2005年-世界发展银行全球_A_Survey_of_Government_Regulation____________and_Intervention_in_Financial_Markets_203页_876kb

报告摘要

Summary of "A Survey of Government Regulation and Intervention in Financial Markets"

Core Content

This paper explores the role of government regulation and intervention in financial markets, emphasizing the importance of legal frameworks, information access, and effective supervision in fostering financial development and economic growth. It argues that while financial systems can significantly impact growth, their influence on poverty is less direct and often requires complementary policies. The study also highlights the need for a conducive business environment and the risks associated with over-regulation or poorly designed legal and financial systems.

Main Points

I. Investor Protection and Legal Environment

Strong legal institutions and investor protection are crucial for enhancing access to finance.
Corporate governance and creditor rights should be strengthened through legal reforms, including better bankruptcy laws and secured transaction rules.
Legal origins (e.g., common law vs. civil law) influence the depth of financial systems, with common law countries typically offering stronger protections.
Enforcement of legal rules is as important as the quality of laws. Even well-designed laws are ineffective without proper implementation.
OECD principles serve as a benchmark for corporate governance standards, though self-regulation and exchange regulation can be effective in countries with strong shareholder rights.

II. Access to Credible Information on Borrowers

Credit bureaus play a vital role in improving access to private sector lending by providing reliable borrower information.
Privacy laws and consumer protection are essential components of effective credit bureau systems.
Public bureaus, such as those in Chile, help in the dissemination of information and can improve the efficiency of financial markets.
Factoring and leasing are important tools for access to finance, and their regulation should be tailored to the nature of the institutions involved.

III. Proper Regulation and Supervision of Banks and Financial Markets

Sound bank regulation aims to ensure financial stability, promote competition, and protect depositors.
Deposit insurance can enhance public confidence in the banking system and reduce the risk of bank runs.
Basel Accord provides a framework for international banking regulation, with examples from Argentina showing its impact.
Systemic banking crises can be mitigated through appropriate resolution mechanisms, such as Asset Management Companies (AMCs), as seen in Indonesia and Cameroon.
Regulation of non-bank financial institutions (NBFIs) should focus on prudential measures for deposit takers, not for non-deposit taking lenders.

IV. A Competitive Market Structure

Fiscal transparency in government interventions and subsidies of microfinance is important to avoid distortions.
Microfinance institutions (MFIs) should be encouraged to operate in a competitive environment, with a focus on private and commercial lenders rather than state-owned or NGO institutions.
Financial development has a positive effect on growth, but the relationship with poverty is more complex.
Empirical evidence shows that financial depth is negatively correlated with income inequality, as measured by the Gini index.
Financial systems can help insulate poor households from economic shocks by improving access to credit and reducing income volatility.

Key Examples

Brazil: Weak creditor rights and judicial enforcement hinder credit expansion and foreign bank lending.
Romania: Legal restrictions on movable collateral limit credit access, though the introduction of a collateral registry has improved transparency.
Argentina: Despite uniform legal systems, judicial enforcement varies significantly, affecting credit availability.
Chile: Effective governance and legal enforcement contribute to a stable financial environment.
Mauritius: Demonstrates the importance of regulating pension and insurance sectors to promote financial inclusion.
India: Shows the role of legal and institutional reforms in improving financial services and electronic transactions.
United States: Offers a high proportion of credit secured by movable property, enhancing access to finance.

Policy Implications

Governments should focus on creating a sound legal and institutional environment rather than actively steering financial market outcomes.
Credit bureaus and collateral registries are important tools for improving access to finance.
Private sector participation and competition are essential for financial development.
Deposit insurance and systemic crisis resolution mechanisms can enhance financial stability.
Regulatory reform should be tailored to local conditions and supported by strong enforcement.

Conclusion

The paper concludes that while financial development is strongly associated with economic growth, its impact on poverty is more nuanced. Effective legal systems, access to information, and sound regulation are vital for fostering a competitive and stable financial market. Governments should avoid direct intervention and instead focus on creating an environment that supports market mechanisms and institutional efficiency.

References

Bandiera, Oriana, Gerard Caprio, Patrick Honohan, and Fabio Schiantarelli (2000)
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Demirguc-Kunt, Asli and Vojislav Maksimovic (1998)
Fleisig, Robert (1998)
Klapper, Leora (2001)
LLSV (La Porta, Lopez-de-Silanes, Shleifer and Vishny) (1997, 1998)
Merton, Robert C. and Zvi Bodie (2000)
Rajan, Raghuram G. and Luigi Zingales (2003)
Stiglitz, Joseph E. (1999)
World Bank (2001)