Barrie Maguire

对资产证券化进行监管

布鲁塞尔-人们对过去18个月全球资本市场出现的问题做了非常多的分析。现在已经弄清楚了的是,是一系列复杂的关系、相互影响、事件以及众多不同市场参与者的疏忽,而不是某个单一因素,应该对经济危机负责。

例如,我深信,多年来在金融服务市场的供给方面,金融机构通过其组织良好且强有力的游说工作,对政府部门有许多“监管俘虏”(regulatory capture)。与此相对的是,金融服务市场的需求方面却没有多少保证。对这种不均衡,立法者必须有更清醒的认识。

监管者,事实上对信用评级机构来说也是如此,面临的第二个问题是资源的不足。当投资银行市场快速发展——而且私营部门很容易招到顶级人才的时候——监管者发现预算资金很难跟上市场上创新的速度,并且也很难对市场进行监管。将来,政府将不得不投入必要的人力和物力,以确保对金融机构的风险管理进行更加有效的监管。

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