摘要
金融集团化和混业化成为世界金融业发展的主导趋势,在金融混业经营模式下,必然要面对金融混业企业集团(简称FC)的风险分析、风险度量、内部经济资本配置、对FC监管模式的选择及国际合作等一系列问题。在此背景和趋势下,结合国际经验和我国的国情,本文运用定性和定量分析相结合的方法对FC进行了以下研究。
第一章导言介绍了国内外相关领域研究现状及本文的创新点及不足。
第二章为FC的风险总论部分,分析了FC的子单元层面的一般金融风险及FC层面的特殊风险构成,提出了FC风险计量及评估方法,运用copula函数等方法对FC的风险进行度量,建立了计算FC三层次的风险度量模型。采用台湾14家上市金融控股公司2002年一季度-2008年三季度(部分四季度)的季度数据为基础,建立面板数据模型对台湾金融控股公司的风险进行实证分析。
第三章分析了FC特殊风险之传染性风险,分析了FC内部风险传染的机制,参考了伦敦经济学院Amil.Dasgupta教授和D-D模型的建模思路建立了FC基于资本关联(内部资本市场)的风险传染模型。
第四章分析了FC特殊风险之资本充足风险,讨论了FC内部资本市场、经济资本配置和监管资本套利,分析了并表监管的思路,比较了典型国家资本充足风险监管的实践。
第五章分析了FC特殊风险之利益冲突风险,分析了利益冲突的原因,并建立了一个博弈模型分析利益冲突产生的机理,提出了解决利益冲突风险的方法。
第六章采用金融物理学的思路分析了FC的风险传导,提出了FC的四维风险传导图,并简要分析了FC串联式、并联式、串并联式风险传导路径及模型。
以模型的方式,按照先简后难的顺序对FC风险串联式传导、并联式传导以及串并联式传导进行分析,并在此基础上归纳出FC风险传导的特征。
第七章从风险转移到监管,首先是国家监管,论文分析了国家对于FC监管体制安排的三种理论模式和相关实践模式,分析了近年来典型国家金融监管体制的变革,建立了FC监管一体化的重复博弈模型并深入分析了FC监管一体化问题。
第八章从国家监管到合作监管,从区域合作(欧盟)到国际合作(联合论坛、巴塞尔协议Ⅱ、金融稳定委员会),分析了FC国际监管合作的理论基础,并建立了FC监管合作的博弈模型,最后提出了对我国FC发展和监管的借鉴。
Financial conglomeration becomes the dominant trend of financial industry development of the world.Financial conglomerates have to face a series of questions such as risk analysis,financial risks measurement,risks on consolidated basis,allocation of economic capital within the group.The paper uses the quantitative method and qualitative method which combined the experience of the western countries and China's real conditions to carry on research to the aforementioned problems of financial conglomeration.
In chapterⅠ,the paper points out the academic innovations and deficiency of the paper.
In chapterⅡ,the author makes analysis to the general and special risks of financial conglomerates.Because of complex organizing structures and internal relationship,some new particular risks arise such as contagion risk) risk of interests,risk of double gearing(re-calculation of capital fund),the lack of trasparency.Furthmore the paper proposes the risk management frame of financial conglomerates using Copula method.
Against these risks,chapterⅢputs forward mechanism to take precautions against the risk including internal risk control and external supervision.
ChapterⅣdiscusses the characteristics,fund sources and operation mode of internal capital markets of financial conglomerates;
ChapterⅤdiscusses the risk of conflict of interests.
In chapterⅥ,the four-dimensional-conducting-model of risks has been brought forward.Moreover,a principle of the conducting of risks has been discovered,using the model and method from easy to hard,after analyzed the series conduction,parallel conduction,the combination of series and parallel of risks,the paper builds models to figure out the characteristics of risk conduction inside financial conglomerates.
ChapterⅦdiscusses financial regulatory competition and conflict,as intensified by financial conglomerates,calls for proper coordination.There exists four major models,the US's umbrella supervision model is now under criticism after the subprime lending crisis,integrated regulation(inclusing twin peaks) is of more referential significance.
ChapterⅧdiscusses the game analysis of participating agents in international coordination and cooperation of financial supervision and regulaiton.Later the paper discuss the BaselⅡ,which is the outcome of global economic integration and the internationalization of ecomomic risk.With the representative of the core principle of BaselⅡ,the agreements became an important international pratice and we should benefit from these rules and regulations to perfect legislation of supervising financial conglomerates.
Nowadays,there has been the embryos of the financial conglomerates in China in which there are no relative laws about financial conglomerates,so the introdution of the legislation and supervision on financial conglomerates in develped districts and countries are very indispensable.Considering the resemblance in finance field between Taiwan and mainland,the development of the regulaiton on Taiwan's financial holding company is chosen to be the reference in the research.
The paper utilizes econometric methodology,and obtain seasonal data from Januany 2003 to December 2008,for 14 listed FHC to search the total risks respond the diversified financial operations in FHC.
引文
1 Markus M.Schmid;Ingo Walter."Do financial conglomerates create or destroy economic value?”[J].p194,但也存在金融混业集团剥离相关金融子单元的情形,如Citigroup于2002年8月剥离Travelers下属财产和灾害险部门,2005年1月以115亿美元的价格剥离Travelers下属人寿保险和年金业务部门,引自Sotiris K.Staikouras.“Business Opportunities and Market Realities in Financial Conglomerates.”[R].p129:2009年1月花旗集团宣布重大重组计划,通过战略重组,花旗集团将拆分为花旗公司和花旗控股两家公司,并有意最终将非核心业务剥离出去。花旗公司将负责其遍布全球的优势商业银行服务,花旗控股则负责资产管理和消费信贷等业务。
2 2000年在加拿大召开的国际监管会议依据公司结构将跨业务经营金融机构分为FC、multi-activity institutions、经营型金融控股公司和纯粹金融控股公司,欧盟区分了financial conglomerates和insurance groups,本节对此有专门定义;
3 Mohamed Nurullah;Elias Dinenis."Changing Interfaces between European Banks and Insurance Companies and the Regulatory/Supervisory Response"[J].p552;
4 Mohamed Nurullah and Chizu Nakajima."Towards a Single Regulatory/Supervisory System for Financial Con glomerates:Evidence from Ten Countries"[J];
5 Ojo,Marianne."The Growing Importance of Risk in Regulation"[J];
6 另:巴克莱银行宣布收购雷曼兄弟公司纽约总部、两个数据中心以及部分交易资产。日本野村控股集团与雷曼兄弟公司就收购其欧洲及中东地区业务达成基本协议;
7 Martin(?)ihák;Richard Podpiera."Integrated financial supervision:Which model?"[J].p136;
8 Anthony Saunders,Roy C.Smith,Walter,Ingo."Enhanced Regulation of Large,Complex Financial Institutions."[J].p153-154;
9 GAO 系列报告(8) Gene L.Dodaro.Financial Regulation:A Framework for Crafting and Assessing Proposals to Modernize the Outdated U.S.Financial Regulatory System.[R].p2-3;
10 必须设立保险子公司来开展保险业务,引自European Council:Life Insurance Directive 2002/83/EC,第六条款6(1b);Nonlife Insurance Directive 73/239/EEC,第八条款8(1b)[S];
11 Sotiris K.Staikouras."Business Opportunities and Market Realities in Financial Conglomerates."[R].p127;
12 联合论坛于1998年2月以征求意见稿的形式发布了“FC的监管”系列文件,对14家FC进行了调研,向金融界和监管机构进行广泛咨询;
13 Lutgart Van den Berghe."Financial Conglomerates,New Rules for New Players?"[M].p23;
14 同上,p18;
15 同上,p19;
16 中国人民银行国际司译,巴塞尔银行监管委员会文献汇编[G],p319;
17 European Council:Directive 2002/87/EC.[S];即使一个巨型集团总体上没有达到条例要求的门槛,FC条例适用于该巨型集团的二级集团,如40%金融业务比例等,引自Meyers.Jan;Ballegeer,David.“What EU rules mean for financial conglomerates”.[M].pl;
18 银行保险:银行通过自身的销售渠道交叉销售保险产品。目前,银行保险已由当初保险公司产品流向银行这一单向渠道发展到银行与保险相互交融的双向流动。实现该战略的方式有:首先,银行可以单独设立一家保险公司/保险部门从而进入保险领域;其次,通过收购现有的保险公司或与保险公司进行合并,形成金融混业企业从而进入保险领域;第三,银行 可以与保险公司间签订合作协议,共同出资建立一新的保险公司,由银行与保险公司共同拥有、共同控制、共享收益、共担风险。
19 保险金融:保险公司交叉销售其他金融产品。
20 大多数产业的研究显示由于偏度(skewness)或峰度(kurtosis)的作用(或二者的共同作用)使得收入正态分布假设并不成立。见John H.Boyd;Graham,Stanley L.;Hewitt,R.Shawn."Bank holding company mergers with nonbank financial firms:Effects on the risk of failure."[J].p43-63;
21 Schwartz Anna J."Financial Stability and the Federal Safety Net:Restructuring banking and financial services in America,[R].p 34-62;
22 Wall,L.D.,A.K.Reichert,and S.Mohanty,"Deregulation and the Opportunities for Commercial Bank Diversification"[J].p1-25;
23 John H.Boyd;Graham,Stanley L.;Hewitt,R.Shawn."Bank holding company mergers with nonbank financial firms:Effects on the risk of failure."[J].p43;
24 George J.Benston."Universal Banking"[J].p121-143;
25 Saunders Anthony;Ingo Walter."Universal banking in the United States:What could we gain? What could we lose? "[M].;
26 Herring,Richard J.;Litan,Robert E."Financial regulation in the global economy"[R];
27 Simon Kwan."Cracking the Glass-Steagall Barriers"[J].p1-3;
28 Tullio,Jappelli;Pagano,Marco."Information sharing,lending and defaults:Cross-country evidence"[J].p2017;
29 Andrew Kuritzkes,Til Schuermann,and Scott M.Weiner."Risk Measurement,Risk Management,and Capital Adequacy in Financial Conglomerates"[J];
