摘要
金融基础设施服务体系是现代中央银行制度的重要组成部分。金融基础设施是金融市场参与机构之间,被用于清算、结算或记录支付、证券、衍生品或其他金融交易的多边系统,为金融活动提供基础性公共服务。由于金融基础设施服务处于金融交易的中后环节,其功能和风险长期以来没有得到足够的重视。在《金融市场基础设施原则》被确立为国际标准之后,中国人民银行积极开展金融基础设施统筹监管工作。因此,有必要梳理金融基础设施的相关文献和国际标准,然后辨析在现代中央银行制度下中国金融基础设施的种类、机构和功能。为了使中国的金融基础设施体系更好地服务于现代中央银行制度,未来的建设路径需要解决监管、结构和业务三方面的问题,包括明确监管职责分工并加强国内外协作、促进治理安排和行业结构多元化以及围绕市场化利率体系完善业务布局。
The financial infrastructure service system is an important part of the modern central bank system.Financial infrastructure is a multilateral system used to clear,settle,or record payments,securities,derivatives,or other financial transactions among financial market participants,providing basic public services for financial activities.Since financial infrastructure is behind transactions,its functions and risks have not received enough attention for a long time.However,after the“Principles of Financial Market Infrastructure”is established as an international standard,the People’s Bank of China actively carried out overall supervision of financial infrastructure.This paper first introduces the international standards and related literature on financial infrastructure,and then systematically sorts out the types,institutions,and functions of financial infrastructures under China’s modern central bank system.Although financial infrastructures in China has been greatly improved in recent years,to better serve the modern central bank system,this paper proposes solutions to current problems and challenges in terms of supervision,structure,and business.The suggestions include clarifying supervisory responsibilities,strengthening domestic and foreign cooperation,diversifying governance arrangements and industry structures,and improving the business layout based on the market-oriented interest rate system.
作者
张成思
尹学钰
ZHANG Chengsi;YIN Xueyu
出处
《深圳社会科学》
2023年第4期51-64,共14页
Social Sciences in Shenzhen
