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后危机时代的金融改革可能会引致金融系统的新危机,即衍生品市场中央对手方危机,面对此等潜在新危机,相应的危机处置安排尤为重要。中央对手方的危机处置应当注意防范“大而不倒”所引致的道德风险,其最好方法是让中央对手方危机处置方案回归市场本质,顺应市场优胜劣汰之规律,破除以“系统重要性”作为“免死金牌”的神话,让该倒闭的
The financial reform in the post-crisis era may lead to a new crisis in the financial system, that is, the central counterparty in the derivatives market. In the face of these potential new crises, the corresponding crisis disposal arrangements are particularly important. The best way to deal with the crisis caused by the CCP’s disposal of the counter-party should be to prevent the “moral hazard caused by” failing to make a big deal “. The best way is to let the CCP countermeasure return to the nature of the market, conform to the law of survival of the fittest in the market, Importance ”as the“ gold medal ”, let the collapse