30 Xavier Freixas,Gyongyi Loranth,Alan D.Morrison."Regulating financial conglomerates"[J];
31 Rebecca S.Demsetz,Phillip E.Strahan."Diversification,Size,and Risk at Bank Holding Companies"[J],p300-313;
32 Diamond,D.W.,Rajan,R.G."Liquidity risk,liquidity creation,and financial fragility:A theory of banking"[J],p 287-327;
33 Gande,A.,Puri,M.,Saunders,A.,Walter,I."Banking underwriting of debt securities:Modern evidence"[J],p 1175-1201.
34 Allen,L.,Jagtiani,J."The risk effects of combining banking,securities,and insurance activities"[J],p 485-497;
35 Christine M.Cumming;Beverly J.Hirtle."The Challenges of Risk Management In Diversified Financial Companies"[J].p1-17;
36 De Nicolo,Gianni;Bartholomew,Philip F.;Zaman,Jahanara;Zephirin,M.G."Bank Consolidation,Internationalization and Conglomeration:Trends and Implications for Financial Risk"[R];
37 Ingo Walter."Universal Banking:A Shareholder Value Perspective."[J].p 344-360;
38 Randall S.Kroszner;Raghuram G.Rajan."Organization structure and credibility:Evidence from commercial bank securities activities before the Glass--Steagall Act"[J].p 475-516;
39 FC中还存在X效率(除规模效率和范围效率以外的所有技术效率和配置效率的总和,主要体现为协同效应),1966年,美国经济学家Leibenstein在研究非竞争产生的低效率时提出了“X—效率”概念。Leibenstein认为,资源配置不变的情况下,X效率描述的是企业 内部成员努力程度、管理水平、技术创新、人力资本、学习效应、激励机制以及组织架构等诸多因素对效率的影响.从而使对效率的研究进入了企业内部过程.关注到人的动机、组织和管理等活的因素。指的是在一定的产出下的实际成本与成本效率边界(用来描述最小生产成本函数)的偏离程度,是对某一机构相对于行业内最佳表现的测度。它衡量地是成本控制和使利润最大化的企业管理能力的差异。限于本文主题为讨论风险及监管,不再列举研究文献。
40 Saunders Anthony;Ingo Walter."Universal banking in the United States:What could we gain? What could we lose? "[M].;
41 Rudi Vander Vennet通过对1500家欧洲银行的研究,得出贷款额在250亿美元的水平上银行达到最优规模效率的结论。Rudi Vander Vennet.“The effect of mergers and acquisitions on the efficiency and profitability of EC credit institutions"[J].p 1531-1558;
42 Günter Lang和Peter Welzel研究表明德国全能银行的规模效率水平大致在50亿德国马克的银行资产规模。Günter Lang;Peter Welzel.“Efficiency and technical progress in banking Empirical results for a panel of German cooperative banks"[J].p 1003-1023;
43 George J.Benston."Universal Banking"[J].p 141;
44 Pulley,L.B.and D.B.Humphrey."The Role of Fixed Costs and Cost Complementarities in Determining Scope Economies and the Cost of Narrow Banking Proposals"[J].p66;
45 Joao A C Santos."Securities unites of banking conglomerates Should their be regulated ? "[J];
46 Koguchi,Kazuhiko,Forestieri,Giancarlo."Special features:Financial conglomerates "[J];
47 Linda Allen;Anoop Rai."Operational efficiency in banking:An international comparison"[J].p 655-672;
48 Laura Cavallo,Stefania P.S.Rossi."Scale and scope economies in the European banking systems"[J].p 515-531;
49 Rudi Vander Vennet."Cost and Profit Efficiency of Financial Conglomerates and Universal Banks in Europe"[J].p254-280;
50 Rudi Vander Vennet按FC化程度(degree of conglomeration)将银行分类为:financial conglomerates和specialized banks;按全能化程度(degree of universality)将银行分类为:universal banks和specialized banks,见“Cost and Profit Efficiency of Financial Conglomerates and Universal Banks in Europe”[J].p261;
51 Kevin P.Coyne;Lenny T.Mendonca and Gregory Wilson."Can banks grow beyond M&A? "[J].p72-81;
52 Barbara Casu;Girardone,Claudia."Financial conglomeration:efficiency,productivity and strategic drive."[J].p690;
53 Kevin J.Stiroh,Adrienne Rumble."The dark side of diversification:The case of US financial holding companies"[J]p2131-2161;
54 Luc Laeven,Ross Levine."Is there a diversification discount in financial conglomerates?"[J].p 331-367;
55 YUAN YUAN 博士论文."Financial Integration and Scope Efficiency:Post Gramm-Leach-Bliley"[D].p50-55;
56 Markus M.Schmid;Ingo Walter."Do financial conglomerates create or destroy economic value?"[J].p 193-216;
57 Diamond W.Douglas,Phillip A Dybvig."Bank runs,deposit insurance,and liquidity ", [J].p401-419;
58 Allen,Franklin;Gale,Douglas."Financial contagion "[J].p 1- 33;
59 Amil.Dasgupta."Financial Contagion Through Capital Connections:A Model of the Origin and Spread of Bank Panics"[J].p 1049-1084
60 Kiyotaki,Nobuhiro;Moore,John."Balance-Sheet Contagion"[J].p 46-50;
61 Oliver,Wyman and Company公司资助Kuriczkes,Andrew,Til Schuermann,and Scott M.Weiner."Study on the Risk Profile and Capital Adequacy of Financial Conglomerates"[R];
62 Maarten Gelderman,Pieter Klaassen,Iman van Leyveld."Economic Capital:An Overview"[J];
63 Roger J.A.Laeven,Marc J.Goovaerts."An optimization approach to the dynamic allocation of economic capital"[J].p 299-319;
64 Marc J.Goovaerts,Eddy Van den Borre,and Roger J.A.Laeven."Managing Economic and Virtual Economic Capital Within Financial Conglomerates","[J];
65 Helmut Mausser;Dan Rosen."Economic Credit Capital Allocation and Risk Contributions"[J].p 681-726;
66 Fernando Mierzejewski."The Allocation of Economic Capital in Opaque Financial Conglomerates"[J];
67 Robert C.Merton."A Functional Perspective of Financial Intermediation"[J].p23-41;
68 Michael Taylor."Twin Peaks:A Regulatory Structure for the New Century"[R];
69 Paul H.Kupiec;James M.O'Brien."The Pre-Commitment Approach:Using Incentives to Set Market Risk Capital Requirements"[R].p1- 52;
70 Jill Considine;Arupratan Daripan;Simone Varotto;Shuji Kobayakawa;commentary by Patrick Parkinson."Incentive-Compatible Regulation:Views on the Precommitment Approach"[J].p130-159;
71 Michael Taylor;Alex Fleming."Integrated Financial Supervision:Lessons of Northern European Experience"[R];
72 Giorgio Di Giorgio;Carmine,Di Noia."Financial Regulation and Supervision in the Euro Area:A Four-Peak Proposal"[R].p1-30;
73 Charles A.E.Goodhart."The Organizational Structure of Banking Supervision"[J].p1charles A.E.Goodhart任职于伦敦经济学院和英格兰银行货币政策委员会;
74 Iman Van Lelyveld;Arnold Schilder."Risk in Financial Conglomerates:Management and Supervision."[J].p 195-224;
75 Dierick Frank."The Supervision of Mixed Financial Services Groups in Europe"[J];
76 Julia Majaha-Jartby and Thordur Olafsson."Regional Financial Conglomerates:A Case for Improved Supervision"[R];
77 Constantinos Stephanou."pervision of Financial Conglomerates:The Case of Chile"[R];
78 Mohamed Nurullah;Chizu Nakajima."Towards a Single Regulatory/Supervisory System for Financial Con glomerates:Evidence from Ten Countries"[J];
79 Xavier Freixas,Gyongyi Loranth,Alan D.Morrison."Regulating financial conglomerates"[J];
80 Enrico Maria Cervellati;Eleonora Fioriti."Financial Supervision in EU Countries"[J];
81 James Crotty,Gerald Epstein."Proposals for Effectively Regulationg the US Financial System to Avoid Yet Another Meltdown"[R];
82 Ojo,Marianne."The Growing Importance of Risk in Regulation"[R];
83 Murllo Campello."Internal Capital Markets in Financial Conglomerates Evidence from Small Bank Responses to Monetary Policy"[J];
84 Sotiris K.Staikouras."Business Opportunities and Market Realities in Financial Conglomerates "[R].p124;
85 Ville Malkonen."Financial conglomeration and monitoring incentives"[J];
86 夏斌等.金融控股公司研究[M].北京,中国金融出版社,2001年;
87 吴风云,赵静梅.统一监管与多边监管的悖论:金融监管组织结构理论初探[J].金融研究,2002年09期;
88 叶辅靖.全能银行比较研究——兼论混业与分业经营[M].北京,中国金融出版社,2002年;
89 蔡奕.银行参与证券业务的利弊分析与法律监管[R].深圳证券交易所综合研究所深证综研字第0069号,2003.03.28.
90 杨明辉等.金融控股公司事务与操作[M].
91 谢平等.金融控股公司的发展与监管,[M].
92 桂荷发.金融集团的发展与监管[M].
93 朱民.从管理和治理的双重角度看金融控股公司[J].p4-9.
94 张春子.金融控股集团组建与运营[M].;
95 孙烽.国有金融控股集团风险管理系统规划[M].北京
96 张忠军.金融业务融合与监管制度创新[M].
97 康华平.金融控股公司风险控制研究[M].
1 Raimo.Voutilainen."Comparing Alternative Structures of Financial Alliances"[J].p327;
2 Herring.Richard J."International Financial Conglomerates:Implications for Bank Solvency Regimes."[R];
3 美国政府于2008年9月紧急救助AIG,缓解AIG赔付危机,寄望AIG出售旗下资产来筹措偿付资金。但是AIG的出售计划频频受挫。除了核心的传统保险业资产以外,任何与证券资产相关的部分,都无法找到买家。AIG最近公布2008年第四季度财报称,该季共亏损617亿美元,虽然政府已三次注资救助,AIG仍不可能自我走出次贷衍生品保险的泥潭。到了赔付期限,政府还是不得不第四次出手救助,而且必须一轮一轮没完没了地救助;
4 美国政府已从7000亿美元金融救援计划中拨出450亿美元为花旗注资,并向花旗集团包括住房抵押贷款和商业房地产贷款在内的总计3060亿美元债务提供担保;
5 2009年1季度,苏格兰皇家银行(RBS)宣布亏损280亿英镑,创英国历史公司亏损纪录,英国政府随即公布第二波拯救银行措施,注资至少3500亿英镑;
6 Luc Laeven,Ross Levine."Is there a diversification discount in financial conglomerates?"[J].p331-367;
7 Markus M.Schmid;Ingo Walter."Do financial conglomerates create or destroy economic value?"[J].p193-216;
8 Kevin J.Stiroh,Adrienne Rumble."The dark side of diversification:The case of US financial holding companies"[J].p2131-2161;
9 北美精算师协会(Society of Actuaries,简称SOA)创立于1949年,是一个以服务于公众和学会会员为目标建立的教育、研究和专业性组织。其任务是为了发展精算知识,加强精算师向金融和社会涉及的未来不确定问题提供专业建议以及解决方法的能力;
10 例如,证券公司准备卖掉1000万股股票,但是只能为950万股找到买主,证券公司可能自己买入50万股作为投资组合的一部分,从而完成承销交易;
11 Ojo,Marianne."The Growing Importance of Risk in Regulation[R].p7;
12 Herring,Richard J.;Santomero,Anthony M."The Corporate Structure of Financial Conglomerates "[M]International competitiveness in financial services:A special issue of the Journal of Financial Services Research,Norwell,Mass.and Dordrecht:Kluwer Academic,1991,p 471-497;
13 或者研究 financial groups contagion risk;
14 Freshfields Bruckhaus Deringer."Study on financial conglomerates and legal firewalls"[R].
15 Bernhard Mayr "Financial contagion and intra-group spillover effects"[D].
16 阮永平.金融控股集团的风险管理[M].p124-162;
17 Freshfields Bruckhaus Deringer."Study on financial conglomerates and legal firewalls"[R].p19;
18 Randall S.Kroszner;Raghuram G.Rajan."Is the Glass-Steagall Act Justified? A Study of the U.S.Experience with Universal Banking Before 1933."[J].p810-832;
19 Asquith Paul,David Mullids,and Eric Wolff."Original Issue High Yield Bond:Ageing Analysis of Defaults,Exchange and Calls"[J].Journal of Finance,Sep.1989,pp923-952;
20 Dierick Frank."The Supervision of Mixed Financial Services Groups in Europe"[J].p15;
21 Joint Forum系列报告(7) "Trends in Risk Integration and Aggregation"[R].2003,p1-4;
22 Christine M.Cumming;Beverly J.Hirtle."The Challenges of Risk Management In Diversified Financial Companies"[J].p2;
23 Ward,Lisa S.,and David H.Lee."Practical Application of the Risk-Adjusted Return on Capital Framework."[R].
24 Paul Embrechts,Filip Lindskog,Alexander Mcneil."Modelling dependence with copulas and applications to risk management"[M].p329-384;
25 ①Roger B.Nelsen."An Introduction to Copula"[J].1999;②Roger B.Nelsen."Copula and quasi-copula:An introduction to their properties and applications"[J].2005,p391-413;
26 Tang,A.,Valdez,E.A."Economic capital and the aggregation of risks using copula"[R].
27 Joshua V.Rosenberg,Til Schuermann."A general approach to integrated risk management with skewed,fat-tailed risks"[J].2006,p9;
28 Joshua V.Rosenberg,Til Schuermann."A general approach to integrated risk management with skewed,fat-tailed risks"[J].p569-614;
29 肖振宇博士论文,金融混业经营及风险管理研究[D].天津大学,2004年,p66;
30 Andrew Kuritzkes,Til Schuermann,and Scott M.Weiner."Risk Measurement,Risk Management,and Capital Adequacy in Financial Conglomerates"[R].2003;p143;
31 巴塞尔协议;
32 Capital Market Risk Advisors."Economic Capital Survey Overview."[J].2001;
33 Kuritzkes,Andrew,Til Schuermann,and Scott M.Weiner."Study on the Risk Profile and Capital Adequacy of Financial Conglomerates."[R];
34 Dimakos,Xeni K.,and Kjersti Aas."Integrated Risk Modeling."[R];
35 Ward,Lisa S.,and David H.Lee."Practical Application of the Risk-Adjusted Return on Capital Framework."[R];
36 Raimo,Voutilainen."Comparing Alternative Structures of Financial Alliances"[J].p327;
37 本部分参考:①Andrew Kuritzkes,Til Schuermann,and Scott M.Weiner."Risk Measurement,Risk Management,and Capital Adequacy in Financial Conglomerates"[R].p158-175;②Joshua V.Rosenberg,Til Schuermann."A general approach to integrated risk management with skewed,fat-tailed risks".[J].Mar2006,Vol.79 Issue 3,p569-614;③肖振宇博士论文,金融混业经营及风险管理研究[D];④刘春航、陈璐,银行集团的风险并表:风险计量及评估方法[J].p92;
