摘要
近年来,系统性金融风险受到高度关注,其背后的驱动因素以及防控方法有待深入研究。系统性风险是可能导致金融体系部分或全部受到损害,进而致使大范围金融服务紊乱并给实体经济造成严重影响的风险。因此,必须高度重视系统性金融风险防范并有效管理其驱动因素。本文分析了系统性金融风险形成机制中的市场因素及其作用,并结合我国相关市场的发展情况,从市场关联度与系统性金融风险、金融创新套利与系统性金融风险,以及交易对手风险与系统性金融风险三个方面进行了阐述。在此基础上,本文从整个中国金融市场结构变革的大视野出发,分析了市场风险管理对当前防范系统性风险的重要性以及银行业市场风险管理存在的不足,并针对性地提出了相关政策建议。
In recent years, systemic risks have received high attention, where the driving factors, the prevention and control methods are needed to be further studied. Systemic risk is the risk that the financial system could be hugely damaged, leading to widespread financial services disruption and serious impacts on the real economy. Therefore, we must pay great attention to the prevention and effective management of the driving factors of systemic risks. This paper analyzes the market factors and their functions in the formation mechanism of systemic risks, and combines the development of China＇s relevant markets to elaborate three aspects of these factors： market correlation and systemic risks, financial innovation arbitrage and systemic risks, as well as counterparty risks and systemic risks. On this basis, this paper analyzes the importance of market risk management for preventing systematic risk and the deficiencies of banking market risk management from the perspective of the whole reform of China＇s financial market structure, and proposes relevant policy recommendations.
出处
《金融监管研究》
北大核心
2018年第9期1-15,共15页
Financial Regulation Research
