生产力与金融服务业-如何达到新的高度
引用次数: 7
摘要
发达经济体必须把重点放在提高生产率上，以实现长期可持续的经济增长。传统投入——劳动力和资本——的增加只能到此为止，否则就会产生递减的回报。这些经济体，如加拿大，必须超越传统的投入，寻求通过竞争和创新来提高生产率。金融服务在这些努力中发挥着至关重要的作用。不幸的是，在过去的15年里，加拿大的生产率增长一直落后于国际同行。金融服务部门在提高自身生产率和整体经济生产率方面具有独特的能力，但在此期间对加拿大整体生产率增长的贡献也不足。提高金融服务业的生产率不仅会提高其表现，还会提高加拿大整体经济的表现。在本评论中，我们重点关注加拿大金融服务监管框架及其通过三个不同渠道对生产率增长的影响:竞争、吸引资本和资本配置。加拿大目前的监管框架在过去十年中有所改善;然而，在消除阻碍竞争、创新企业进步的监管障碍以及更好地反映国际最佳实践方面，还可以做更多的工作。限制性规章和政策对竞争的影响、它们为吸引外国资本所创造的环境以及资本分配的潜在扭曲，阻碍了生产率的增长。为了应对这些挑战，本评论建议:•灵活的监管方法，既要基于功能，又要与功能风险成比例;•监管任务，包括更明确地提及竞争作为刺激创新的一种方式;•监测围绕银行参与和投资金融科技和其他创新技术主导机构的灵活性的新规则;•改善联邦和省级监管机构之间金融市场数据的收集和共享改善中小企业获得负担得起的资金的途径;•改变激励结构，使金融机构从专注于抵押贷款转向专注于企业贷款。本文章由计算机程序翻译，如有差异，请以英文原文为准。
Productivity and the Financial Services Sector – How to Achieve New Heights
Advanced economies must focus on improving productivity in order to achieve long-term sustainable economic growth. Increases in traditional inputs – labour and capital – can only go so far before generating diminishing returns. These economies, such as Canada’s, must then look beyond traditional inputs and seek to increase their productivity through competition and innovation. Financial services have a vital role to play in these efforts.
Unfortunately, Canada’s productivity growth has lagged behind that of its international peers for the past 15 years. The financial services sector, with its unique ability to improve its own productivity and the overall economy’s, has also fallen short in contributing to Canada’s overall productivity growth over that period. Improving the financial services sector’s productivity would not only boost its performance, but also that of Canada’s economy as a whole. In this Commentary, we focus on Canada’s financial services’ regulatory framework and its impact on productivity growth through three different channels: competition, attracting capital, and the allocation of capital.
Canada’s current regulatory framework has improved over the past decade; however, more could be done to remove regulatory barriers that hamper competition, the progress of innovative firms, and better reflect international best practices. Restrictive regulation and policy hinder productivity growth through their effects on competition, the environment they create for attracting foreign capital, and potential distortions in the allocation of capital.
To address these challenges, this Commentary recommends the following:
• a flexible regulatory approach that is both function based and proportional to functional risk;
• regulatory mandates that include more explicit references to competition as a way of spurring innovation;
• monitoring the new rules around the flexibility of banks to participate and invest in fintechs and other innovative technology-led institutions;
• improving the collection and sharing of financial market data between federal and provincial regulators;
• improving access for small and medium-sized businesses to affordable capital; and
• changing the incentive structure so that financial institutions move away from a focus on mortgage lending to one on business lending.
Unfortunately, Canada’s productivity growth has lagged behind that of its international peers for the past 15 years. The financial services sector, with its unique ability to improve its own productivity and the overall economy’s, has also fallen short in contributing to Canada’s overall productivity growth over that period. Improving the financial services sector’s productivity would not only boost its performance, but also that of Canada’s economy as a whole. In this Commentary, we focus on Canada’s financial services’ regulatory framework and its impact on productivity growth through three different channels: competition, attracting capital, and the allocation of capital.
Canada’s current regulatory framework has improved over the past decade; however, more could be done to remove regulatory barriers that hamper competition, the progress of innovative firms, and better reflect international best practices. Restrictive regulation and policy hinder productivity growth through their effects on competition, the environment they create for attracting foreign capital, and potential distortions in the allocation of capital.
To address these challenges, this Commentary recommends the following:
• a flexible regulatory approach that is both function based and proportional to functional risk;
• regulatory mandates that include more explicit references to competition as a way of spurring innovation;
• monitoring the new rules around the flexibility of banks to participate and invest in fintechs and other innovative technology-led institutions;
• improving the collection and sharing of financial market data between federal and provincial regulators;
• improving access for small and medium-sized businesses to affordable capital; and
• changing the incentive structure so that financial institutions move away from a focus on mortgage lending to one on business lending.
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