38 Meyers.Jan;Ballegeer,David."What EU rules mean for financial conglomerates".[M].p23;
39 Dimakos,Xeni K.,and Kjersti Aas."Integrated Risk Modeling."[R];
40 Ward,Lisa S.,and David H.Lee."Practical Application of the Risk-Adjusted Return on Capital Framework."[J].
41 Joshua V.Rosenberg,Til Schuermann."A general approach to integrated risk management with skewed,fat-tailed risks".[J].p594;
42 同上;
43 Arturo Estrella."Mixing and matching:Prospective financial sector mergers and market valuation"[J].
44 巴塞尔协议和联合论坛。
45 刘春航、陈璐,银行集团的风险并表:风险计量及评估方法[J].p94;
46 Bernhard Mayr "Financial contagion and intra-group spillover effects"[D].p149;
47 2005年05月31日台湾证券交易所台证上字第0940014064号公告修订《金融控股公司申请股票上市审查准则》第2条款,提高上市门槛。
48 Shih-Fang Lo;Wen-Min.Lu."An integrated performance evaluation of financial holding companies in Taiwan[J].p341;
49 台湾金融于2007年8月15日奉台湾“行政院“第3054院会指示开始筹备,2008年1月1日依金融控股公司法及其他有关法令,由台湾银行股份转换成立,并于成立次日将台湾银行之证券及保险业务以公司分割方式设立台银综合证券及台银人寿保险公司,为台湾首家国营金融控股公司,台湾“财政部”控股100%,资本额新台币900亿元,公司经营版图横跨银行证券及寿险三大范畴。
50 Luc Laeven,Ross Levine."Is there a diversification discount in financial conglomerates?"[J].p331-367;
51 David J.Denis;Diane K.Denis;Sarin,Atulya."Agency Problems,Equity Ownership,and Corporate Diversification"[J].p138;
52 Markus M.Schmid;Ingo Walter."Do financial conglomerates create or destroy economic value?"[J].p 198;
53 Kevin J.Stiroh,Adrienne Rumble."The dark side of diversification:The case of US financial holding companies"[J].p 2131-2161;
54 Linda Allen,Julapa Jagtiani."The Risk Effects of Combining Banking Securities and Insurance Activities"[J].p485-497;
55 Kevin J.Stiroh,Adrienne Rumble."The dark side of diversification:The case of US financial holding companies"[J].p 2131-2161;
56 该估计类似于夏普指数(Sharpe Ratio);
57 Barbara Casu;Girardone,Claudia."Financial conglomeration:efficiency,productivity and strategic drive"[J].p693;
1 或者研究financial groups contagion risk;
2 Freshfields Bruckhaus Deringer."Study on financial conglomerates and legal firewalls"[R].
3 Bernhard Mayr "Financial contagion and intra-group spillover effects"[D].
4 阮永平.金融控股集团的风险管理[M].p124-162;
5 Freshfields Bruckhaus Deringer."Study on financial conglomerates and legal firewalls"[R].p19;
6 Howell E.Jackson,Cameron Half." Background Paper on Evolving Trends in the Supervision of Financial Conglomerates"[J].,p17;
7 Amil.Dasgupta."Financial Contagion Through Capital Connections:A Model of the Origin and Spread of Bank Panics"[J].p1049-1084;
8 Diamond W.Douglas,Raghuram G.Rajan."Banks,short-term debt and financial crises:theory,policy implications and applications"[J].401-419;
9 Allen,Franklin;Gale,Douglas."Financial contagion"[J].p1-33;
10 分别是纽约富兰克林国民银行(FNB)、Hamilton国民银行(HNB)、美国圣地亚哥国民银行(USNB);
11 Joseph Aharony;Swary Itzhak."Contagion Effects of Bank Failures:Evidence from Capital Markets"[J].p306;
12 竞争性效应可以理解为正的再评估效应(positive revaluation effect),鉴于本文重点研究传染性风险,不再深入讨论该效应;
13 Larry H.P.Lang;Renl M.Stulz."Contagion and competitive intra-industry effects of bankruptcy announcements"[J].p
14 Elijah Brewer Ⅲ;William E.Jackson Ⅲ."Inter-industry contagion and the competitive effects of financial distress announcements:evidence from commercial banks and life insurance companies" |R].
15 Elijah Brewer Ⅲ;william E.Jackson Ⅲ的回归分析算出R~2为0.48,这高于前期所有学者的研究(0.40) Elijah Brewer Ⅲ;William E.Jackson Ⅲ."Inter-industry contagion and the competitive effects of financial distress announcements:evidence from commercial banks and life insurance companies"[R].p57-59,Table 9.Pooled cross-section time series estimates of the correlation of abnormal returns and the financial characteristics of banking and insurance companies;
16 Jan Frederik,Slijkerman;Dirk Schoenmaker;Casper G.de Vries.选取了欧洲最大的10家银行HSBC、RBS、UBS、BARCLAYS、BSCH、BBVA、DEUTSCHE BANK、ABN AMR、UNICREDITO、STD CHARTERED和10家保险公司OYAL&SUN、AEGON、AVIVA、PRUDENTIAL、LEGAL&GENERAL、ALLEANZA、SKANDIA、GENERALI、AXA、ZFS;
17 Jan Frederik,Slijkerman;Dirk Schoenmaker;Casper G de Vries."Risk Diversification by European Financial Conglomerates"[R].p22;
18 Bernhard Mayr "Financial contagion and intra-group spillover effects"[D].p29;
19 Bernhard Mayr "Financial contagion and intra-group spillover effects"[D].p149;
20 Freshfields Bruckhaus Deringer."Study on financial conglomerates and legal firewalls"[R].p19;
21 虽然在金融学著作中传染性风险一次被经常提及,引自Bernhard.Mayr.“Financial contagion and intra-group spillover effects”[D].p26;
22 如2008年Lehman Brothers的倒闭导致很多Lehman Brothers的参与的交融衍生产品无从定价,交易对手只能大幅度提取减值准备;
23 John A.Tatom."AIG and the Fed:Prologue to future financial regulation?"[R].February28.2009,p2;
24 Craig H.Furfine."Interbank Exposures:Quantifying the Risk of Contagion."[J].p112;
25 Xavier Freixas,Gyongyi L(o)r(a)nth,Alan D.Morrison."Regulating financial conglomerates"[J].p 506-507;
26 虽然在金融学著作中传染性风险一次被经常提及,引自Bernhard.Mayr.“Financial contagion and intra-group spillover effects”[D].p26;
27 De Nicolo,Gianni;Bartholomew,Philip F.;Zaman,Jahanara;Zephirin,M.G."Bank Consolidation,Internationalization and Conglomeration:Trends and Implications for Financial Risk"[R].2003;
28 Bernhard Mayr."Financial contagion and intra-group spillover effects"[D].p59;
29 Yehning Chen."Banking panics:The role of the first come,first served rule and information externalities"[J].p946;
30 Andrea Devenow;Ivo Welch."Rational herding in financial economics"[J].p603-615;
31 黄亚钧 姜纬.微观经济学教程[M].
32 Gianni De Nicolo;Myron L.Kwast."Systemic risk and financial consolidation Are they related? "[J].p861- 880;
33 Amil.Dasgupta."Financial Contagion Through Capital Connections:A Model of the Origin and Spread of Bank Panics"[J].p1049-1084;
34 Diamond W.Douglas,Raghuram G.Rajan."Banks,short-term debt and financial crises:theory,policy implications and applications"[J].401-419;
35 Allen,Franklin;Gale,Douglas."Financial contagion"[J].p1-33;
36 此时发行股权性融资工具难度很高,因为参与路演和定价的机构投资者对于FC内部的危机并非信息闭塞。
37 关于FC内部资本市场的分析详见第四章第二节;
38 CAMELS评级是Capital adequacy(资本充足率),Asset quality(资产质量),Management(管理),Equity(权益),Liquidity(流动性)和Sensitivity to market risk(对市场风险的敏感度)第一个字母的缩写,1代表最高,5代表最低。
39 Andrew Mitsunori Davenport;Kathleen Marie McDill."The Depositor Behind the Discipline:A Micro-Level Case Study of Hamilton Bank"[J].
40 Murllo Campello."Internal Capital Markets in Financial Conglomerates Evidence from Small Bank Responses to Monetary Policy"[J].p2773-2790;
41 Amil.Dasgupta."Financial Contagion Through Capital Connections:A Model of the Origin and Spread of Bank Panics"[J].p1049-1084;
42 Diamond W.Douglas,Raghuram G.Rajan."Banks,short-term debt and financial crises:theory,policy implications and applications"[J].401-419;
43 Allen,Franklin;Gale,Douglas."Financial contagion"[J].p1-33;
44 Kiyotaki,Nobuhiro;Moore,John."Balance-Sheet Contagion"[J].p46-50;
45 Freixas,Xavier,BrunoParigi,and Jean-Charles Rochet."Systemic Risk,Interbank Relations,and Liquidity Provision by the Central Bank."[J].p611-638;
46 Morris Stephen and Shin Hyun Song."Rethinking Multiple Equilibria in Macroeconomic Modeling"[J].p139-161;
47 Amil.Dasgupta."Financial Contagion Through Capital Connections:A Model of the Origin and Spread of Bank Panics"[J].p1049-1084;
48 Morris Stephen and Shin Hyun Song."Rethinking Multiple Equilibria in Macroeconomic Modeling"[J].p139-161;
1 Marc J.Goovaerts,Eddy Van den Borre,and Roger J.A.Laeven."Managing Economic and Virtual Economic Capital Within Financial Conglomerates"[J].;
2 这就是这类问题的本性——一旦你开始采用数学方式描述复杂的现实世界,你就很难停下来。将适用于市场风险的技术应用到信用风险和操作风险中,使内部风险管理程序达到同等的统计精确水平的企图,在可以预见的将来,好像不大可能实现;
3 Andrew Kuritzkes,Til Schuermann,and Scott M.Weiner."Risk Measurement,Risk Management,and Capital Adequacy in Financial Conglomerates",[R].p143
4 Jan Frederik,Slijkerman;Dirk Schoenmaker;Casper G de Vries."Risk Diversification by European Financial Conglomerates"[R].p22;
5 Bernhard Mayr "Financial contagion and intra-group spillover effects"[D].p57;
6 Alter,Gary.2008.A 2004 SEC."Rule Change Caused Wall Street's Financial Disaster"[N].;
7 David.Van Hoose."Market Discipline and Supervisory Discretion in Banking:Reinforcing or Conflicting Pillars of Basel Ⅱ? "[J].p115;
8 Howell E.Jackson,Cameron Half."Background Paper on Evolving Trends in the Supervision of Financial Conglomerates"[J].p17-18;
9 Howell E.Jackson."Consolidated Capital Regulation for Financial Conglomerates"[M].p127;
10 Collateralized Debt Obligation,资产证券化家族中重要的组成部分。它的标的资产通常是信贷资产或债券。这也就衍生出了它按资产分类的重要的两个分支:CLO(Collateralised Loan Obligation)和CBO(Collateralised Bond Obligation)。前者指的是信贷资产的证券化,后者指的是市场流通债券的再证券化,它们都统称为CDO;根据Securities Industry and Financial Markets Association的统计,2004年CDO总共发行1570亿美元,2005年发行2720亿,2006年发行5520亿,2007年发行5030亿;
11 CDS是一种合同。全称credit default swap,意思是信用违约掉期合约。CDS合约是美国一种相当普遍的金融衍生工具,1995年由JP Morgan首创,2007年中市值达45万亿美元,AIG报病危时据说达62万亿美元。CDS相当于对债权人所拥有债权的一种保险。从理论上讲,CDS卖家售出CDS,对相应的一份债权将来是否得以履约做出担保;而这样一来,作为买家的债权人就把债权违约的风险让渡给了CDS卖家。
12 Mohamed Nurullah;Chizu Nakajima."Towards a Single Regulatory/ Supervisory System for Financial Con glomerates:Evidence from Ten Countries"[J].p42;
13 Rinaldo M.Pecchioli."Prudential Supervision in Banking(Bank) "[M].引自 Book Review of Prudential Supervision in Banking(Bank)[J].p4;
14 Basel Committee on Banking Supervision."International Convergence of Capital Measurement and Capital Standards"[S].P113;
15 Bruce Porteous;P.Tapadar."Economic Capital and Financial Risk Management for Financial Services Firms and Conglomerates"[M].引自.N.H.Bingham"[J].p510;
