financial regulation

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1、IntroductionandPerspectivesFSA存在的意义：为了tomakethenewdecision-makingframeworkworkinpractice（例如：commitmenttocost-benefitrequirements），所以需要：1needaclearerviewoftheeconomiccaseforregulationoffinancialmarkets,and2arigorousapproachtoassessingwhetherthatcaseismetinrelationtoaparticularsetofinstitution

2、s,这篇文章的主题：whyregulationhaswelfarebenefits,whyitisrationalfor(particularlyretail)consumersoffinancialservicestodemandregulationoffinancialservicesfirms.关于whojudgethatthereisapositiveroleandeconomicrationaleforregulationinfinance与thosewhoarguethat,atbest,regulationdoesnotenhancewelfareandatwor

3、seiscounter-productive,两种观点的区别：(1)howfinancialinstitutionsandmarketsworkandoperateinpractice,(2)theincentivestructuresfacedbyfinancialfirms,(3)theextentofmarketimperfectionsandfailuresinthefinancialsystemandthepowerofregulationandsupervisiontoaddressthem,and(4)theextenttowhichfinancialproduc

4、tsandcontractsaresignificantlydifferentfromthegeneralityofgoodsandserviceswhicharenotregulatedtoanywherenearthesamedegreeasfinancialinstitutions.在深入讲之前，1要分清regulation和monitoring的区别P6。2由于regulatoryagencies是largelyimposedbytheregulatoreventhoughtheremaybeaprocessofconsultation，所以会产生一些问题：一些信息的缺

5、失，顾客的不同要求不能被signalled。3正因为如此，会产生dangerofregulationbeingover-demandedbyconsumersandover-suppliedbyregulators。例如：howtoguardagainstsuchdemand-orsupply-drivenover-regulation.原理：regulationimpose各种cost，这些cost最后会反映在financialservice的价钱上。如果regulation是多余的，或着重在不重要的事务上，那么会产生avoidablecost而且会大于regulation当

6、初的成本。4一般认为，regulationisaboutchangingthebehaviourofregulatedinstitutions.由此产生问题：theextenttowhichbehaviouristobealteredbywayofexternallyimposedrules,orthroughcreatingincentivesforfirmstobehaveinaparticularway.Incentivecontract的设置的好坏影响着regulatedfirms的行为，也会产生副作用。一些人arescepticalofthebenefitsofreg

7、ulation.因为他们觉得1如果regulation有用，就不会有marketfailuresandimperfections;2regulation在实际中也解决不了此类问题，3产生的成本比原来的的问题多很多，4耗费很多不同成本。bankfailuresaroundtheworld就是aproductof‘thepoorlyregulatedandoftendistortedfinancialsectorsinthesecountries。原因有3：badincentivestructu