On The Mechanism Of International Cooperation In Financial Supervision

It's the era of economic globalization. Almost all countries are concerned about how to keep themselves from financial crisis and how to stop chain reactions. The international cooperation system of financial supervision has developed with the deepening of the internationalization of financial supervision since 1970s. The international cooperation of financial supervision represents the new direction of financial supervision development. That's why the research on international cooperation of financial supervision is of great significance. Though the practice in international cooperation of financial supervision has proved to be effective to some extent, there's still a lot to research both in the field of finance and law. This dissertation probes into international cooperation of financial supervision from the angles of finance and law and puts forward some personal opinions about it. The basic idea and logic structure of the dissertation is as follows: the discussion of the theme is based on three aspects-- way of thinking, mechanism and technique. As a way of thinking, international cooperation of financial supervision is premised on the integrity of financial market. The basic operational method is cooperation and the main objective is to defend financial risks together. As a mechanism, it forms a cooperation regime and sets up relevant systems. Legal rules are basic technical tools, which ensures the normal running of the cooperation. Based on the above three aspects, the dissertation analyses the theoretical and practical bases of international cooperation of financial supervision, looks through its history and current development, discusses the problems and solutions, predicts its future tendency and finally suggests how China should react to international cooperation of financial supervision.The dissertation is composed of five parts. The first chapter points out the weak points of the old financial supervision system and thenintroduces the theoretical and practical basis of international cooperation of financial supervision from the angles of way of thinking, mechanism and techniques. According to the principle of jurisdiction in traditional international law, there are great conflicts between the localization of financial supervision and the globalization of the financial markets. According to the New Institutionalism theories, the old financial supervision system is out of equilibrium as market globalization deepens. And international cooperation of financial supervision is the result of system innovation. According to International Regime theory, the demand and supply of legal rules of financial supervision is out of equilibrium too. Because of the above disadvantages of the old financial supervision system, the supervisors in different countries have seen eye to eye with each other that international cooperation of financial supervision should be put into practice.The second chapter recalls the history of international cooperation of financial supervision and introduces its current development. The Basel committee has devoted to set up the international cooperation system of financial supervision since 1970s. The European Union has made a successful attempt to set up a regional cooperation system of financial supervision. The international organizations like IMF, WTO, IOSCO, FIBV and etc contribute a lot to international cooperation of financial supervision with their extensive activities.The third chapter analyses the problems existing in the current system of international cooperation of financial supervision and gives possible solutions accordingly. The problems are classified by the three aspects--way of thinking, mechanism and technique. The problems includes lack of settlement of national interests conflict, the deficiency of international organizations' authority and relevant international rules' sanction, the inability of international organizations to set up a financial supervision system which can coordinate long-term, medium-term andshort-term objectives, lack o...