体制改革的启示，本部分将结合我国目前的金融现状，从政策法规出台、监督制度与队伍建设、建立金融预警机制、完善金融机构准入与退出机制与加强国际监管合作等角度，为我国稳步提高金融市场规模与金融机构的竞争力提出建议与意见，以期保证我国持续的实体经济增长。

[关键词] 巴塞尔新资本协议系统性金融风险金融监管

On the view of《Basel II》to prevent systemic financial risk

and make up for deficiencies

Abstract

The global financial crisis caused by subprime mortgage crisis in 2007 has left a profound influence by sweeping the financial market of America, Europe and Asia, and the spillover effect is damaging the world real economy to a great extent. The main school thinks that it is a financial crisis caused by the combined reasons of the dominant American dollar position since 1970s, over-expanded consumption concepts of the Americans and wrong macroeconomic policies set by the Federal Reserve since 2001. But it’s not hard for us to find that the highest standard of the banking industry—The Basel ii Capital Accord （Also known as Basel ii）has failed to function in preventing systematic financial risks caused by the subprime mortgage crisis. After taking a close look at the Basel ii, it is not hard for one to find that the Basel system, along with some regulations in the new capital accord, has led to the failure in preventing systematic financial risks, or even stimulated the existence and expansion of the risks. There is no guarantee that similar crisis won’t happen again if they are not amended.

The thesis will take the perspective of global financial crisis to bring to light the root cause for the existence and expansion of the systematic financial risks. The thesis will also point out some disadvantages in the Basel ii and new capital accord to enlighten the ongoing domestic financial regulatory system reform by combining international opinions of the trends to modify Basel ii. The thesis can be divided into four parts:

The first part mainly discusses systematic financial risks with the purpose of providing a financial-based knowledge background. This part introduces knowledge related with the concepts, characteristics, existence and expansion of systematic financial risks and enables the readers to have a concrete understanding of systematic financial risks by the example of the subprime mortgage crisis to lay the foundation.