Discussing The Legal Causes And Solutions Of The Global Financial Crisis

Due to the globalization trend of financial market is obviously appearing, the financial crisis happend in a nation spread to other nations easily in various of channels, All these issues indicate that cause the global financial crisis. The most important reason in lots of reasons is the current financial supervision has badly lagged behind the development of financial innovation, globalization and liberalization, it causes the lack of financial supervision, which is constructed and sustained by the law. So the lack of financial supervision law is the key point. In the American financial supervision law, the conflict between mixed operation style and fragmented regulatory framework is seriously. Too much regulatory subject and no unit useful schedule cause the overlap and blank of supervision. Moreover, in the International financial supervision law, there is no clearly and authority International financial regulator and short of negotiation framework and disciplinary institution. Accordingly, we are not only focus on the big progress of modern financial market's development, but also care about the risks of it, strength our risk prevention mind and risk management ability. So in the part of domestic financial supervision, we need to transform the disadvantage into advantage, using the functionalism supervision concept to build an united regulate framework, investigate the useful regulate method under the financial globalization and mixed operation. In the part of international financial supervision, reconstruct the International Monetary Fund to be an authority international financial regulator, and improve the legislation of international financial supervision, realize the current international financial supervision law's regulation. All of these measures will promote the healthy and stability develop of globe financial market.