全球金融海嘯對美、英國及我國金融監理之影響與改革

THE EFFECT AND CHALLENGE OF GLOBAL FINANCIAL CRISIS ON US,UK AND TAIWAN’S FINANCIAL SUPERVISION

洪睿彣(Ruei Wen Hung)

指導教授 ： 李建然

國立臺北大學/商學院/會計學系/碩士(2011年)

摘要

本論文認為美國次級房貸風暴的產生，係因金融機構、金融監理當局、投資者以及其他政府部門對於風險意識不足所致，未來若要防範歷史重演，則須提高風險意識，本論文針對英、美及我國金融監理演進之過程及面對金融風暴時所採行之救援因應措施及金融風暴後所對金融監理機關、消費者及金融機構所為之保護及改革，另經過此次金融風暴後，英、美國等國政府體認到對金融危機的處理，實應建立更緊密的跨國合作機制，並發展及積極參與跨國之金融國際機構，採行全球性架構促使金融機構保有更強有力的流動性準備，結束傳統監理範疇之限制，所有系統性重要的機構、金融工具和金融市場，如對沖基金、證券化商品、店頭市場衍生性金融商品、信評機構等，均將受到更透明而嚴謹的金融監理，另我國為保護消費者故參考英國金融公評人及新加坡金融業調解中心制度，研擬推動並建立單一金融消費爭議處理機制，納入金融服務法草案，並已於100年6月3日經立法院三讀通過，並附帶決議金管會應於100年12月31日前捐助成立專責之金融消費爭議處理機構，我國金融消費者保護將邁向另一個全新的里程。
本論文共分為六章，第一章緒論，第二章部份為說明美國房貸種類，並敘述房貸中有關次級房貸發展成因，並分析其針對美國房市泡沫、次級房貸問題、資產證券化、投資銀行等問題之探討，並描述英國北岩銀行事件發生始末及美國二房事件及投資銀行消滅之過程。第三章論及美國監理機構之形成及美國政府為因應次級房貸風暴所採行的相關政策措施，及對次級房貸所引發的經濟金融問題及因本次金融風暴暴露出多項美國金融監理問題，為因應金融監理之有效性，美國爰於2009年6月公佈金融市場監理改革方案白皮書，期透過加強對金融機構之監督、增加對衍生性商品和其他市場的管理、成立一個新的消費者保護機構、賦予政府未來對抗金融危機的新工具，以及加強國際監理合作等措施，能有效提升監理效能等改革。第四章主要說明英國因發佈金融服務法後一元化之演進後，英國金融監理機構由英國英格蘭銀行、英國的財政部及金融監理委員會共同維護英國的金融安定，然因2007 年夏季美國爆發次級房貸風暴，英格蘭銀行為避免道德風險，並未馬上採取行動，令英格蘭銀行飽受輿論批評；金融危機發生時，英格蘭銀行及金融監理機構須依備忘錄規定，相互討論協商，並向財政部提出報告及建議措施，惟此種合作機制，政府不易迅速處理，經歷此次金融危機後英國政府及金融監理機構即對所需面臨之挑戰提出相關改革的方案。第五章論及因受到英國金融監理改革之影響，我國監理機構一元化之形成及演進，及為因應次級房貸風暴所造成之民間消費負成長、出口衰退及失業率增高所引發的經濟金融問題及政府相對應的政策成效予以評論。第六章為全篇論文總結，本論文認為美國次級房貸風暴的產生，係因金融機構、金融監理當局、投資者以及其他政府部門對於風險意識不足所致，未來若要防範歷史重演，則須提高風險意識，特別有關金融監理機關對於金融體系流動性 (liquidity) 風險之管理及金融監理機構維持「金融穩定」之目標應有深刻之規範。

