Financial Supervision Of The International Collaboration: Practice And Theoretical Exploration

This dissertation studies international coordination and cooperation of financial supervision and regulation.The main contents of this dissertation fall into five chapters. Besides, there is an introduction in the beginning and a concluding remark in the end.In the introduction, the theoretic basis of financial supervision and regulation is discussed first. The idea underpinning financial supervision and regulation is traced at an economic and philosophic level. There existed the idea of intervening economy and setting up operating mechanism in the very beginning. In the field of economics, the Keyenism getting dominated supplied direct economic theoretic basis for financial supervision and regulation. Hereafter, the development of financial industry propelled the development of financial theory and financial supervision and regulation theory as well. Researchers studied the necessity of financial supervision and regulation from different angles such as public goods character, uncertainty, imperfect information, asymmetric information of financial system and externality of financial enterprises. This dissertation presents the understanding of the connotation and goal of financial supervision and regulation, idea and reason for financial supervision and regulation, which lays a foundation for the following discussion and analysis. Here, financial supervision and regulation is divided into two layers: regulation and supervision. Then, a retrospect is made about the existing work in the field of international coordination and cooperation of financial supervision and regulation,pointing out that the in-depth study is far from sufficient. This dissertation divides the international interaction of financial supervision and regulation into three levels: cooperation, coordination and unified regulation. At the same time, the regulation form of international interaction could be divided into two categories: law and contract. The cooperation and coordination will be the mainstream of the international interaction in the near future.Chapter I discusses complicated financial world and financial supervision and regulation practice. This chapter firstly gives a brief discussion on financial system, regarding that the partial reserve and the asymmetry of supply and demand agents of financial market are the two inherent reasons for the instability of financial system. Two methods for achieving financial stability are rules setting beforehand and solutions designing afterwards, while strengthening financial supervision and regulation and such cooperation are also effective methods. Then a survey and analysis is made about the current situation of financial supervision and regulation across countries. Therefore, presenting opinions without looking at realities is avoided.Chapter II deals with international coordination and cooperation of financial supervision and regulation within the world. Until recently, such coordination and cooperation take the form of contract, and it is mainly about the work of Basel Committee. On the basis of a retrospect of the work of Basel Committee, the evolution of its idea and reason of financial supervision and regulation is analyzed. According to the understanding of financial supervision and regulation of Basel committee, this dissertation roughly divides its work into three stages: before May 1983, from May 1983 to Jul. 1999, after Jul. 1999. This is a process from coordination to concerted supervision and regulation, and to a more extensive scope of supervision and regulation. It is pointed that BCBS keeps searching balances during the process of rules making: the balance between principle and rule, the balance between external risk supervision and internal risk control, the balance between the interest of different countries and regions. The process of rules making of BCBS is just a blending process of opinions from different parties, and the core idea of its rules making is also just on the way of mechanism building. At the same time, an in-depth analysis is made about t...