最终贷款人理论及其发展综述
出处：论文网
时间：2006-02-24
四、现代最终贷款人面临的问题
迅速变化的金融环境对传统意义上的最终贷款人理论提出了严峻的挑战，这主要表现在以下几方面：第一，最终贷款人职能是否能有效实现。近年来，货币政策与监管部门出现分立趋势，这使得最终贷款人的执行环境变得更为复杂。中央银行货币政策与银行监管职能的分离，预示着中央银行不再具有收集银行信息的优势，因此中央银行很难高效地执行最终贷款人职能。中央银行执行最终贷款人职能与商业银行向其客户贷款一样，都需要贷款人对借款人进行事前信用评估，事中监控。但是，没有监管职能的中央银行能否有效履行最终贷款人是值得怀疑的。由于紧急援助需要中央银行有一套快速反应机制，因此中央银行与监管者之间的高效沟通、通力合作是最终贷款人成功解决银行危机的关键。第二，援助范围增加使最终贷款人面临的风险增加。金融机构混业经营的趋势使银行与证券公司的边界变得越来越模糊，这一变化可能导致银行安全网被扩展。尽管中央银行的典型救助是针对商业银行的，但也有向证券公司及其他金融机构提供援助的可能。例如，美联储有关法规规定，当非银行的业主制、合伙制及公司制企业出现财务困难，会给经济带来严重的负面影响时，中央银行可以向这些机构提供信贷。另外，美联储鼓励银行向证券公司发放贷款，并强调中央银行将向这些银行增加贴现，使之有能力贷款。当中央银行援助范围扩大时，其所面临的风险也大大增加。第三，最终贷款人是否能进行国际援助。在国际经济一体化的背景下，中央银行是否可向在本国开展业务的外国银行提供紧急流动性支持，而这些外国银行也会对本国经济产生一定的影响。1995年当一个在纽约经营的日本银行陷入流动危机时，就曾在美国引发这方面的争论。此外，金融革新和技术革命使银行地域上的分界越来越淡化，这就引发了需不需要国际最终贷款人来解决跨国界的传染效应，以及由谁来充当这一角色的激烈争论。银行清算系统的日益国际化同样需要一个国际最终贷款人，或者至少是提高各国中央银行之间的合作以解决国际清算链条的可能失败。
参考文献：
[1] Bagehot, Walter, 1873, Lombard Street: A Description of the Money Market. London: William Clowes and Sons.
[2] Baring, S. F. ,1797, Observations on the Establishment of the Bank of England and on the Paper Circulation of the Country. To which is added Further Observations. New York: A. M. Kelley (reprint, 1967).
[3] Bordo, M., 1986, Financial Crises, Banking Crises, Stock Market Crashes and the Money Supply: Some International Evidence, 1870-1933, in Financial Crises and the World Banking System edited by Forrest Capie and Geoffrey E. Wood, New York: St. Martin’s Press, 1986, pp. 190-248.
[4] Corrigan, G., 1990, Testimony Before the Senate Committee on Banking, Housing and Urban Affairs, Washington D.C., May 3.
[5] Fischer, S., 1999, On the Need for an International Lender of Last Resort, IMF, (3).
[6] Goodfriend, M. and R., King , 1988, Financial Deregulation, Monetary Policy, and Central Banking, W. S. Haraf and R. M. Kushmeider (eds), Restructuring Banking and Financial Services in America. Washington: American Enterprise Institute for Public Policy Research.
[7] Goodhart, C., 1999, Myths about the Lender of Last Resort, Journal of International Finance, 2 .
[8] Goodhart, C. and Huang, H., 1999, A model of the lender of last resort, Working Paper no. 39, IMF, Washington, DC.
[9] Humphrey, T. M., 1985, Lender of Last Resort: the Concept in History, Federal Reserve Bank of Richmond Economic Review 75, pp. 8-16.
[10] Kaufman, G., 1991, Lender of Last Resort: A Contemporary Perspective, Journal of Financial Services Research, 5, pp. 95-110.
[11] Meltzer, A., 1986, Financial Failures and Financial Policies, G. G. Kaufman and R. C. Kormendi (eds), Deregulating Financial Services: Public Policy in Flux, Cambridge, Massachusetts: Ballinger.
[12] Mishkin, F. S., 2001, Financial Policies and the Prevention of Financial Crises in Emerging Market Economies, NBER, Working Paper 8087.
[13] Selgin, G. A., 1989, Legal Restrictions, Financial Weakening, and the Lender of Last Resort, Cato Journal, Vol.9, No.2, pp.429-459.
[14] Solow, R., 1982, On the Lender of Last of Last Resort. In: Kindleberger, C. P., Laffarge, J. P.(Eds), Financial Crises: Theory, History and Policy, Cambridge Universiry Press, 237-248.
[15] Thornton, H. ,1802, An Enquiry into the Nature and Effects of the Paper Credit of Great Britain. Edited by F. A. Hayek. Fairfield: Augustus M. Kelley Publishers (reprint, 1978).
[16] 皮特·纽曼，许明月译，2003，新帕尔格雷夫法经济学大辞典，北京，法律出版社。
Comment on Lender of Last Resort theory
Abstract: One of important topics in modern world is LLR（Lender of Last Resort）how to guard against financial risk and how to reduce financial institution moral risk in the variational financial market. Firstly, this paper introduces some basic theories of LLR and thinks that traditional LLR theory will face many challenges in complex financial environment. Secondly, this paper comments on how to guard against moral risk which is important theory of cotemporary LLR.
Key words: Lender of Last Resort; moral risk; constructive ambiguity
- 上一篇：清末公债的经济分析
- 下一篇：住房按揭贷款提前偿付风险及其期权对策探讨
