| With the development of financial globalization, free movement of capital without borders is promoting the global economic growth. At the same time, it is increasing disorder of international economy and accelerating the international spread of Financial Crisis. Under this context, it has become the trend of times to strength international cooperation in the financial supervision, and unifies the financial regulatory legislation of each nation. Some international financial supervision has taken action of strengthening cooperation to resolve the questions about specific multinational financial supervision. But, nowadays, we are lacking of coordination of multinational financial supervision and supervisory system worldwide. International financial crisis of 2008 has brought great impacts on global financial and economic development which revealed the lack of cross-border financial supervisory system and defect of existing theory and ideas of financial supervision worldwide. For a preventive measure, states determined to reform international financial regulatory system. However, in the process of building international regulatory system, the countries also continue to compete, which can't be achieved in a night. The thesis explores the drawbacks of international financial regulatory system; analyzes the defects of international financial regulatory system which were exposed under the background of Financial Crisis. Based on the obstacles of international financial regulatory cooperation, this paper studies the trends of international financial regulatory and analyzes possible introduced cross-border regulatory measure, then put forward Chinese position and policy choices.The thesis is divided into four parts. The first part analyzes existing disadvantages of international financial regulatory system and mainly reveals the deficiency of financial regulatory mechanism worldwide from five aspects. Firstly, financial globalization trend and country-specific contradiction of financial supervision make countries difficult to establish a unified framework of international financial regulatory, increase the cost of coordination and cooperation. Secondly, the backward mode of international financial regulatory and IMF,WB,BIS,BCBS, FSB in the existing international financial regulatory and coordinate system and absence and dislocation of function in the main international financial regulatory that result in ineffective implementation of international financial regulatory. Thirdly, lacking of supervise and coordinate mechanism of cross-border finance makes the global financial system fragmented. Lacking of the unified communication platform and coordination mechanism, which leads to monitor blank of global systemic risk and regulatory vacuum of cross-border financial regulatory. Fourthly, Basel rules induce the regulatory exemption. Basel rules are based on regulatory capital adequacy and concerns about the stability of banks. This makes Credit Rating Company, hedge fund and shadow bank and other non-bank financial institutions and OTC enjoy exemption from regulatory. This not only makes these organizations accumulate considerable financial risk, but also promotes banks regulatory arbitrage through financial spin-off, securitization, sheet assets and establishment of investment funds and other methods. When regulatory arbitrage of the banks hind real risk, the risk in the bank system also spread to the whole financial system. The fifth is on the pro-cyclicality of international financial regulatory rule. Capital adequacy ratio, asset-liabilities management and method of accounting bookkeeping in fair value all have considerable pro-cyclicality. It amplified affection of volatility of financial market for balance sheet and profit of financial organization. In the economic rise cycle, the banks have higher capital adequacy and good balance sheet because of increasing in the value of financial assets, then this result in endogenous expansion of asset-liabilities. In the economic down cycle, impairment of the value of financial assets and incensement of reserve quota of banking bad debts will cause deterioration of capital adequacy ratio in banks, force the banks to shrink balance sheets, sharpen frangibility of the financial market and the pressure of marketing collapse.The second part analyzes contradictions and conflicts faced by us when we establish international financial regulatory system, mainly constrained by various contradictions and games in international rules. Firstly, financial regulatory reform encounters the conflict of stability and efficiency. Financial innovation is the soul of financial development and inexhaustible motion with improving the efficiency of financial operation, but in the process of stimulating financial innovation, it is the long term challenge for regulators how to strengthen the lead and expansion of financial innovation, achieve the common development between financial stability and innovation. Meanwhile, rating organizations compete for rating new financial products; it can't guarantee the validity of rating. Secondly, the steps of international financial system reform are struggling. Although G20 Summit promised to coordinate economic policies, and forced on financial regulatory reform, it still left a large number of intractable content and some old contradictions remained unresolved. According to IMF voting rules, the U.S. had one-vote veto and the quotients of emerging market countries were low. For the quotient and reform of voting rights, it will be an endless process and obstruct exertion and improvement of IMF international financial regulatory functions. Since Financial Crisis, the process of reform of IMF monitoring function is slow because of multilateral monitoring, and they need more time to reform human resource and monitoring mechanism. Simultaneously, this will become a urgent question in international society that how to conform monitoring functions of IMF's macro-economy and monitoring functions of FSB's financial market. The third is the relationship between competition and cooperation of international monitoring. International financial regulation objectively needs to establish a monitoring system what is responsible for international financial organization. It is good at enhancing the transparency of information and lowering the friction among national financial regulators; it is good at applying continuous and uniform regulatory policy on solving the problems of financial regulatory framework. However, the competition of financial regulatory rather than cooperation leading by a global supranational authority is difficult to establish.The third part is the forward direction of international financial regulatory. The first issue is the reform tendency of international financial regulatory standards. We should concern about the cyclical characteristics of capital system and introduce counter-cyclical mechanism step by step in order to enhance capacity of responding to cyclical fluctuations. Expanding the scope of regulation and reducing regulatory exemption become the consensus of all countries. In Summit Declaration of G20 London Summit, they emphasized that the rating organization should be included into regulatory areas. Disclosure and sharing of information become cooperative important principle in international financial regulation. In the tenth G20 Summit, they reached action plan with improving transparency of financial market, completing accountability system, strengthening supervision, promoting integrity of financial market, reinforcing international cooperation and reforming international financial organization. In the eleventh G20 Summit, they also proposed the requirements about strengthening cooperation and sharing information among national regulators. The second issue is the reforming direction of international financial regulatory organization. The financial stable committee should be endued broader function in order to solve platform shortage of coordination of cross-border financial supervision worldwide. It should cooperate with IMF, establish joint pre-warning system in connect with macro-economy and financial risk, and take action when necessary. At the present, an international regulatory and cooperation system is gradually forming, in which G20 as an important platform, IMF and FSB as main pillar, and BIS, the Basel Committee, IOSCO, G8 as assistant.The fourth part is the strategy selection of international financial regulatory system for China. Establishment of global unity regulatory framework also requires a lengthy process in the world, which also provides excellent opportunity for participating in the international financial regulatory system. China should strive to enhte the establishment of unified legal regulatory framework and international financial regulatory agreement; through continuously promoting the process of free trade with neighboring countries, play a leadership role in the regional regulatory cooperation, estaance his level of financial supervision, at the same time, promote the establishment of international unified accounting standards and information disclosure rules as the important member of G20 and FSB; through cooperating with international multi-lateral financial organization, promoblish the East Asian coordination mechanism of financial regulatory and explore an effective way to cooperate with the East Asian financial regulatory, to create synergy and enhance right of speech of the East Asian area in the process of making international financial regulatory rules. |
PDF Full Text Request