金融管制的经济学分析

第32卷第1期财经研究Vol132No112006年1月JournalofFinanceandEconomicsJan12006金融管制的经济学分析李宏(,200433):文章研究了基于一般产业管制模型基础上的金融管制,在界定了金融管制目标的基础上,分析了与金融管制目标相关的金融稳定函数金融资源配置函数和金融管制成本函数,并进一步刻画了金融管制目标函数,同时根据金融市场和金融制度的不同状态,对金融管制目标函数进行了求解在此基础上,结合实际讨论了中国金融管制的现状和问题:金融管制;金融稳定;金融资源配置:F83012:A:1001-9952(2006)01O0065O09(FinancialRegulation),,(,1992)(1971):/(Rule),0(1976)(1),,,,:M=M(S,P),S=S(p),0=P(p),pM1S5M/5S0M2S5M/5P0pc,P.(pc)=0,pm,P.(pm)=0:S=S(p(F))=S[P-1(F)](1)maxpM(S(p),(p))(2)pI[pc,pm],,p::2005-05-15:(1970-),,,#65#M2(S,F)M1(S,F)=-Sc(p)Pc(p)(3),P(pm)S(Pc),MM1M211997,,,2090,,,,,,,203070,20,DiamondDouglasPhillipDybvig(1983),DiamondDybvig,,,/0(SelfOFulfillingProphecy):,#(1990),,MattialRattaggi,,,(),;#66#20061JamesRBarth,DanielENolleTaraNRice(1997),JulianRFranks,StephenMSchaeferMichaelDStaunton(1998),RichardJHerringAnthonyMSan-tomero(September1999)LlewellynDavid(1999),CKahnJACSantos(2001),,,(1996)(1997)(1998)(1999)(2001)(2003)(2003)(2004),,,,,,:,,:(),,,,,,:R=R(F,K,C)=R(F(x),K(x),C(x)),F,K,C,xR=R(F,K,C),,,:11,#67#:,,2F=F(x,S),,(2):F=F(x,S)F=F(x,S):F=xnS,n,0n[1,Fc0,Fd0,S,,,,,,,,,21,,,,,,,,,,3K=K(x)(3):K=K(x):,,,,,K=K(x),K#68#20061K*,,,,,,K=K(x)K=K(x):K=k(x)F=(1-xm)xnS,m,0m[1,x,Kc0;x,Kc031,,,,,,,(1),,,(ComplianceCost),,,,,(2),,,,,,,,,,,,,,,,,C=C(x),,,,,C=C(x),C=c(x)U/F=xU/xnS#69#:11,:R=(xnS,(1-xm)xnS,xU/xnS),:R=FAKB-C,,AB,:0A[10B[1FKC,:R=(xnS)A((1-xm)xnS)B-xxnSx,R*:R*=x*n(A+B)(1-x*m)BSA+B-x*1-nUS,x,x,F,K,C(A+B)n1,xFAKB,,,,;(A+B)n1,xR,x,(A+B)n1,xF,K,C,R,,A+B=1,A=1-B,S=1,B=0125,U=01098,,m0120150181,m=1,1,Matlab,,4,R*=F*AK*B-C*,F*R*=F*AK*B-C*(5),R*,K*=K*(x);R*,C*=C*(x)R*=F*AK*B-C*,,;,,,U,S,R;,S,U,R21:5R5F5F5x+5R5K5K5x+5R5C5C5x=05(FAKB-C)5F5(xnS)5x+5(FAKB-C)5K5((1-xm)xnS)5x+5(FAKB-C)5C5xUxnS5x=0#70#2006145R*=R*(F*,K*,C*):n(A+B)xn(A+B)-1(1-xm)B-mBxn(A+B)(1-xm)B-1xn-1-(1-n)x-nUSA+B+1=0AB,A+B=1,A=1-B,R:nx2n(1-xm)B-mBx2nxm(1-xm)B-1-(1-n)xUS2=0US2=T,:nx2n(1-xm)B-mBx2nxm(1-xm)B-1-(1-n)xT=0TBx*T0110120130135014,,S,,6TBx*US2=T,T014,,T011Matlab,,6US2=T,,Tx*#71#:BA,T,,,,S,,,,,,,,,,,,,,,:[1]#F#1[M]1:,19991[2]#,##1[M]1:,19991[3]#1)[M]1:,20001[4]1[M]1:,20021[5]1[M]1:,19971[6]1[M]1:,20031[7]1[J]1,2004,(7):74~761[8]1[J]1,2003,(4):113~1171[9]1[N]1(),2003O04O071[10]CKahn,JACSantos1Allocatingbankregulatorypowers:Lendersoflastreport,de-positinsuranceandsupervision[R]1FederalReserveBankofNewYorkmimeo,20011[11]DiamondDouglas,PhillipDybvig1Bankruns,depositinsuranceandliquidity[J]1Jour-nalofPoliticalEconomy,1983,91(6):401~4191(下转第83页)#72#20061toreducemoralhazard1Becauseofitsshortfalls,DISleadstohigherratherthanlowerbankingsysteminstability1AnewDIS,whichcoverageisdeterminedbythemarketequilibriumbetweendemandandsupply,canhelpgooutdilemmasledbyartificialcoverage1Underthebackgroundoffinancialrelativestabilization,advanta-gesofcoveragedeterminedinmarketinDISshouldbetakentoincreasemarketdisciplineinChinawhichshouldhavepostOdevelopmentadvantages1Furthermore,thenewDISiseasilyfeasibleandpracticewithotherfinancialreformsandinstitu-tionalconstructions.Keywords:moralhazard;coverage;coveragedeterminedinthemarket(责任编辑喜雯)(上接第72页)[12]GaryGorton,AndrewWinton1Bankcapitalregulationingeneralequilibrium[R]1NBERWorkingPaper5244,19951[13]JulianRFranks,StephenMSchaefer,MichaelDStaunton1Thedirectandcompliancecostsoffinancialregulation[J]1JournalofBankingandFinance1998,(21):1547~15721AnEconomicStudyonFinancialRegulationLIHong(SchoolofFinance,ShanghaiUniversityofFinanceandEconomics,Shanghai200433,China)Abstract:Thispaperstudiesfinancialregulationbasedonthegeneralin-dustryregulationmodel1Afterdefiningthefinancialregulation,thepaperan-alyzesfinancialstabilizationfunction,financialresourceallocationfunctionandfinancialregulationcostfunctiontoestablishthefinancialregulationfunction1AtlastthepaperdiscussesChinesefinancialregulationandrelatedproblems.Keywords:financialregulation;financialstabilization;financialresourceallocation(责任编辑喜雯)#83#: