A Research On The Perfection Of Central Bank's Lender Of Last Resort System Of China

The Central Bank acts the extremely significant role in guaranteeing finance system stability, Lender of last resort is an important function the Central Bank plays when it maintains the financial stability. But, the mechanism of lender of last resort of china still remains in many insufficiencies and flaw, so, it cannot completely meet the requirement of developing our country's financial market. Therefore, it is necessary to improve our country's lender of last resort system, so it can face the challenge which come with the opening of financial market in our country under the WTO frame when the deadline soon to arrive. The target is to keep the stability of national financial safety system together with other financial security measures.The lender of last resort system has experienced several hundred years history in the western developed country, the theory on lender of last resort has also formed its own complete system. The learning from others may attack the jade. This article firstly combs the related theory on lender of last resort in western developed country, and then it gives a simple description of theoretical development path of lender of last resort system. Then, the article shows the aspect stipulation, the legal laws and regulations in Britain, U.S.A, and Japan. It gives two cases in which the central bank acted as the lender of last resort, and then it carries on the analysis and summarizes some important enlightenment.On the foundation of summarize the advanced experiences of western developed country and review of our country's central bank and its function of lender of last resort from the perspective of history, the article propose the corresponding countermeasures such as advocating the law and the policy environment; Establishes and consummates the screening mechanism of aid object which should take the contagion into account; Strengthens the coordination between the lender of last resort and other supervising technologies. All the measures are in view of existence of some malpractices and insufficiency in our country lender of last resort system, such as the legal laws and regulations is imperfect, the object screening mechanism of system of lender of last resort is not so clear, and so on.