划时代的金融改革法案

• 作 者: 黄明
• 出 处: 金融博览
• 发表日期: 2010年09期
• 关键词: 改革法案 杠杆比率 影子银行 流动性过剩 金融机构 美联储 借贷 兰克 泡沫化 证券市场

美国刚刚通过的《多德-弗兰克金融改革法案》是金融变革中一个重要的里程碑,表明美国痛定思痛,开始了系统的反思与改革。反思之一是建立金融稳定监管委员会。其虽不直接干涉美联储的货币与利率政策,但密切关注“影子银行”体系带来的流动性过剩,设限金融机构的杠杆比率与消费者的借贷能力,从而避免全社会的负债率过高,以此应对资产泡沫化的问题。

The Dodd-Frank Financial Reform Bill just passed by the United States is an important milestone in the financial reform. It shows that the United States has taken some painful thoughts and started systematic reflection and reform. One of the reflections is the establishment of the Financial Stability Regulatory Commission. Although it does not directly interfere with the monetary and interest rate policy of the Federal Reserve, it closely monitors the excess liquidity brought by the “shadow banking” system and limits the leverage ratio of financial institutions and the borrowing power of consumers so as to avoid the social debt ratio Too high, in response to the issue of asset bubbles.