16 合格的监管资本的定义将继续沿用1988年协议1988Accord的规定。1998年10月27日,巴塞尔委员会发布的“合格的一级资本工具”的新闻公告对此有详细说明。Basel Committee on Banking Supervision."International Convergence of Capital Measurement and Capital Standards"[S].p12;
17 以监管资本为基础的资本充足率要求是国际银行业监管的核心指标之一。监管资本是按银行监管部门要求计算的银行资本。资本充足率中所指的资本就是监管资本;
18 Donahoo K.K;Shaffer,S.,"Capital Requirements and the Securitization Decision"[J]. p12;
19 Basel Committee on Banking Supervision."International Convergence of Capital Measurement and Capital Standards"[S].p13,article 46;
20 第一层次资本是指普通股股权,不累积的久期优先股,可累积的久期优先股,并表机构中的少数股东权益;
21 资料来自中信集团网站:http://www.citic.com/;
22 Roger J.A.Laeven,Marc J.Goovaerts."An optimization approach to the dynamic allocation of economic capital"[J]p 299;
23 Marc J.Goovaerts,Eddy Van den Borre,and Roger J.A.Laeven."Managing Economic and Virtual Economic Capital Within Financial Conglomerates"[J].;
24 Robert H.Gertner,Scharfstein,David S.;Jeremy C.Stein."Internal Versus External Capital Markets"[J].p1211;
25 Jeremy C.Stein."Internal Capital Markets and the Competition for Corporate Resources"[J].p111-133;
26 David S.Scharfstein;Stein,Jeremy C."The Dark Side of Internal Capital Markets:Divisional Rent-Seeking and Inefficient Investment"[J].p2537;
27 Rajan,Raghuram;Servaes,Henri;Zingales,Luigi."The Cost of Diversity:The Diversification Discount and Inefficient Investment"[J].p35;
28 Murllo Campello."Internal Capital Markets in Financial Conglomerates Evidence from Small Bank Responses to Monetary Policy"[J],p2777-2778;
29 Donahoo K.K;Shaffer,S.,"Capital Requirements and the Securitization Decision"[J].p12;
30 Kist,Ewald."Integrated Financial Services-A Framework for Success:Synergies in Insurance,Banking,and Asset Management"[R].p311;
31 Bernhard Mayr."Financial contagion and intra-group spillover effects"[D].p59;
32 Dimitris N.Chorafas."Economic capital allocation:Practical applications and theoretical background"[J].第七章部分 p158;
33 Basel Committee on Banking Supervision."International Convergence of Capital Measurement and Capital Standards"[S].Ⅱ.Banking,securities and other financial subsidiaries第24条附注6.p7;
34 同上,p8;
35 Meyers.Jan;Ballegeer,David."What EU rules mean for financial conglomerates".[M].p1,因为制定FC指令的初衷即为在集团层面评估总体风险头寸和清偿力;
36 VaR是目前为止使用最多的风险量化指标,尤其在度量市场风险领域。在险价值刻画了损失分布的尾部风险,其定义为:在一定时期内1,在置信水平α(如99%或99.9%)下,投资组合的最大可能损失。用数学语言表达如下:VaR(α)=min{I|P(Lp>1)≤1-α}其中置信水平的选取由风险管理者对风险敏感性的要求所决定,敏感性要求越高,要求的置信水平也越高。如新协议要求的置信水平为99.9%,对期限要求一般为1年的信用风险而言,其含义可以理解为银行发生极端损失而超过其资本金的可能性为千年一遇。
37 Nadine Gatzert;Hato Schmeiser;Stefan Schuckmann."Enterprise Risk Management in Financial Groups:Analysis of Risk Concentration and Default Risk"[J].p245;
38 J.Dhaene;M.Denuit;M.J.Goovaerts;R.Kaas;D.Vyncke."The concept of comonotonicity in actuarial science and finance:theory"[J].p5;
39 J.Dhaene;M.Denuit;M.J.Goovaerts;R.Kaas;D.Vyncke."The concept of comonotonicity in actuarial science and finance:applications"[J].p133-161;
40 Roger J.A.Laeven,Marc J.Goovaerts."An optimization approach to the dynamic allocation of economic capital"[J].p304;
41 J.Dhaene;M.Denuit;M.J.Goovaerts;R.Kaas;D.Vyncke."The concept of comonotonicity in actuarial science and finance:theory"[J]和 "The concept of comonotonicity in actuarial science and finance:applications"[J]两篇文章;
42 Marc J.Goovaerts,R.Kaas,J.Dhaene."Economic capital allocation derived from risk measures"[J].p4;
43 Kass,Rob,Marc J.Goovaerts,J.Dhaene,M.Denuit."Modern Actuarial Risk Theory"[J].
44 Marc J.Goovaerts,R.Kaas,J.Dhaene."Economic capital allocation derived from risk measures"[J].p10;
45 Paul Embrechts,Andrea Hoing,Giovanni Puccetti."Worst VaR scenarios"[J].p 115-134;
46 Basel Committee on Banking Supervision."International Convergence of Capital Measurement and Capital Standards"[S].
47 Christine M.Cumming;Beverly J.Hirtle."The Challenges of Risk Management In Diversified Financial Companies"[J].p2;每一家FC的风险管理方法有较大差别;
48 Meyers.Jan;Ballegeer,David."What EU rules mean for financial conglomerates".[M].p22;
49 Ville M(?)lk(?)nen."Financial conglomeration and monitoring incentives"[J];
50 Concetta Brescia Morra."Supervision on a Consolidated Basis"[J].p744;
51 Basel Committee on Banking Supervision."Consolidated Supervision of Bank's InternationalActivities”[S].该文件最后强调:所有母国监管机构都应在自身监管体系内与现有条件下实施下述公认原则,即所有银行的资本充足率和经营风险都应在其国际业务总体层面上受到监管与评估。同时,东道国应尽其所能为上述监管活动的实施提供条件;
52 Basel Committee on Banking Supervision."Principle for the Supervision of Bank's Foreign Establishment"[S].
53 Basel Committee on Banking Supervision."The Supervision of Cross-Border Banking "[S].
54 该指令于1992年被92/30/EEC号指令替代;
55 Concetta Brescia Morra."Supervision on a Consolidated Basis"[J].p743;
56 EEC:92/30/EEC:Council Directive of 6 April 1992 on the supervision of credit institutions on a consolidated basis[S].OJ1992,L110/52,于2000年被European Council:Directive 2000/12/EC 替代;
57 如《1992年并表监管指令》在其序言中声明,并表监管的宗旨有二:其一是保护所涉机构的存款人的利益;其二是确保共同体金融体系的稳定;
58 2000年9月18日欧洲议会出台Directive 2000/28/EC对本Directive 2000/12/EC进行修订;
59 2004年Concetta Brescia Morra教授在“Supervision on a Consolidated Basis:(Articles 52-56 of Directive 2000/12/EC)”[J].一文中对52-56条款有非常详细的研究;
60 本指令为对73/239/EEC,79/267/EEC,92/49/EEC,92/96/EEC,93/6/EEC,93/22/EEC,98/78/EC和2000/12/EC相关条款的综合和创新;
61 European Council:Directive 2002/87/EC.[S];该指令的制定一开始是针对银行保险集团(bancassurance groups),后来外延扩展到所有的FC,引自Meyers.Jan;Ballegeer,David.“What EU rules mean for financial conglomerates”.[M].p1;
62 该四项原则为:所有的国际银行应当由执行并表监管职能的母国监管,母国监管当局有权禁止妨碍监管的公司组织结构;跨境设立银行应当首先征得东道国与母国监管当局的同意;母国监管当局应当有权获得跨境银行的信息;若东道国监管当局认定未满足上述三标准中的任一条时,其可以采取限制性措施,或制止其设立银行机构;
63 就前者而言,其主要包括:银行集团所具有的风险管理机制、内部控制与内部审计制度、附属公司所有权与控制权的变化、质量管理与对管理者的资格审查、资产质量与集中程度等;就后者而言,其主要包括:银行的资本充足率、大额风险暴露或法定贷款限制额(包括内部风险暴露)、资金与存款集中程度等;
64 如母国监管当局是否有通过检查与审计报告等方法来核实信息准确性的能力、母国监管
1 Ingo Walter."Conflicts of Interest and Market Discipline Among Financial Service Firms."[J].p361;
2 Guido Palazzo;Lena Rethel."Conflicts of Interest in Financial Intermediation"[J].p193;
3 Massimo Massa,Zahid Rehman."Information flows within financial conglomerates:Evidence from the banks-mutual funds relation"[J].p 288-306;
4 Jun-Koo Kang;Wei-Lin Liu."Is universal banking justified? Evidence from bank underwriting of corporate bonds in Japan "[J]p142-186;
5 Patrick Bolton,Xavier Freixas,Joel Shapiro."Conflicts of interest,information provision,and competition in the financial services industry"[J].p318;
6 Gerard Gannon,Yuwei Zhou."Conflicts of interest and China's A-share underpricing"[J]p491-506;
7 Luca Benzoni,Carola Schenone."Conflict of interest and certification in the U.S.IPO market"[J];
8 ①Norman.S.Poser."International Securities Regulation:London's "Big Bang"and European Securities Markets"[M].p183-184;②Roberta S.Karmel."Book Review of "International Securities ReguIation:London's "Big Bang"and European Securities Markets"[J].p1351;
9 Joao A.C.Santos."Commercial Banks in the Securities Business:A Review"[J].p35-60;
10 Ingo Walter."Conflicts of Interest and Market Discipline Among Financial Service Firms."[J].p361-376;
11(a) personal-individual,(b) impersonalindividual,(c) personal-organizational,and finally(d)impersonal-organizational,引自Guido Palazzo;Lena Rethel."Conflicts of Interest in Financial Intermediation"[J].p198;
12 Harry McVea."Financial Conglomerates and the Chinese Wall:regulating conflicts of interest"[M].p33-35;
13 该证券公司与某商业银行具有关联关系,这意味着证券公司的损益情况与银行密切相关;
14 譬如,A银行的关联证券公司B为C公司提供承销服务,同时,证券公司B向投资者推荐购买该批股票。但是股票发行出现危机,为了避免发行失败,以及投资者以推荐过失为由起诉关联证券公司B,A银行违背谨慎原则向C公司发放贷款;
15 Patrick Bolton,Xavier Freixas,Joel Shapiro."Conflicts of interest,information provision,and competition in the financial services industry"[J].p318;
16 一方面,银行为了集团利益要努力推销这些证券,另一方面,银行对投资者又负有不得提供有利害关系投资建议的义务,利益冲突即无可避免;
17 Gregory M.Hebb."Conflict of Interest in Commercial Bank Equity Underwriting"[J].p185-205;
18 Cheng-Min Chuang & Chih-Pin Lin."Social capital and cross-selling within financial holding companies in an emerging economy"[J].p71;
19 现更名为MCI,为了与原世通(MCI)在诉讼前和解,花旗集团向原世通破产案件中损失惨重的投资者交付26.5亿美元,加上为解决包括安然再在的其他诉讼案的赔偿额,花旗银行累积税前赔偿总额达到67亿美元;
20 Ingo Walter."Conflicts of Interest and Market Discipline Among Financial Service Firms.”[J].p368,JP摩根大通和花旗银行是世通案发生前的融资牵头银行;
21 Saunders Anthony;Ingo Walter."Universal banking in the United States:What could we gain? What could we lose? "[M].p179;
22 王文宇.控股公司与金融控股公司法[M].p234-235;
23 LAA.Vanden Bergbe and K.Verweive."Creating the Future with All Finance and Financial Conglomerates"[M].p163;
24 Horst Loechel;Dr.Heike Brost;Helena Xiang Li."Benefits and Costs of Intrgrated Financial services Providers "[R].;
25 除美林外,JP摩根大通和花旗银行是安然的另两大金融后盾,也都是安然的并购顾问,JP摩根大通因安然破产案而冲销4.55亿美元的呆账;
26 Bulkley是美国参议员,支持《格拉斯·斯蒂格尔法》,引文为其在1984年的一次辩论中所提及;
27 George J.Stigler."The Economics of Information"[M].p46-66;
28 类似的案例,当子公司投资银行为企业承销证券时,它往往掌握着企业的一些秘密信息,此时FC可能会滥用这些内幕信息,一方面将业绩恶化、可能定价过高的股票兜售给经纪商所代理的投资者,另一方面则将经营状况良好的公司股票推荐给同属于FC的投资公司。
29 Reena Aggarwal;Prabhala,Nagpurnan;Puri,Manju."Institutional Allocation in Initial Public Offerings:Empirical Evidence"[J].p1421-1442;
30 Carola Schenone "The Effect of Banking Relationships on the Firm's IPO Underpricing."[J].p2903-2958;
31 Steven Drucker;Puri,Manju."On the Benefits of Concurrent Lending and Underwriting"[J].p.2763-2799;
32 Massimo Massa,Zahid Rehman."Information flows within financial conglomerates:Evidence from the banks-mutual funds relation"[J].p288-306;
33 陈振福.混业经营中利益冲突的法律规制[D].
