最后贷款人

【作者】 郭建伟；

【导师】 俞忠英；

【作者基本信息】 复旦大学 ， 政治经济学， 2006， 博士

【摘要】 最后贷款人古典理论诞生于19世纪，桑顿与巴杰特是其中两位主要的贡献者。此后对于最后贷款人的研究集中在下面五个方面：清偿力与流动性之争、自由银行学派的不需要公共最后贷款人之争、贴现窗口与公开市场选择、“惩罚性”利率的收取以及谁提供最后贷款人。其实，最后贷款人作为维护金融体系稳定的安全阀，是政府为解决市场失灵而提供的一种特殊公共产品。本文即从公共产品的角度分析最后贷款人，从而跳出上述这些争辩。除文献综述一章之外，本文主体部分共分5章论述。金融危机总是由于各种各样的原因而发生，金融市场(银行业)总是存在市场失灵，因而就需要政府——通过中央银行——提供金融安全网尤其是最后贷款人公共产品，以维护金融体系的稳定。最后贷款人公共产品既有普通公共产品的特征，又具有其特殊的性质，这就决定了最后贷款人的管理不完全类似于普通公共品。生产最后贷款人公共产品需要一系列成本，它的效用是维护金融体系稳定。只要效用大于成本，那么它就应该供给出来。这就是说一旦发生金融危机，道德风险不应该成为决定是否提供最后贷款人援助的主要决策变量，而应该以成本与效用的权衡为依据。最后贷款人的成本需要通过一定机制予以补偿，但是惩罚性利率并不是最后贷款人的真实价格，而是其伪价格。最后贷款人的真实价格是依据其成本向金融机构、企事业单位以及居民征收的额外税收。在给出了最后贷款人公共产品的一般分析框架后，我们首先分析国内最后贷款人公共产品的管理。没有明确存款保险体系的情况之下，最后贷款人是维护金融体系稳定的主要金融安全网。中央银行是提供最后贷款人公共产品的天然主体，尽管财政部曾经管理过最后贷款人，但那是没有中央银行下的一种选择。中央银行供给最后贷款人，需要界定被救助的对象即范围，同时也需要把道德风险控制在一定限度之内，因而需要制定一些确定的援助条件。明确性存款保险体系的出现，降低了传统的银行被挤兑概率。但是，存款保险体系并不能代替最后贷款人，最后贷款人仍然是维护金融体系稳定的核心。同时，明确存款保险体系需要最后贷款人作为坚强的资金后盾。在维护金融稳定职责方面，最后贷款人与存款保险体系需要界定各自的功能区域，并充分合作。为了提高最后贷款人的效率，它需要更大的透明度，这也符合中央银行业发展的趋势。其次，本文分析了国际最后贷款人的政治经济学。金融一体化与金融危机的传染特征，决定了需要国际最后贷款人这一全球公共产品。关于国际最后贷款人的争论缘于成本与效用的不均衡配置，其背后反映了主要发达国家国内政治经济利益。为了维护全球金融体系稳定以及促进各国福利，现在的实际国际最后贷款人需要进一步发展到真实国际最后贷款人直至正式的国际最后贷款人。在上面理论分析基础之上，我们对最后贷款人的国际管理经验进行分析。通过对澳大利亚、英国以及美国历史经验的分析后，我们发现最后贷款人在促进金融稳定方面具有极为重要的不可替代作用。最后，本文对中国最后贷款人的现状进行了解剖，并对构建我国有效最后贷款人新体系提出了一些初步设想。总之，无论是从理论还是历史实践的角度，本文通过最后贷款人公共产品的研究，都证明了最后贷款人在维护金融体系稳定方面的核心地位与巨大作用。更多还原

【Abstract】 This dissertation researches the theory of Lender of Last Resort (LLR). LLR is originated in early 19 century in England and two English economists Thornton and Bagehot should be given a great deal credit for their dedication to the classical LLR. After their creation, the development of LLR has been giving more attention to the issues as follows: the difference of insolvency and liquidity, the opinion of free banking school, the choice of discount lending and open market operation, the pros and cons of the penalty interest rate, and lastly who should be the institute that take the role of LLR. After I review the related literature, I put out a public goods framework for studying LLR.Firstly, financial system has always been facing kinds of shock and financial system is innate fragility as well as market failure among financial sector, so financial crisis is always apt to take place in financial system. Then there are both a need of government intervention and a public security net for financial stability. The LLR is such a main security net for preventing and managing financial crisis, which is supplied by central bank. The LLR give us the utility of financial stability that promote economic growth and social well-being. There is, however, a production cost for LLR, and we cannot enjoy the utility without payment for it. Although there may be moral hazard came out from the LLR, we don’t hesitate if the utility is more than the cost. The price of LLR isn’t the penalty interest rate charged by the LLR, which is the LLR’s psuedoprice. The really price is the taxes on financial institutions and the public taken by fiscal bureau according to the cost of LLR.Secondly, this thesis analyzed the domestic LLR. There are two cases for the domestic LLR. One is the case where there is not an Explicit Deposit Insurance System (EDIS). We discuss some key issues about domestic LLR such as Central Bank dominating other agency (e.g. Treasury), the scope of LLR’s support, the conditions of LLR. Moreover, we argue that the LLR coincides with Central Bank monetary policy. The other case is where there is an EDIS that is also a security net for financial stability. At this case, however, the LLR managed by Central Bank is again the main security net for financial stability, i.e., the EDIS doesn’t change the position and main public accountability of Central Bank among financial system. Atthe same time, the EDIS and LLR should have a clear function distribution in order to prevent overlapping responsibilities between LLR and EDIS.Thirdly, this dissertation studies the international LLR (ILLR), which is a nature extension of domestic LLR. At any rate, as long as there is financial contagion among countries there is a strong need for public goods such as ILLR, which can help to achieve international financial stability and promotes the whole global well-being. Although the international community does need an ILLR, there is a disequilibrium distribution of the utility and cost of ILLR. According to this thesis, we can find that the five main developed industry countries, i.e., the U.S., the U.K., the Japan, the German, and the France, have a decision speaking at the de facto ILLR activities. These countries domestic political economic interests make a great influence on the policymaking of de facto ILLR such as International Monetary Fund (IMF), which is a potential risk to global financial stability. We need, however, a real and formal ILLR for global financial community that is the main argument of this sector.Lastly but not least, this dissertation applies the theory developed above to the realization of LLR. From the discussions on the LLR history of Australia, United Kingdom, and United States, we found that the LLR can play a huge and non-replacement role in promoting and maintaining financial stability. Before the setting up of Central Banks or improperly using LLR, there are always serious financial crises in the above three countries during 19 century or before it. After the Central Bank have made a proper use of LLR, these countries all have been surviving a long time more than 70 years financial stability. The differences of performance of financial system may have resulted from other factors such as the development of the structure of financial system, but the main and key factor that has promoted the financial stability is the effective LLR supplied by Central Bank of these countries. Then the last chapter of this dissertation studied the Chinese LLR. We found the Chinese LLR is not a very effective LLR, instead a low effective LLR charactering the transformation of China. The Chinese LLR resulted in many problems that have negative to her future financial stability. Anymore, the Chinese LLR also is facing much challenge when China is furthering her open and reform policy. In order to strengthen Chinese financial sector and face the competition, China must reform her Central Bank LLR policy system. So the end of this dissertation analyzes some issues about Chinese effective and new frame of LLR.In short, through this dissertation, we test again that the proper LLR, the publicgoods of financial security net, can make a great role in maintaining financial stability both at domestic and global realm. The LLR lies in the focus of financial security net and we should make use of it as possibly as we can.更多还原