Downtown Boston Nicholas Erwin/Flickr

静悄悄的金融革命开始了

拉古娜海滩—金融服务业——我们所有人都与它有往来,不管是借款人、储蓄者、投资者还是监管者——已经进入了为期多年的转型,这是一个稳定的、无可争议的趋势。这一过程一开始很慢,它是由两大持久力量的合力推动的。

一方面,至上而下因素——监管变化、反常定价和努里埃尔·鲁比尼(Nouriel Roubini)巧妙提出的“流动性悖论”——在起作用。还有自上而下的破坏性影响:客户偏好的变化,以及更重要的,寻求改变和现代化金融业的外部远见者。

从顶层开始,监管趋势仍然倾向于加紧对传统金融机构的监督,特别是被认为“具系统重要性”的大银行和保险公司。此外,重新设计的监管框架、阶段性实施和监督升级将逐渐扩大到其他细分领域,包括资产管理领域。这将导致被监管部门内部去风险化的进一步普及,并成为金融部门通往“公用设施模型”(utilities model)的更广大的趋势的一部分。这一公用设施模型强调增加资本缓冲、减少杠杆、增加披露、更严格的经营指引和大大加强监督。

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/t45bRfX/zh;
  1. An employee works at a chemical fiber weaving company VCG/Getty Images

    China in the Lead?

    For four decades, China has achieved unprecedented economic growth under a centralized, authoritarian political system, far outpacing growth in the Western liberal democracies. So, is Chinese President Xi Jinping right to double down on authoritarianism, and is the “China model” truly a viable rival to Western-style democratic capitalism?

  2. The assembly line at Ford Bill Pugliano/Getty Images

    Whither the Multilateral Trading System?

    The global economy today is dominated by three major players – China, the EU, and the US – with roughly equal trading volumes and limited incentive to fight for the rules-based global trading system. With cooperation unlikely, the world should prepare itself for the erosion of the World Trade Organization.

  3. Donald Trump Saul Loeb/Getty Images

    The Globalization of Our Discontent

    Globalization, which was supposed to benefit developed and developing countries alike, is now reviled almost everywhere, as the political backlash in Europe and the US has shown. The challenge is to minimize the risk that the backlash will intensify, and that starts by understanding – and avoiding – past mistakes.

  4. A general view of the Corn Market in the City of Manchester Christopher Furlong/Getty Images

    A Better British Story

    Despite all of the doom and gloom over the United Kingdom's impending withdrawal from the European Union, key manufacturing indicators are at their highest levels in four years, and the mood for investment may be improving. While parts of the UK are certainly weakening economically, others may finally be overcoming longstanding challenges.

  5. UK supermarket Waring Abbott/Getty Images

    The UK’s Multilateral Trade Future

    With Brexit looming, the UK has no choice but to redesign its future trading relationships. As a major producer of sophisticated components, its long-term trade strategy should focus on gaining deep and unfettered access to integrated cross-border supply chains – and that means adopting a multilateral approach.

  6. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now