Neoliberal Diffusion and Regulatory Capture of Financial Rules: Lessons from the 2007-8 Global Financial Crisis

新自由主義金融規則的擴散與管制擄獲：2007至2008年全球金融危機的教訓

李佩珊(Pei-Shan Lee)

《行政暨政策學報》 55期 (2012/12) Pp. 109-136

https://doi.org/10.29865/PAP.201212.0004

摘要

2007年源自美國次貸危機的全球金融海嘯，使得金融體系系統性風險的全球與各國管制問題浮現。本論文回溯過去三十年新自由主義金融治理規則，提出一個新自由主義制度鑲嵌的理論架構，論述當前造成系統性金融危機的起源在於1980年代以來的管制擄獲，亦即私人金融資本、大到不能倒的大型銀行、信用評等機構與國際金融治理俱樂部，共同設計出由市場自我規範、風險自行估算的金融管制規則，形同放任被管制者自訂遊戲規則，由國際經濟組織背書，並向開發中國家推展新自由治理規則，擴張金融版圖。各國管制權威的效能不彰其實受制於金融先進國家彼此間的利益競爭，管制越鬆散的國家越能吸引跨國金融資本的高風險槓桿操作，以及名為金融創新，實為風險層層包裝以獲利的衍生性金融遊戲。此次金融危機迫使美國進行再管制，迅速通過新金融法案，歐盟則因決策架構複雜，有待時間推動其管制變革。新自由金融規則的演變仍在進行中。

關鍵字

新自由主義制度鑲嵌 ； 俱樂部標準 ； 金融規則的管制擄獲 ； 道德風險 ； 系統性風險 ； 2007至2008年全球金融危機 ； 全球金融治理

並列摘要

The 2007-2008 financial crisis that originated from the United States has caused global economic downturns in fear of plunging into a great recession. As situation evolves, regulatory problems of this systematic risk that spread from national to global levels should be detected and analyzed. This paper aims at tracing the origin and diffusion of neoliberal financial governance in the past three decades, which have paved way for today's financial disaster. A perspective that bridges domestic regulatory foundation and international diffusion of rules should be in place to better grasp the nature of current crisis. At domestic side, a perspective of ”regulatory capture” in which special interests, regulatory incompetence of public institutions and the dogmatic ideologies all together contributed to this crisis. The regulatory capture further constrains policy options and impacts the following path of financial sector restructuring. In the wake of the U.S. financial meltdown, the Obama administration has made efforts on reforming the financial sector. The latest reform bills signal U.S. government' attempts to tame giant financial institutions and tighten up government regulation. For global implications, the U.S. crisis may jeopardize the credibility of the current global financial norms that have been promoted by advanced countries. The advanced world is now divided on how much more regulation should be imposed on new financial activities. It deserves special attention on tracking how a new set of regulatory rules is to be reformulated for years to come.

並列關鍵字

embedded neoliberalism ； club standard ； regulatory capture of financial rules ； moral hazard ； systematic risk ； the 2007-8 global financial crisis ； global financial governance

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