Research On The Independence Of Financial Supervision And Regulation

With the independence of the Central Bank gradually established in all countries, the independence of financial supervision and regulation has gradually become more important to improve the efficiency of supervision and regulation and maintain the financial stability.In reality, the institutions of financial supervision and regulation has already paid much attention on the independence in practice. The Basel Committee on behalf of many international financial organizations has published series of guidance documents, in which the independence of financial supervision is one important indicator to measure whether a country's financial system is safe, and urges every national financial regulatory department to enhance the independence. However, compared to the practice, the research on the independence of the financial supervision and regulation has fell behind. Because the importance of the independence of financial supervision is minor to the importance of the central bank, and it's more difficult to implement the independence of financial supervision.Therefore, this paper aims at summarizing the limited related documents, put forward some views and hope experts and scholars abtain related results as soon as possible.This article firstly summarizes the theoretical basis, explain the independence of financial supervision from the angles of philosophy, law and economics, and then gather up the basic content. Then, this article discusses two important issues involved-the relationship between the independence of the financial supervision and the Government, the central bank, and concludes that China's financial supervision system is administrative and China's financial regulators and it's central bank are mutual cooperation relations at the same level. Next, the article compares the United States, Japan and the United Kingdom on the situation of the independence of financial supervision, and gathers up the experiences of these countries. At the last part of this article, the author analyses the independence of financial supervision in China, and points out some problems. Based on the experience domestic and abroad, the author gives his own proposals to enhance the independence of China's financial supervision and regulation. This paper gives a summary of related documents and facilitates the research in future. At the same time, the author researches the project from different angles, which is a new approach to induct more scholars to make deeply discovery. The author concludes that the independence of financial supervision in China needs to be improved, like the monitor patterns and the coordination mechanism.