34 美国和英国;
35 Harry McVea."Financial Conglomerates and the Chinese Wall:regulating conflicts of interest"[M].p122;
36 Joao A.C.Santos."Securities Units of Banking Conglomerates Should their be regulated ?"[J].p93;
37 Harry McVea.“Financial Conglomerates and the Chinese Wall:regulating conflicts of interest”[M].p123;中国墙制度这一名称的来源目前能查到的资料是来自Merrill Lynch statement of Policy in Re Merrill Lynch,Pierce,Fenner&Smith Inc.中的Segregation一词。
38 Reputation costs,引自Patrick Bolton,Xavier Freixas,Joel Shapiro."Conflicts of interest,information provision,and competition in the financial services industry"[J].p318;
39 如Gerard Gannon et al.(2008)研究了中国A股市场由于利益冲突导致的低发行价问题;Gerard Gannon,Yuwei Zhou."Conflicts of interest and China's A-share underpricing"[J].
40 如Citigroup于2002年8月剥离Travelers下属财产和灾害险部门,2005年1月以115亿美元的价格剥离Travelers下属人寿保险和年金业务部门,引自Sotiris K.Staikouras.“Business Opportunities and Market Realities in Financial Conglomerates."[R].p129;
41 Reputation costs,引自Patrick Bolton,Xavier Freixas,Joel Shapiro."Conflicts of interest,information provision,and competition in the financial services industry"[J].p317;
42 将次级贷款评级提高,将银行风险打包转移给证券投资者;
1 Milton Friedman,Anna J.Schwartz."Has government any role in money?"[J].p37-62;
2 Diamond W.Douglas,Raghuram G Rajan."Banks,short-term debt and financial crises:theory,policy implications and applications"[J].p 37-71;
3 Howell E.Jackson."Consolidated Capital Regulation for Financial Conglomerates"[M].2004,p124;
4 Jeroen J.M.Kremers;Schoenmaker,Dirk;Wierts,Peter J."Cross-Sector Supervision:Which Model?"[R].p230;
5 Sol Picciotto."Disembedding and Regulation:The Paradox of International Finance"[A].pl,2009年2月5日-2月7日在《Joint Conference of the Collaborative Research Centre 597"Transformations of the State"》的会议报告;
6 Carmichael J."Australia's Approach to Regulatory Reform"[A].;
7 Howell E.Jackson."Variation in the Intensity of Financial Regulation:Preliminary Evidence and Potential Implications"[R].p18;
8 ①Charles A.E.Goodhart;Dirk Schoenmaker."Institutional Separation between Supervisory and Monetary Agencies"[A].② Giorgio Di Giorgio;Carmine,Di Noia."Financial Regulation and Supervision in the Euro Area:A Four-Peak Proposal"[R].
9 Giorgio Di Giorgio;Carmine,Di Noia."Financial Regulation and Supervision in the Euro Area:A Four-Peak Proposal"[R].p7
10 论文第四章第二节有专门分析;
11 Charles A.E.Goodhart;Dirk Schoenmaker."Institutional Separation between Supervisory and Monetary Agencies"[A].p338;
12 Dierick,Frank."The Supervision of Mixed Financial Services Groups in Europe"[J].p28;
13 Michael Taylor."Twin Peaks:A Regulatory Structure for the New Century"[R].
14 Charles A.E.Goodhart任职于伦敦经济学院和英格兰银行货币政策委员会;
15 Goodhart,Schonemaker和Dasgupta(2001)发现,中央银行负责监管将雇佣更多的经济学家,而独立于中央央银行的监管机构则更多地雇佣律师和会计师,二者在监管技术上存在明显的差别。
16 基于监管目标的目标监管模式越来越受到人们的重视,如荷兰于2002年对金融监管体制的改革就体现了目标监管的思想(“Structure of Financial Supervision”,De Nederlandsche Bank(DNB)Quarterly Bulletin,March2001),目前在欧元区范围内有关金融监管体制构建的讨论中,人们也大多倾向于目标监管模式Karel Lannoo."Supervising the European Financial System"[J].2002;
17 Michael Taylor."Twin Peaks:A Regulatory Structure for the New Century"[R].
18 Michael Taylor的努力最终得到了国际组织的响应,始于2007年美国次贷危机的金融危机爆发后,2009年4月,二十国集团领导人在伦敦金融峰会达成一致,公报要求创立一家全新的金融稳定委员会(Financial Stability Board,以下简称“FSB”)。
19 Carmichael,J.(2003)."Australia's Approach to Regulatory Reform"[R].
20 Charles A.E.Goodhart;Dirk Schoenmaker."Institutional Separation between Supervisory and Monetary Agencies"[A].
21 功能监管的概念主要是来自于有关金融体系的“功能观点”学说。该学说是由1997年诺贝尔经济学奖得主、哈佛大学商学院的Robert C.Merton和Zvi Bodie(1993)等人最先提出的,它是相对于传统的机构观点而言的。见Robert C.Merton,Zvi Bodie.“Deposit insurance reform:a functional approach"[J].1993.p1-34;
22 Robert C.Merton,Zvi Bodie."A Conceptual Framework for Analyzing the Financial Environment"[A].1995.p4;
23 Robert C.Merton,Zvi Bodie."A Conceptual Framework for Analyzing the Financial Environment"[A].1995.p5;
24 Robert C.Merton,Zvi Bodie."Deposit insurance reform:a functional approach"[J].p5;
25 OECD."Economic Survey of the Euro Area 2009:Financial market stability:enhancing regulation and supervision"[R].
26 Giorgio Di Giorgio;Carmine,Di Noia."Financial Regulation and Supervision in the Euro Area:A Four-Peak Proposal"[R].p10;
27 Howell E.Jackson."Regulation in a Multi-Sectored Financial Services Industry:An Exploratory Essay"[R].p9;
28 Charles A.E.Goodhart;Dirk Schoenmaker."Institutional Separation between Supervisory and Monetary Agencies"[A],p333-413,
29 可以进步区分牵头监管模式和分头监管模式,分头监管模式基本框架是将金融机构和金融市场按照银行、证券、保险划分为三个领域,在每个领域分别设立一个专业的监管机构,负责全面监管,包括审慎监管和业务监管;
30 J.Virgil Mattingly;Keiran J Fallon."Understanding the Issues Raised by Financial Modernization ".[J].
31 包括几十家联邦一级监管机构、行业自律性组织、几百家州一级金融监管机构;
32 GAO 系列报告(8) Gene L.Dodaro.Financial Regulation:A Framework for Crafting and Assessing Proposals to Modernize the Outdated U.S.Financial Regulatory System.[R]p6;
33 美联储:Framework for Financial Holding Company Supervision[EB].
34 The Department of the Treasury."Blue print for a Modernized Financial Regulatory Structure"[R].美国现有的许多监管机构,根据这份方案将成为裁撤、拆分、合并、削权的对象,改革涉及它们的切身利益,也激起了很大的反应。一些机构及其工作人员抱怨保尔森借题发挥,利用危机来推进有关行政机构的全面调整。例如方案计划裁撤的存贷机构监管办公室(OTS)主任约翰·赖希(John Reich)就在一份致全体雇员的备忘录中,质疑新监管体系是否会比现有监管体系更有效。州一级司法部门则对方案将保险监管的重心由州一级提升到联邦一级耿耿于怀,它们声称联邦一级的监督不如州一级的严格,以此来反对削弱它们的职权;
35 美国总统金融市场工作组创建于1988年,主要包括财政部、美联储、证券交易委员会以及美国商品期货交易委员会(简称CFTC)的负责人。PWG主要负责金融市场的监管和政策问题,是一个有效的跨机构协调部门。
36 FDIC拥有四大监管职能:一是市场准人,由于没有进行联邦存款保险的银行几乎不可能得到注册批准,因此新银行进入市场在联邦一级就被FDIC、联邦储备体系和货币监理署牢 牢控制;二是处理破产银行;三是检查,有60%以上的FDIC的职员的工作与检查银行有关,由于高风险要支付较高的保费,从而促进银行改善经营管理,提高效率;四是对非联邦储备体系成员的州银行的存款利率实施监督(该职能于1986年取消)。
37 John A.Tatom."AIG and the Fed:Prologue to future financial regulation?"[R].February28.2009,p1;
38 The Department of the Treasury."Blue print for a Modernized Financial Regulatory Structure"[R].pl8;pl38;p141;p176;
39 CCMR成立于2006年秋天,宗旨是研究如何提高美国资本市场的监管效率,是由美国独立商业、金融、投资、法律、会计及学术界的精英组成的非政党组织;
40 Committee on Capital Markets Regulation,"Recommendations for Reorganizing the U.S.Financial Regulatory Structure"[R].
41 2008年7月,30人工作组在Steering委员会(主席Paul A.Volcker,副主席Tommaso Padoa Schioppa、Arminio Fraga Neto)的领导下成立了金融改革课题组,自从1990年设立以来,30人工作组已发表各类论文100余篇;
42 Group of Thirty.Working Group on Financial Reform,Financial Reform:A Framework for Financial Stability[R].
43 Hitt,Gregg."Next Front:Bank Regulation"[N];
44 如挪威于1986年,瑞典于1991年实现了金融监管一体化,具体请参考本章第三节,引自Michael Taylor;Alex Fleming."Integrated Financial Supervision:Lessons of Northern European Experience"[R].
45 FSA成立之初就表示将要采取崭新的监管方式,与原有的英格兰银行、证券与投资管理局等九个金融监管机构不同的是,FSA在监管中特别强调以下几个基本方面:(1)高效率地使用资源进行金融监管:(2)强调被监管金融机构管理层的尽职尽责;(3)强化金融监管与促进金融创新并举;(4)鼓励金融机构之间的有序竞争;(5)保持英国金融业国际化特征并提高竞争力。另外,在监管目标方面,FSA将通过积极关注金融发展动态,实现瞻前监管,以维持一个“高效、有序且纯洁”的金融市场,帮助客户达成公平而合理的交易;
46 负责监管大的银行、房屋建筑协会、投资银行及保险公司;
47 负责对未归入大金融集团监管的银行、房屋建筑协会及信用合作社的监管;
48 负责对未归入大金融集团监管的保险公司和互助会以及这些机构所运作的投资业务进行监管;
49 负责对未归入大金融集团监管的投资公司包括独立金融咨询师、基金经理、股票经纪人等的监管;
50 负责对交易所、票据交换所及其他相关实体进行监管;
51 Howell E.Jackson."Variation in the Intensity of Financial Regulation:Preliminary Evidence and Potential Implications"[R].p18;
52 Martin(?)ihák;Richard Podpiera."Integrated financial supervision:Which model?"[J].p137;
53 在避免监管重复或监管不足方面,两个监管机构签订了正式的备忘录,每月两个机构的高层召开会议,进行有效信息交流与合作。针对不同金融业务的差别监管问题,ASIC认为,在越来越深入的全球化趋势面前,金融监管的重点应当集中在市场参与者的行为监管和信息披露,而各类业务机构的经营活动方面的一致性和稳健性,应由同一监管机构即审慎监管局来监管。
54 Charles A.E.Goodhart;Dirk Schoenmaker;Paolo Dasgupta."The Skill Profile of Central Bankers and Supervisors"[J].如英国至1979年才形成正式的金融监管体系,而在此之前,英格兰银行主要是采取“道义劝说”的方式指导金融机构的行为。
55 GAO 系列报告(8) Gene L.Dodaro.Financial Regulation:A Framework for Crafting and Assessing Proposals to Modernize the Outdated U.S.Financial Regulatory System.[R]p2;
56 David T Llewellyn,"Institutional Structure of Financial Regulation:the Basic Issues"[R]June2006,p7;
57 David T.Llewellyn."Institutional Structure of Financial Regulation:the Basic Issues"[A].
58 Clive Briault."Revisiting the Rationale for a Single National Financial Services Regulator"[R].
59 Carmichael,J.(2003)."Australia's Approach to Regulatory Reform"[R].
60 Jose de Luna Martinez;Thomas A.Rose."International Survey of Integrated Financial Sector Supervision"[R].
61 Swati Singhal and Madhu Vij "Convergence in Financial Services Industry Trends and Issues in Regulation and Supervision",[J]2006;
62 Donato Masciandaro;Lucia Dalla."Pellegrina Politicians and Financial Supervision Architectures:Trends and the Italian Case"[R].
