On The Prevention And Regulation Of The American Financial Systemic Risk

Since the 1990's,the financial liberalization and financial globalization has brought a number of financial risks, so that the stability of the global financial system has gradually decreased.And the financial risks have caused frequently the unexpected occurrence of systemic financial crises or events and had a tremendous detrimental impact, which, it's the most typical that the international financial crisis in September 2008 brought the world economy to the most serious recession. The systemic crises or events also prompted the world to reflect profoundly on how to prevent and regulate the financial systemic risk.As the center of the international financial system, the United States financial system is extremely significant to the stability of the global financial system. However, the current international academic research on how the center of the international financial system affects the international financial system still seems to be lagging behind. Therefore, the choice of research on the prevention and rugulation of the systemic risk about the world's most complete and most developed financial system, can be considered a positive, courageous exploration in the research field of tne central country of the international financial system,.First, we review and summarize the systemic risk prevention and control measures in the formation of the long-term financial regulatory practice, and systematically combed the relevant literature on the systemic risk prevention and control, while we put forward our own views on the development of the prevention and control measures and theory of the financial systemic risk with the perspective of the public product attributes of the financial industry, the internalization of the systemic risk ,the structure soundness of the financial system and the validity of systemic risk control.And then ,with the establishment, evolution and trends of the U.S. financial system as the starting point, we systematicly study, using the system analysis method, on the U.S. financial systemic risk and its prevention and regulation. With the continuous development of the society and economy in U.S., the structure of its financial system also keeps changes. With a series of systemic financial crises and events in U.S. as the main line, there were formed into the different financial systems with distinct structural features during different periods in history, namely: during the period from the Great Depression in 1929 to the early 1970's, its financial system is dominated by the banking system and supervised by the Federal Reserve as the supervision center; from the late 1970's to the savings and loan crisis in 1980's ,its financial system lied in the transition period which was dominated by the banking system with the transformation to a market-led financial system; from the late 1980's to the early 21st century, its financial system has become the capital market-oriented one; and since the 21st century, its financial system is dominated by the capital market with the shadow banking system and the banking system in parallel. At the same time, with the overall framework of and the mutual adaptation and coordination between the structures of the financial system, treated the above financial systems as diferent system frameworks,it's a a relatively comprehensive and in-depth investigation and analysis on the foundation of,the causes of ,the main performances of and the impact of the financial systemic risk. Overall, the financial systemic risk is generated from two effects: first, the existence of structural defects in the financial system, and the structure running itself of each system is healthy or not; secondly, the system structures whether to adapt and coordinate with each other. The role of both above will affect the financial ecological environment and efficiency, which influences on the extent of the financial systemic risk. Furthermore, There are the reasons such as market efficiency is always above the safety; the regulatory system is not perfect and adaptable; the financial system structure is not perfect, uncoordinated and adaptable between themselves; and is lack of coordination and adaptation with the external operating environment; the externalities of micro-risk behaviors; and the communication technology and high-technology of financial transactions, which constitute the formation of the U.S. financial systemic risk.On the basis of the above research on the U.S. financial systemic risk, we systematically comb the establishment, the development process of the U.S. financial systemic risk prevention and regulation system,and the characteristics of and the problems of the existing operating system. And then, we explore in greater depth the operating rules, methods, results and future trends of the operating system. Because losing the firm basis, also called "firewall"——the separate management system, the "umbrella regulatory approach " with separate supervision characteristics has not meet completely the fundamental structural changes of the U.S. financial system. With too much emphasis on micro-regulation,its prevention and regulation system can not effectively prevent and control the generation of the financial systemic risk, and in essence, is expressed as a remedial risk control afterwards.So it has serious lack of supervision, including the lack of direct regultor on the investment bank holding companies and hedge funds etc.; the invalidity of the " umbrella regulatory approach " to judge and guard against potential systemic risks; the non-timely improvement of the its prevention and regulation system to effectively monitor the rapid development of the shadow banking system; the lack of the effective regulatory measures on the "too big to fail" major financial institutions. To this end, within the framework of the U.S. financial systemic risk prevention and regulation system determined basically by the " Wall Street Reform and Consumer Protection Act in 2009", with the point of the whole and all-round management about the risk , we propose to construct a set of financial systemic risk prevention and regulation operating system, including advance prevention, subsequent regulation and disposal afterwards, to enable the financial systemic risk to be controlled at a reasonable range.And further, Based on the implementation of the differentiated regulatory system and the construction of the diversified capital market liquidity , the financial systemic risk prevention and regulation operation system can maintain appropriate financial competition to ensure the financial system to operate continuously, flexibly and soundly. Finally, we make nine recommendations on the further reform and improvement of the Chinese financial systemic risk prevention and regulation system and its operating system.The innovation of this research lies in the following three points:First, with the use of system analysis, we analyse more systematicly all previous systemic financial crises and events in the United States from the point of view on the overall framework of the financial system and the adaptation and coordination between its structures,which provides a stimulating idea of Framework Analysis to study the formation law of the financial systemic risk.Secondly, with the perspective of the public product attributes of the financial industry and the specific nature of the financial systemic risk,we put forward the implementation of differentiated regulatory system and the building of the diversified capital market liquidity,which provides a new perspective in order to improve and perfect the financial system structure and the systemic risk prevention and regulation framework.Thirdly, from the point of view on the whole process and all aspects of the risk management, coumbined with related theoretical results, we provide more comprehensive solutions for the building of the financial systemic risk prevention and regulation operating system,which provides a positive reference value to financial regulation practice.