The Squam Lake Report: Fixing the Financial System
The Squam Lake Report: Fixing the Financial System
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DOI：
10.1111/j.1745-6622.2010.00284.x
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发表时间：
2010-06-01
影响因子：
0.9
通讯作者：
Stulz, Rene
中科院分区：
文献类型：
--
作者：
French, Kenneth;Baily, Martin;Stulz, Rene
在这些摘自《斯夸姆湖报告》的节选中，15位杰出的经济学家分析了全球金融体系的失败之处，以及未来如何预防这种失败（或至少更好地控制其损害）。虽然造成危机的因素有很多——包括整个金融系统的“代理”问题和不适合重组金融公司的破产法——但问题的核心是金融机构的冒险倾向与整个经济利益之间的潜在冲突，这种冲突必须至少部分地通过更有效的监管来管理。《斯夸姆湖报告》提供了一个无党派计划，旨在改变金融市场的监管方式，以限制系统性风险，同时在可能和审慎的程度上保留规模和范围经济，这证明了当今大型金融机构存在的合理性。为了降低大型银行倒闭的风险，作者呼吁在对银行资产和负债风险进行更有效评估的基础上提高资本金要求，并呼吁建立一个隶属于央行的新的系统性监管机构。为了降低破产时的成本，作者建议要求银行制定“生前遗嘱”，列出在出现财务问题时出售资产或关闭业务的计划。作为该计划的一部分，监管机构被敦促“积极鼓励”银行发行可转换为股权的“或有”债务资本证券。
In these excerpts from The Squam Lake Report, fifteen distinguished economists analyze where the global financial system failed, and how such failures might be prevented (or at least their damage better contained) in the future. Although there were many contributing factors to the crisis-including "agency" problems throughout the financial system and a bankruptcy code poorly suited for reorganizing financial firms-at the core of the problem is a potential conflict between the risk-taking proclivity of financial institutions and the interests of the economy at large that must be managed at least in part through more effective regulation. The Squam Lake Report provides a nonpartisan plan to transform the regulation of financial markets in ways designed to limit systemic risk while preserving-to the extent possible and prudent-the economies of scale and scope that justify the existence of today's large financial institutions.To reduce the risks that large banks will fail, the authors call for higher capital requirements based on more effective assessments of the risks of bank assets and liabilities, as well as a new systemic regulator that should be part of the central bank. To reduce the costs of failure when it occurs, the authors propose that banks be required to create "living wills" laying out their plan to sell assets or shut down operations in the event of financial trouble. As part of that plan, regulators are urged to " aggressively encourage" banks to issue "contingent" debt capital securities that convert into equity.