63 Martin(?)ihák;Richard Podpiera."Integrated financial supervision:Which model?"[J].2008,
64 Herring.Richard J.;Jacopo Carmassi."The Structure of Cross-Sector Financial Supervision "[J].2008;
65 1998年6月金融监督厅正式成立;
66 Michael Taylor."Twin Peaks:A Regulatory Structure for the New Century"[R].
67 Michael Taylor;Alex Fleming."Integrated Financial Supervision:Lessons of Northern European Experience"[R].p5;
68 同上,p6;
69 同上,第7页。
70 David T Llewellyn,"Institutional Structure of Financial Regulation:the Basic Issues"[R]June2006;
71 Charles A.E.Goodhart;Dirk Schocnmaker."Institutional Separation between Supervisory and Monetary Agencies"[A].
72 请参考本论文第三章:传染性风险第二节;
73 Michael Taylor;Alex Fleming."Integrated Financial Supervision:Lessons of Northern European Experience"[R].p13;
74 David T Llewellyn."Institutional Structure of Financial Regulation:the Basic Issues"[A].p23;
75 本模型参考了徐鑫硕士论文,欧盟金融监管制度研究[D].第三章思路;
76 因为在直接监管的情况下,F没有机会自行选择资本充足率λ,也就无法显示其具有较好的自律性,所以S在已经对其之前的表现失去信心的情况下,不会再放弃直接监管;
77 蒋中一.数理经济学的基本方法[M].p321;
1 Howell E.Jackson."Consolidated Capital Regulation for Financial Conglomerates"[M].p124;
2 泛欧监管机构,称为“欧洲金融监管体系”,以在监管机构之间执行共同的监管标准;
3 Mohamed Nurullah;Chizu Nakajima."Towards a Single Regulatory/Supervisory System for Financial Con glomerates:Evidence from Ten Countries"[J].p56;
4 GAO系列报告(8) Gene L.Dodaro.Financial Regulation:A Framework for Crafting and Assessing Proposals to Modernize the Outdated U.S.Financial Regulatory System.[R].p3;
5 Richard N.Cooper."Monetary Theory and Policy in an Open Economy"[J].p147;
6 Koichi Hamada."The Political Economy of International Monetary Interdependence"[M].
7 Kenneth Rogoff." Can International Monetary Policy Cooperation be Counterproductive?"[J].
8 David Currie,Paul Levine."Does International Macroeconomic Policy Coordination Pay and is it Sustainable?:A Two Country Analysis"[J].
9 Giovanni Dell'Ariccia,Robert Marquez."Competition among Regulators and Credit Market Integration"[R].
10 而且A国在违约的同时还可信誓旦旦地宣称自己一直在遵守政策协议。如果政策协调不是A、B两国而是多国,则各国违约的倾向更为严重,因为违约国家可以相互推卸责任,而这个问题又涉及到有关国家的政策“道德问题”了;
11 Giovanni Dell'Ariccia,Robert Marquez."Competition among Regulators and Credit Market Integration"[R].;
12 这个假设保证了施加于美国FC的监管水平的唯一最优解和一个内解,如果F~i在k_i在(0,1)范围内都随着k_i增加,监管者将可能采纳极端的监管标准。
13 对每个可用的工具即建立一个收益函数,每项监管工具的收益都可以单独模拟表达,F 代表所有工具组合的总收益,由所有监管者的可能目标累加起来得到,关于实现部分目标可能妨碍其他目标的实现,模型假设F代表了可能冲突的目标之间的监管者的最优平衡。
14 为方便分析监管框架,本文的讨论主要以15个老欧盟成员国为基础,暂不涉及新加入的10个成员国;
15 Dierick Frank."The Supervision of Mixed Financial Services Groups in Europe"[J].p27;
16 Committee of Wise Men(2001),引自John Grahl,"Financial integration in the EU:Policy issues and proposals"[J].p 253-267;
17 2002年11月20日,欧洲议会颁布了2002/87/EC指令,即《FC指令》;
18 Dierick Frank."The Supervision of Mixed Financial Services Groups in Europe"[J].p28;
19 OECD."Economic Survey of the Euro Area 2009:Financial market stability:enhancing regulation and supervision"(部分章节)[R],14 January 2009;
20 Dierick Frank."The Supervision of Mixed Financial Services Groups in Europe"[J].p51ANNEX 2 Key directives;
21 Concetta Brescia Morra."Supervision on a Consolidated Basis"[J].p743;
22 替代了《83/350/EEC指令》,2000年被Directive 2000/12/EC(Articles 52-56)整合替代.;
23 European Council:Directive 1998/78/EC.[S];
24 European Council:Directive 2002/87/EC.[S];该指令的制定一开始是针对银行保险集团(bancassurance groups),后来外延扩展到所有的FC,引自Meyers.Jan;Ballegeer,David."What EU rules mean for financial conglomerates".[M].p1;
25 Meyers.Jan;Ballegeer,David."What EU rules mean for financial conglomerates".[M].p24;基于欧盟成员国国别基础,非统一。
26 OECD,"Economic Survey of the Euro Area 2009:Financial market stability:enhancing regulation and supervision"(部分章节)[R],14 January 2009;
27 John Goddard;Molyneux,Philip;Wilson,John O.S.;Tavakoli,Manouche."European banking:An overview "[J].p1915,Table 2 Legislation impacting on the EU banking and financial sectors;
28 该委员会由欧洲中央银行行长特里谢担任主席,成员包括欧洲各国中央银行和银行业、保险业及证券业监管方代表;
29 E S F S属于分权性组织,主要与各国现行监管者一道监管未上市企业,独立于政府机构之外,但对它们负责;
30 Michael Gruson."Supervision of Financial Conglomerates in the European Union"[J].p1;
31 受监管实体指分别在各自部门指令下被定义的信贷机构、保险公司或证券公司。见Directive 2002/87/EC第2(4)条款。
32 European Council:Directive 2002/87/EC[S];
33 基于资产负债表上的比率和偿债能力比率。
34 因为在这些情况下,相同的资本被同时不止一次地用作满足母公司和子公司的资本要求;所以欧盟各成员国必须要求集团内部受监管实体保证其自身在FC的资金要至少满足补充指令中的资本充足率要求。
35 Meyers.Jan;Ballegeer,David."What EU rules mean for financial conglomerates".[M]p24;这三种方法分别与联合论坛的三种方法相对应,目的相同且可产生类似结果,尽管术语上存在差异;
36 European Council:Directive 2002/87/EC[S],第2(18)条;
37 European Council:Directive 2002/87/EC[S],第2(19)条;
38 European Council:Directive 2002/87/EC[S],第7(3)和8(3)条规定:关于FC内的关联交易及风险集中问题,在欧盟立法进一步协调以前,各成员国可以设定数量上的限额或允许其监管机构设定数量上的限额或采取其他能达到类似目的的监管措施;
39 Michael Gruson."Supervision of Financial Conglomerates in the European Union"[J].p2;
40 同上,p2;
41 Turner."A regulatory response to the global banking crisis"[R].p1-126
42 Turner报告总计126页,主要内容包括:彻底改变银行资本和流动性监管制度,提高银行资本充足率,加强对“影子银行”、对冲基金等的监管,改革信用评级机构,创建一个整合国家监管力量,防范跨国金融风险的泛欧监管机构等;
43 二十国集团伦敦金融峰会公报[S].
44 联合国.各国经济权利和义务宪章[S].颁布日期:1974-12-12执行日期:1974-12-12.
45 巴塞尔银行监管委员会文献汇编/国际清算银行出版,中国人民银行国际司译,《巴塞尔银行监管委员会文献汇编》,北京,中国金融出版社,1998年7月,第320、321页。
46 巴委会于1999年6月首次公布修改后的资本协议征求意见稿,在成员国广泛征求意见,同时也转发给全世界各国的监管当局。2001年1月公布了草案第二稿,2003年4月巴委会发表了经过两度修正的《新巴塞尔资本协议》第三个征求意见稿;
47 Meyers.Jan;Ballegeer,David."What EU rules mean for financial conglomerates".[M]p22;
48 2005年11月进行了部分条款调整;
49 Jan Frederik,Slijkerman;Dirk Schoenmaker;Casper G.de Vries."Risk Diversification by European Financial Conglomerates"[R].p22;
50 Howell E.Jackson,"Consolidated Capital Regulation for Financial Conglomerates",[M]Capital adequacy Beyond Basel,2004,p124;
51 事实上,在2009年3月12日,FSF主席德拉吉已公开表示,该论坛将扩大成员规模,包括所有20国集团国家、西班牙以及欧盟委员会。
52 二十国集团伦敦金融峰会公报[S].
53 各国在FSF框架下展开密切而有系统的合作,以更好地监管跨境金融机构,建立所谓的“监管者联盟”(Aerdt,Houben;Schrijvers,Iskander;Willems,Tim.“Supervising cross-border banks in Europe”[J].2008,p227-246)有关“监管者联盟”的概念是在2008年11月华盛顿峰会上提出的,由来自不同国家的官员组成一个小组,共同协调对于大型跨国金融机构的监管。约翰·卡特认为,这个“联盟”可能会合作制定统一的监管标准,确保金融机构不会向监管力度小的区域转移。
54 作为本次危机的最直接教训之一,提高金融机构的资本充足率早已成为各国监管者共识,但却引发部分金融机构的反对呼声。这其中主要涉及两方面冲突:首先是对于非银行金融机构提出资本金要求必然引起反对,因为诸如投资银行、对冲基金等机构正是靠高杆杠操作来获取利润;其次,对于资本充足率的顺周期要求(即经济繁荣时提高资本充足率要求)势必会冲击到经济繁荣时银行的盈利能力,这也是银行不愿接受的。“但是人们应该看到这一要求将为金融机构在经济下行时提供可贵的缓冲,这是顺周期资本充足要求的积极意义所在。
55 模型参考①Andre FourCans;Thierry Warin 在"Stability and Growth Pact Ⅱ:Incentives and Moral Hazard"(2007),②Robert J.Barro;David B.Gordon失业率与通货膨胀模型("A Positive Theory of Monetary Policy in a Natural Rate Model"),③Robert J.Barro,David B.Gordon "Rules,Discretion and Reputation In A Model Of Monetary Policy" NBER Working Paper Series,1983以及④陈启清《竞争还是合作:国际金融监管的博弈论分析》四篇论文中的研究思路
56 Robert J.Barro,David B.Gordon.“A Positive Theory of Monetary Policy in a Natural Rate Model”[J].p593;
57 根据前文定义:l_i=ω(c_i)~2+θ(π_i)~2 ω、θ>0θ、ω表示监管机构对资本成本和资本充足率的稳定性的重视程度,一般情况下监管机 构对资本成本θ的重视程度高于资本充足率的稳定性ω的总是程度,因此β=θ/ω>1;
58 归属中央企业工作委员会管理;
59 归属中央金融工作委员会管理;
60 David T Llewellyn."Institutional Structure of Financial Regulation:the Basic Issues"[A].p7;
61 我国真正意义上的金融监管是从1984年中国人民银行专门行使中央银行职责开始的,但直到1995年《中国人民银行法》的颁布,才从法律角度确立了人行作为中央银行的监管职能。1997年以前,人行实行一体化监管,即内设银行司、非银行司、保险司、外资金融机构管理司及农村合作金融司,分别对银行业、证券业和保险业进行监管。而国务院证券委和中国证监会自1992年成立以来,一直履行部分证券业监管职能。
62 最早的分工合作机制始于2000年,当年9月,央行、证监会和保监会首次召开三方监管联席会议。中国银监会成立后,央行调整为银行会,第一次监管联席会议是在2003年9月18日召开的。三方分工合作的《备忘录》那时即已讨论通过,不仅明确三方应就重大监管事项和跨行业、金融控股集团的监管、跨境监管中的复杂问题进行及时磋商,并明确了按季召开联席会议的工作机制。第二次联席会是在2004年3月召开,沟通协商的内容为如何贯彻落实“国九条”。
63 中国银监会.银行并表监管指引[S].银监发〔2008〕5号,第23条;
64 同上,第34-52条;
65 同上,第63-67条;
