以考试规管金融市场

Tamar Frankel
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引用次数: 7

摘要

本文建议改变未来政府对市场中介机构的审查,并将重点放在泡沫和崩溃上,将其作为金融体系和经济的主要危险。先前的实质性管制对创新和市场自由有不良影响。在事故发生后(当“马已经离开谷仓”时)进行监管是不可取的,也是无效的。因此,本文建议进行更严格和更密切的检查,与目前的检查有所不同:(1)在市场价格上涨时(而不是在市场价格下跌时)进行更频繁的检查;(2)对规模过大而不能倒闭的实体进行审查;那些高杠杆的;股价稳定上涨,很少或没有波动的;以及获得监管豁免的实体。(3)审查员应该寻找违反法律(和法律精神)的行为,而不是经济或财务上的合理性。(4)审查员应该是专家,高薪并激励他们留在政府工作。有关市场的专家信息有望减少泡沫和不可避免的崩溃的影响,以及投资者信任的丧失,后者会摧毁金融体系。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Regulating the Financial Markets by Examinations
This Essay proposes changing future government examinations of market intermediaries and focusing on bubbles and crashes as the main dangers to the financial system and the economy. Prior substantive regulation has an undesirable effect on innovations and freedom of the markets. Regulating after a crash (when the "horse has left the barn") is undesirable and ineffective. Therefore, the Essay proposes tighter and closer examinations somewhat different from the current ones: (1) Examine more frequently when market prices rise (not when the have fallen); (2) Examine entities that are too large to fail; those that are highly leveraged; those whose shares-prices rise steadily with little or no fluctuation; and entities that have obtained exemptions from regulation. (3) Examiners should search for violations of the law (and the spirit of the law), but not economic or financial rationalizations. (4) Examiners should be experts, highly paid and incentivized to remain in government employ. Expert information about the markets will hopefully reduce the impact of bubbles and inevitable crashes and the loss of investors trust that decimates the financial system.
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