關鍵字

次級房貸問題、資產證券化、金融監理、風險意識、流動性

並列摘要

The paper proposes that the incident of US sub-prime mortgage crisis was resulted from the inadequacy of risk awareness from financial institution, financial supervisory authority, investors, and other governmental agencies. To prevent history from repeating itself, risk awareness must be improved in the future. The paper emphasizes on the evolution progress of UK, US and our financial supervision, in addition to the rescue measures in response when faced with financial crisis and the protection and reform taken by the financial supervisory authorities, consumers and financial institutions after the financial crisis. Additionally, after this financial crisis, UK and American governments have realized that the handling of financial crisis should be based on building a closer cross-border cooperation mechanism, with development and active participation of cross-border financial institutions by adopting a global architecture to preserve the more powerful liquidity preparation of financial institutions; moreover, limitation of traditional supervisory scope, including all systematically important institutions, financial instruments and financial markets such as hedge fund, securitized products, derivative financial products of OTC, and credit rating agency, are all subject to more transparent and rigorous financial supervision. To protect consumers, our State also makes reference to the Financial Ombudsman Service in UK and Singapore Mediation Centre, in attempt to promote and establish a single financial consumer dispute processing mechanism. Such proposal has been included in the draft of Financial Service Act and passed Third reading by Legislative Yuan on June 3, 2011, with sense of congress resolution that the Financial Supervisory Commission shall contribute to the establishment of responsible financial consumer dispute processing institution before December 31, 2011. Our financial consumer protection shall move towards a brand-new milestone.

The paper is divided into six chapters. Chapter 1 is the introduction, Chapter explains the types of US sub-prime mortgage and describes the factors for the development of sub-prime mortgage, with analysis to the exploration of US housing bubble, sub-prime mortgage issues, asset securitization, and investment banks. The chapter further describes the whole story on Northern Rock bank incident, the incident of Fannie Mae and Freddie Mac, and the process of eliminating investment banks. Chapter 3 explores into the formation of American supervisory institutions and the related policy measures taken by American government in response to sub-prime mortgage crisis, as well as the economic and financial issues induced by sub-prime mortgage and the various American financial supervisory issues exposed from this financial crisis. To cope with effectiveness of financial supervision, the United States released the Financial Regulatory Reform: Administration White Paper in June 2009 in attempt to reinforce supervision over financial institutions, increase management on derivative products and other markets, establish a new consumer production institution, bestow the government with new instruments against financial crisis in the future, and the measures for strengthening international supervisory cooperation, thereby to effectively enhance supervisory performance. Chapter 4 discusses the financial stability of Britain jointly safeguarded by English financial supervisory institutions, including Bank of England, Finance Ministry and Financial Supervision Commission after the release of revolution of unified financial services in UK. Nonetheless during the outbreak of US sub-prime mortgage crisis, the fact that Bank of England did not take immediately actions to avoid moral risk put Bank of England in the position to suffer public criticism; when a financial crisis takes place, Bank of England and the financial supervisory institutions are required to mutually discuss and negotiate in accordance with the regulations set forth in the memo, and to submit reports and propose measures of recommendation to the Finance Ministry. Nonetheless such cooperation mechanism makes it difficult for the government to quickly respond and hence after this financial crisis, the English government and the financial supervisory institutions have proposed relevant reform programs in fight against the challenges to be faced. Chapter 5 discusses the formation and evolution of our unified supervisory institution due to impact from English financial supervisory reform, in addition to the negative consumption growth in private sectors caused by the sub-prime mortgage crisis, decline in import/export, and increased unemployment rate, inducing economic and financial problems, with comments on the effectiveness of governmental policy in response. Chapter 6 draws a conclusion on the entire paper. The paper proposes that the incident of US sub-prime mortgage crisis was resulted from the inadequacy of risk awareness from financial institution, financial supervisory authority, investors, and other governmental agencies. To prevent history from repeating itself, risk awareness must be improved in the future. Specifically, the financial supervisory institutions is recommended to form rigorous specification on the liquidity risk management of financial system and the objective in maintaining “financial stability” by the financial supervisory institutions.

並列關鍵字

liquidity、Fannie Mae、Leman Brother

參考文獻

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