66 The Department of the Treasury."Blue print for a Modernized Financial Regulatory Structure"[R].
67 Committee on Capital Markets Regulation,"Recommendations for Reorganizing the U.S.Financial Regulatory Structure"[R].
68 Hitt,Gregg."Next Front:Bank Regulation"[N];
69 参考英国的金融集团监管处和欧盟后“莱姆法鲁西”(post-Lamfalussy)的监管机构安排;
70 美国财政部《金融监管改革现代化蓝图》提出的框架,美国现有的许多监管机构将成为裁撤、拆分、合并、削权的对象,一些机构及其工作人员抱怨保尔森借题发挥,利用危机来推进有关行政机构的全面调整。例如方案计划裁撤的存贷机构监管办公室(OTS)主任John Reich就在一份致全体雇员的备忘录中,质疑新监管体系是否会比现有监管体系更有效。州一级司法部门则对方案将保险监管的重心由州一级提升到联邦一级耿耿于怀,它们声称联邦一级的监督不如州一级的严格,以此来反对削弱它们的职权。
1、如无注明,资料来源均是复旦大学图书馆外文电子期刊EBSCO,ELSVIER,及文献传递;
2、google学术搜索的相关文献,如直接输入网址可能无法连接,需先进入google 学术搜索平台,再输入文章名称即可;
3、google图书在网上只能看到部分章节;如需全文需购买。
[1]Aerdt,Houben;Schrijvers,Iskander;Willems,Tim."Supervising cross-border banks in Europe"[J].Journal of Banking Regulation,Aug2008,Vol.9 Issue 4,p227-246;
[2]Allen,Franklin;Gale,Douglas."Financial contagion"[J].Journal of Political Economy,Feb2000,Vol.108 Issue 1,p1-33;
[3]Allen N.Berger;Robert De Young;Mark J.Flannery."Why Do Large Banking Organizations Hold So Much Capital? "[J].来自google学术搜索,http://www.probanker.com/symp/2007/BergerDeYoungFlannery.pdf;
[4]Alter,Gary."A 2004 SEC Rule Change Caused Wall Street's Financial Disaster"[N].New York Times.Oct 8,2008;
[5]Amil.Dasgupta."Financial Contagion Through Capital Connections:A Model of the Origin and Spread of Bank Panics"[J].Journal of the European Economic Association,Dec2004,Vol.2 Issue 6,p1049-1084;
[6]Andrea Devenow;Ivo Welch."Rational herding in financial economics"[J].European Economic Review,Vol.40,1996,p603-615;
[7]Andre FourCans,Thierry Warin."Stability and Growth Pact II:Incentives and Moral Hazard"[J].Journal of Economic Policy Reform,Vol.10,No.1,p51-62,March 2007;
[8]Andrew Kuritzkes,Til Schuermann,and Scott M.Weine."Risk Measurement,Risk Management,and Capital Adequacy in Financial Conglomerates"[J].Brookings-Wharton Papers on Financial Services:2003;
[9]Andrew Mitsunori Davenport;Kathleen Marie McDill."The Depositor Behind the Discipline:A Micro-Level Case Study of Hamilton Bank"[J].Journal of Financial Services Research,Volume 30,Number 1,2006;
[10]Anthony Saunders,Roy C.Smith;Ingo Walter." Enhanced Regulation of Large,Complex Financial Institutions."[J].Financial Markets,Institutions &Instruments,May 2009,Vol.18 Issue 2,p153-154;
[11]Arturo Estrella."Mixing and matching:Prospective financial sector mergers and market valuation"[J].Journal of Banking & Finance,Volume 25,Issue 12,December 2001,p2367-2392;
[12]Barbara Casu;Girardone,Claudia."Financial conglomeration:efficiency,productivity and strategic drive."[J].Applied Financial Economics,Jun2004,Vol.14 Issue 10,p687-696;
[13]Basel Committee on Banking Supervision."Consolidated Supervision of Bank's International Activities"[S].(March,1979),网址:http://www.bis.org/publ/bcbsc 112.pdf;
[14]Basel Committee on Banking Supervision."International Convergence of Capital Measurement and Capital Standards"[S].A Revised Framework Updated November 2005;
[15]Basel Committee on Banking Supervision."Principle for the Supervision of Bank's Foreign Establishment"[S].(May,1983),网址:http://www.bis.org/publ/bcbsc312.pdf:
[16]Basel Committee on Banking Supervision."The Supervision of Cross-Border Banking "[S].(1996);
[17]Basel Committee on Banking Supervision Range of practices and issues in economic capital frameworks March 2009 http://www.bis.org/publ/bcbs 152.pdf
[18]Bernhard Mayr."Financial contagion and intra-group spillover effects"[D].St.Gallen大学博士论文,2007;来自google学术搜索http://www.unisg.ch/www/edis.nsf/wwwDisplayIdentifier/3303/$FILE/dis3303.pdf;
[19]Bruce Porteous;P.Tapadar."Economic Capital and Financial Risk Management for Financial Services Firms and Conglomerates"[M].引自N.H.Bingham"[J].Journal of the Royal Statistical Society:Series A(Statistics in Society)Volume 170,Issue 2,Date:March 2007,P510;
[20]Capital Market Risk Advisors."Economic Capital Survey Overview."[J].New York,2001.May.Available at www.cmra.com/html/ec.html;
[21]Carmichael,J.(2003)."Australia's Approach to Regulatory Reform"[R].paper given at World Bank Regulation Conference,December,2003;
[22]Charles A.E.Goodhart."The Organizational Structure of Banking Supervision"[J].Economic Notes,Feb2002,Vol.31 Issue 1,p1,-32;
[23]Charles A.E.Goodhart;Dirk Schoenmaker."Institutional Separation between Supervisory and Monetary Agencies"[A].The central bank and the financial system[C].1995,p333-413,Cambridge:MIT Press;
[24]Charles A.E.Goodhart;Dirk Schoenmaker;Paolo Dasgupta.'The Skill Profile of Central Bankers and Supervisors"[J].European Finance Review,2002,v.6,iss.3,pp.397-427;
[25]Carola Schenone "The Effect of Banking Relationships on the Firm's IPO Underpricing."[J].Journal of Finance,Dec2004,Vol.59 Issue 6,p2903-2958;
[26]Cheng-Min Chuang & Chih-Pin Lin."Social capital and cross-selling within financial holding companies in an emerging economy"[J].google学术搜索,网址:http://ntur.lib.ntu.edu.tw/bitstream/246246/84763/1/7.pdf,2008-7-25;
[27]Christine M.Cumming;Beverly J.Hirtle."The Challenges of Risk Management In Diversified Financial Companies"[J].Economic Policy Review (19320426),Mar2001,Vol.7 Issue 1,p1-17;
[28]Chongwoo Choe,Xiangke Yin "Diversification discount,information rents and internal capital markets"[J].Quarterly Review of Economics and Finance,2007,来自google学术搜索,http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/15176/1/HJeco0480201590.pdf;
[29]
[30]Chun Chang;Bruce D.Smith."Moral Hazard under Commercial and Universal Banking"[J].Journal of Money,Credit & Banking,Aug1998 Part 2,Vol.30 Issue 3,p426-468;
[31]Clive Briault."Revisiting the Rationale for a Single National Financial Services Regulator"[R].Occasional Paper Series 16.2002,http://www.fsa.gov.uk/ pubs/ occpapers/OP 16.pdf;
[32]Committee on Capital Markets Regulation,"Recommendations for Reorganizing the U.S.Financial Regulatory Structure"[R].January 14,2009.网址http://www.capmktsreg.org/pdfs/CCMR%20-%20Recommendations%20for%20Reor ganizing%20the%20US%20Regulatorv%20Structure.pdf;
[33]Concetta Brescia Morra."Supervision on a Consolidated Basis:(Articles 52-56 of Directive 2000/12/EC)"[J].European Business Law Review,Jul/Aug2004,Vol.15Issue 4,p743-761;
[34]Constantinos Stephanou."pervision of Financial Conglomerates:The Case of Chile"[R].World Bank Policy Research Working Paper 3553,2005,March,来自google学术搜索http://www-wds.worldbank.org /servlet/WDSContentServer/WDSP/IB/2005/04/05/000012009_20050405095900/Rendered/PDF/wps3553.pdf;
[35]Craig H.Furfine."Interbank Exposures:Quantifying the Risk of Contagion."[J].Journal of Money,Credit & Banking,Feb2003,Vol.35 Issue 1,p111-128;
[36]David Currie,Paul Levine."Does International Macroeconomic Policy Coordination Pay and is it Sustainable?:A Two Country Analysis"[J].Oxford Economic Papers,1987,(39),p38-74;
[37]David J.Denis;Diane K.Denis;Sarin,Atulya."Agency Problems,Equity Ownership,and Corporate Diversification"[J].Journal of Finance,Mar1997,Vol.52Issue1,p135-160;
[38]David S.Bieri."Financial stability,the Basel Process and the new geography of regulation"[J].Cambridge J Regions Econ Soc,Cambridge Journal of Regions,Economy and Society,Mar 2009,1-29;
[39]David S.Scharfstein;Stein,Jeremy C."The Dark Side of Internal Capital Markets:Divisional Rent-Seeking and Inefficient Investment "[J].Journal of Finance,Dec2000,Vol.55 Issue 6,p2537-2564;
[40]David T Llewellyn."Institutional Structure of Financial Regulation:the Basic Issues"[A].paper presented at the World Bank and IMF conference Aligning Supervisory Structures with Country Needs,Washington DC,June2006,5-6;来自google 学术搜索,http://siteresources.worldbank.org/INTTOPCONF6 /Resources/2057292-1162909660809/ F2FlemmingLlewellyn.pdf;
[41]De Nicolo,Gianni;Bartholomew,Philip F.;Zaman,Jahanara;Zephirin,M.G."Bank Consolidation,Internationalization and Conglomeration:Trends and Implications for Financial Risk"[R].2003,International Monetary Fund IMF Working Papers:03/158;
[42]Donahoo K.K;Shaffer,S."Capital Requirements and the Securitization Decision".[J].Quarterly Review of Economics and Business,1991,31(4),12-23;
[43]Donato Masciandaro 累积风险R_(S2),"Pellegrina Politicians and Financial Supervision Architectures:Tr(?)lian Case"[R].July 2007;
[44]David.Van Hoose."Market Discipline and Supervisory Discretion in Banking:Reinforcing or Conflicting Pillars of Basel Ⅱ"[J].Journal of Applied Finance Fall/Winter2007,Vol.17 Issue 2,p105-118;
[45]Dimakos,Xeni K.,and Kjersti Aas."Integrated Risk Modeling."[R].2002,Working Paper.Oslo:Norwegian Computing Center.http://www.gloria mundi.org /picsresources/xdka.pdf;更新网址
[46]Dimitris N.Chorafas."Economic capital allocation:Practical applications and theoretical background"[J].Economic Capital Allocation with Basel Ⅱ,2004,p149-172;(复旦大学图书馆文献传递)
[47]Diamond W.Douglas,Raghuram G.Rajan."Banks,short-term debt and financial crises:theory,policy implications and applications"[J].Carnegie-Rochester Conference Series on Public Policy,Volume 54,Issue 1,June 2001,p37-71;
[48]Diamond W.Douglas,Phillip AlDybvig."Bank runs,deposit insurance,and liquidity "[J].Jouranal of Political Economy,1983,vo191,p401-419;
[49]Dierick Frank."The Supervision of Mixed Financial Services Groups in Europe"[J].,European Central Bank Occasional Paper Series,No.20,August 2004;
[50]Dirk Schoenmaker;Sander Oosterloo."Financial Supervision in Europe:A Proposal for a New Architecture"[J].,2006,google学术搜索http://staff.feweb.vu.nl/dschoenmaker/Chapter%2015%20Financial%20Supervision%20final%20version%20Jan%2031.pdf;
[51]Don.Vangel."At the Brink of Regulatory Convergence"[J].Journal of Investment Compliance(Euromoney),Spring2005,Vol.5 Issue 4,p72-75;Modeling Price Pressure in Financial Markets,Journal of Economic Behavior &Organization,In Press,Accepted Manuscript,Available online 14 March 2009,Elena Asparouhova,Peter Bossaerts
[52]Enrico Maria Cervellati;Eleonora Fioriti."Financial Supervision in EU Countries"[J].15 January 2007,来自google学术搜索;
[53]EEC:92 / 30 / EEC:Council Directive of 6 April 1992 on the supervision of credit institutions on a consolidated basis[S].OJ1992,L 110/52;
[54]Elijah Brewer Ⅲ;William E.Jackson Ⅲ."Inter-industry contagion and the competitive effects of financial distress announcements:evidence from commercial banks and life insurance companies"[R].Federal Reserve Bank of Chicago working paper No.23.2002;网址:http://www.chicagofed.org/publications/workingpapers/papers/ wp2002-23.pdf;
[55]European Council:Directive 98/78/EC of the European Parliament and of the Council of 27 October 1998 on the supplementary supervision of insurance undertakings in an insurance group.[S]Official J.Eur.Union L330,1-12(1998)
[56]European Council:Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions,insurance undertakings and amending Council Directives 73/239/EEC,79/267/EEC,92/49/EEC,92/96/EEC,93/6/EEC and 93/22/EEC,and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council.[S]Official J.Eur.Union L35,1-26(2002);
[57]European Council:Life Insurance Directive 2002/83/EC;Nonlife Insurance Directive 73/239/EEC,[S];
[58]European Council:Directive 2000/12/EC of the European Parliament and of the Council of 20 March 2000 relating to the taking up and pursuit of the business of credit institutions,(又称银行指令);
[59]Fernando Mierzejewski."The Allocation of Economic Capital in Opaque Financial Conglomerates"[J],来自google学术搜索,http://mpra.ub.uni-muenchen.de/9432/l/MPRA_paper_9432.pdf,2009-2-25;
[60]Fratangelo Pierpaolo."International and European Co-operation for Prudential Supervision"[R].Deceber 2003,来自google学术搜索,http://mpra.ub.uni-muenchen.de/5539/l/MPRA_paper_5539.pdf;
[61]Freixas,Xavier,BrunoParigi,and Jean-Charles Rochet."Systemic Risk,Interbank Relations,and Liquidity Provision by the Central Bank."[J].Journal of Money,Credit and Banking,2000,32,p611-638.
