让金融更安全的另一种方法

美国剑桥—自2008年金融危机爆发以来,决策者想方设法要让全世界的银行变得更安全,他们主要是通过具体的措施:使用更多的资本、避免具体的冒险行为、提供更多的透明度,以及惩罚鲁莽行为。但这一金融监管的方法尽管值得赞赏,却需要让官员来决定或影响银行最重要的战略决策:资本水平、负债结构以及业务活动范围。此外,监管者的目标常常是银行高管的激励,却常常对组织的冒险激励视而不见,反而是在事后通过监管要求它们不要冒这些险。

这一要求-控制方法有其缺陷:监管者可能弄错应该监管什么行为、怎样监管;银行对监管采取抵制态度;银行家和他们的顾问——其中不乏最聪明的商人——通过创新规避许多施加给他们的约束。高质量经济人才可以在其他领域得到更好的使用。

更糟糕的是,许多要求-控制措施太复杂,无法很好地实施。在美国,多德-弗兰克法案(Dodd-Frank Act)的著名的“沃克尔规则”(Volcker rule)试图限制银行的自营交易,这一规则条文厚达数百页,其实施也被一推再推。

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