A Comparative Institutional Analysis of the Responses to the Global Financial Crisis: The United Kingdom and the United States

通过比较包括英国和美国在内的各国对2007 - 2008年全球金融危机的反应，本研究考察了政治制度如何影响金融市场的监管改革，以及对金融治理的影响。在以三权分立为特征的国家（如美国）和以权力集中为特征的国家（如英国），由于公众压力，金融危机后监管改革都取得了进展。然而，在以三权分立为特征的体制下，金融监管机构的重组是相当困难的。在金融监管和跨境监管一体化的全球背景下，为了根据相互承认的原则塑造全球金融架构，在国家层面巩固金融监管权力变得非常重要。尽管人们可以断言，英国在参与和引领这一新趋势方面行动相对较快，但对金融监管和监督结构的评估仍应取决于监管结构是如何建立的，以及改革是如何实施的。

By comparing the response of countries, including the United Kingdom and the United States, to the 2007.2008 global financial crisis, this research examined how political systems impacted regulatory reforms in financial markets and what the implications for financial governance were. Both in a country characterized by the separation of powers (e.g. the United States) and in a country characterized by the centralization of power (e.g. the United Kingdom) regulatory reforms made progress after the financial crisis due to public pressure. Nevertheless, in the system characterized by the separation of powers, the restructuring of financial regulators has been rather difficult. In the global context of financial regulatory and supervisory integration across borders, the consolidation of financial regulatory powers at a national level has become important in order to shape the global financial architecture according to the principles of mutual recognition. Though one could assert that the United Kingdom has acted relatively quickly to take part in and lead this new trend, the assessment of the financial regulatory and supervisory structure should still depend on exactly how the regulatory structure is built and how reforms are implemented.