“危机”与“发展”——中美金融监管比较与启示

金融危机爆发后，“新自由主义”的“大市场”原则受到了更强烈的质疑，尤其是美联储对于资产泡沫的“事后清理策略”广为人所诟病．但通过观察整个金融危机爆发的经历，不难发现美联储该策略的合理性．同时对比了中美金融监管，发现了美国式监管精神的核心更加强调监管者的“有限理性”，以一种“后发”而非在“完全理性”前提下的“先发”方式进行监管，这样更有利于创新活动的开展．美国式监管的优势恰恰在于巧妙地整合了“危机”与“发展”的关系，在此监管方式下，“危机”并不会摧毁“发展”，反而变成了“发展”的助推器．

＂Crisis＂ and ＂Development＂-- Comparison and Enlightenment of Chinese and American Financial Supervision

From the financial crisis, the principle of ＂new liberalism＂ and ＂grand market＂, especially the principle--the strategy of ＂checking up afterwards＂ from the Federal Reserve Board, was suspected. The strategy from the Federal Reserve Board, however, is reasonable through the investigation of the financial crisis. Compared with Chinese financial supervision, the American one is to emphasize the supervisor s ＂limited reasoning＂, which is helpful for the innovation of the supervision. The advantage of American supervision is well integrated ＂crisis＂ into ＂development＂ in which the ＂crisis＂ will not crush the ＂development＂ instead of promoting the development.