[62]Freshfields Bruckhaus Deringer."How Countries Supervise their Banks,Insurers and Securities Markets 2007"[R].Central Banking Publications;
[63]Freshfields Bruckhaus Deringer."Study on financial conglomerates and legal firewalls"[R].October 2003.,资料来源:www.nvb.nl/scrivo/(收费);
[64]George J.Benston."Universal Banking"[J].Journal of Economic Perspectives,Summer94,Vol.8 Issue 3,p121-143;
[65]George J.Stigler."The Economics of Information"[M].1986,Hoover Institution Press;
[66]Gerard Gannon,Yuwei Zhou."Conflicts of interest and China's A-share underpricing"[J].International Review of Financial Analysis,Volume 17,Issue 3,June 2008,Pages 491-506;
[67]Gianni De Nicolo;Myron L.Kwast."Systemic risk and financial consolidation Are they related? "[J].Journal of banking and Finance,Vol.26,2002,p861-880;来自google学术搜索,http://www.bankofengland.co.uk/publications/events/conf0105/paper4may01.pdf;
[68]Giorgio Di Giorgio;Carmine,Di Noia."Financial Regulation and Supervision in the Euro Area:A Four-Peak Proposal"[R].Working Papers--Financial Institutions Center at The Wharton School,2001,p1-30,来自google学术搜索,http://fic.wharton.upenn.edu/fic/papers/01/0102.pdf;
[69]Giovanni DeH'Ariccia,Robert Marquez."Competition among Regulators and Credit Market Integration"[R],IMF working paper2003;资料来源:复旦大学图书馆文献传递
[70]Gregory M.Hebb."Conflict of Interest in Commercial Bank Equity Underwriting"[J].Financial Review,May2002,Vol.37 Issue 2,p185-205;
[71]Group of Thirty.Working Group on Financial Reform,Financial Reform:A Framework for Financial Stability[R].(Washington D.C.:January 15,2009).网址:www.group30.org/pubs/recommendations.pdf;
[72]Guido Palazzo;Lena Rethel."Conflicts of Interest in Financial Intermediation"[J].Journal of Business Ethics,Volume 81,Number 1,2008,p193-207;
[73]Günter Lang,Peter Welzel."Efficiency and technical progress in banking Empirical results for a panel of German cooperative banks"[J].Journal of Banking &Finance,Volume 20,Issue 6,July 1996,p 1003-1023;
[74]Hamid Mehrana Rene M.Stulz."The economics of conflicts of interest in financial institutions"[J].google学术搜索,网址:http://www.cob.ohio-state.edu /fin/faculty/stulz/publishedpapers/The%20Economics%20of%20Conflicts%20of%20I nterests.pdf,2009-1-05;
[75]Harry McVea."Financial Conglomerates and the Chinese Wall:regulating conflicts of interest"[M].Clarendon Press,1993;http://books.google.com/books;
[76]Haubrich,Joseph G.;Thomson,James B."Umbrella supervision and the role of the central bank",Journal of Banking Regulation,Nov2008,Vol.10 Issue 1,p17-27;
[77]Helmut Mausser;Dan Rosen."Economic Credit Capital Allocation and Risk Contributions"[J].Handbooks in Operations Research and Management Science,Volume 15,2007,p681-726;
[78]Herring.Richard J."International Financial Conglomerates:Implications for Bank Solvency Regimes."[R].Paper presented at the second annual international seminar on policy challenges for the financial sector in the context of globalization,World Bank,Washington,2002 June;
[79]Herring.Richard J.;Jacopo Carmassi."The Structure of Cross-Sector Financial Supervision "[J].2008,来自google 学术搜索http://fic.wharton.upenn.edu/fic/papers/07/0734.pdf,2009-1-22;
[80]Herring,Richard J.;Litan,Robert E."Financial regulation in the global economy" Integrating National Economies:Promise and Pitfalls series.Washington,D.C.:Brookings Institution,1995;
[81]Herring,Richard J.;Santomero,Anthony M."The Corporate Structure of Financial Conglomerates "[M].International competitiveness in financial services:A special issue of the Journal of Financial Sefrvices Research,Norwell,Mass.and Dordrecht:Kluwer Academic,1991,p 471-497;
[82]Hitt,Gregg."Next Front:Bank Regulation"[N].Wall Street Journal,February 26,2009;
[83]Horst Loechel;Dr.Heike Brost;Helena Xiang Li."Benefits and Costs of Intrgrated Financial services Providers "[R].2009,Research Fellowship Program Working Paper No.1来自google学术搜索,http://www.ceibs.edu/bmt/images/20090121/14552.pdf;
[84]Howell E.Jackson."Consolidated Capital Regulation for Financial Conglomerates "[M].Capital adequacy Beyond Basel,2004,本书主编:Hal S.Scott,
[85]Howell E.Jackson."Regulation in a Multi-Sectored Financial Services Industry:An Exploratory Essay"[R].Harvard Law School,Discussion Papers 8/99.May 27,1999来自google学术搜索,网址:http://cyber.law.harvard.edu/rfi/papers/multisector.pdf
[86]Howell E.Jackson,Cameron Half."Background Paper on Evolving Trends in the Supervision of Financial Conglomerates'[J].2002,来自google学术搜索,网址:http://www.law.harvard.edu/programs/pifs/pdfs/ jackson_half.pdf;
[87]Howell E.Jackson."Variation in the Intensity of Financial Regulation:Preliminary Evidence and Potential Implications"[R].2005,June 29,p1-35;.
[88]Hwang Dar-Yeh "Financial System Reform in Taiwan"[J].来自google学术搜索http://www.cm.hit-u.ac.ip/～jae/papers/hwang.pdf;
[89]Iman Van Lelyveld;Arnold Schilder."Risk in Financial Conglomerates:Management and Supervision."[J].Brookings-Wharton Papers on Financial Services,2003,Vol.2003 Issue 1,p195-224;
[90]Iman van Lelyveld and Klaas Knot."Do financial conglomerates destroy value?"[J].来自google学术搜索,网址:http://www.eco.rug.nl/medewerk/sterken/download/lelyveld.pdf,2009-3-25;
[91]Ingo Walter."Universal Banking:A Shareholder Value Perspective."[J].Financial Markets,Institutions & Instruments,Dec 1997,Vol.6 Issue 5,p344-360;
[92]Ingo Walter."Conflicts of Interest and Market Discipline Among Financial Service Firms."[J].European Management Journal,Aug2004,Vol.22 Issue 4,p361-376;
[93]James Crotty,Gerald Epstein."Proposals for Effectively Regulationg the US Financial System to Avoid Yet Another Meltdown"[R].Working Paper,2008-15,October 7,2008;
[94]Jan Frederik,Slijkerman;Dirk Schoenmaker;Casper G.de Vries."Risk Diversification by European Financial Conglomerates"[R].December 7,2005,Tinbergen Institute,Tinbergen Institute Discussion Papers:05-110/2,来自google学术搜索,网址:http://publishing.eur.nl/ir/repub/asset/7426/2005-1102.pdf;
[95]J.Dhaene;M.Denuit;M.J.Goovaerts;R.Kaas;D.Vyncke."The concept of comonotonicity in actuarial science and finance:theory"[J].Insurance:Mathematics & Economics,8/20/2002,Vol.31 Issue 1,p3-32;
[96]J.Dhaene;M.Denuit;M.J.Goovaerts;R.Kaas;D.Vyncke."The concept of comonotonicity in actuarial science and finance:applications"[J].Insurance:Mathematics & Economics,10/18/2002,Vol.31 Issue 2,pl33-161;
[97]Jeremy C.Stein."Internal Capital Markets and the Competition for Corporate Resources"[J].Journal of Finance,Marl997,Vol.52 Issue 1,p111-133;
[98]Jeroen J.M.Kremers;Schoenmaker,Dirk;Wierts,Peter J."Cross-Sector Supervision:Which Model?"[J].Brookings-Wharton Papers on Financial Services,2003,Vol.2003 Issue 1,p225-243;
[99]Jill Considine;Arupratan Daripan;Simone Varotto;Shuji Kobayakawa;commentary by Patrick Parkinson."Incentive-Compatible Regulation:Views on the Precommitment Approach"[J].Economic Policy Review(19320426),Oct1998,Vol.4Issue 3,p130-159;
[100]Joao A.C.Santos."Commercial Banks in the Securities Business:A Review"[J].Journal of Financial Services Research,July 1998,v.14,iss.1,pp.35-60;
[101]Joao A.C.Santos."Securities Units of Banking Conglomerates Should their be regulated ?"[J].CATO Journal,Spring/Summer98,Vol.18 Issue 1,p 93-117;
[102]John A.Tatom."AIG and the Fed:Prologue to future financial regulation?"[R].February28.2009,来自google学术搜索http://mpra.ub.uni-muenchen.de/14122/1/MPRA_paper_14122.pdf;
[103]John Goddard;Molyneux,Philip;Wilson,John O.S.;Tavakoli,Manouche."European banking:An overview "[J].Journal of Banking & Finance,M2007,Vol.31Issue 7,p1911-1935;
[104]John Grahl."Financial integration in the EU:Policy issues and proposals"[J].Critical Perspectives on Accounting,Volume 17,Issues 2-3,February-April 2006,P 253-267;
[105]John H.Boyd;Graham,Stanley L.;Hewitt,R.Shawn."Bank holding company mergers with nonbank financial firms:Effects on the risk of failure."[J].Journal of Banking & Finance,Feb1993,Vol.17 Issue 1,p43-63;
[106]Jose de Luna Martinez;Thomas A.Rose."International Survey of Integrated Financial Sector Supervision"[R].Policy Research Working Paper 3096,The World Bank;Financial Sector Operations and Policy Department July 2003;
[107]José Manuel Campa;Hernando,Ignacio."M&As performance in the European financial industry."[J].Journal of Banking & Finance,Dec2006,Vol.30Issue 12,p3367-3392;
[108]Joseph Aharony;Swary Itzhak."Contagion Effects of Bank Failures:Evidence from Capital Markets"[J].Journal of Business,Jull983,Vol.56 Issue 3,p305-322;
[109]Joshua V.Rosenberg,Til Schuermann."A general approach to integrated risk management with skewed,fat-tailed risks"[J].Journal of Financial Economics,Mar2006,Vol.79 Issue 3,p569-614;
[110]Julia Majaha-Jartby and Thordur Olafsson,Regional Financial Conglomerates:A Case for Improved Supervision,IMF Working Paper.2005
[111]Jun-Koo Kang;Wei-Lin Liu."Is universal banking justified? Evidence from bank underwriting of corporate bonds in Japan "[J].Journal of Financial Economics 84(2007)p142-186;
[112]J.Virgil Mattingly;Keiran J Fallon."Understanding the Issues Raised by Financial Modernization ".[J].NC Banking Inst.2,25,1998.来自google学术搜索之Google网上图书:http://books.google.com/
[113]Karel Lannoo." Supervising the European Financial System"[J].Centre for European Policy Studies(CEPS),NO.21,May 2002;
[114]Kenneth Rogoff." Can International Monetary Policy Cooperation be Counterproductive?"[J].Journal of International Economies,1985,(18),p199-277.来自google学术搜索http://people.ucsc.edu/～hutch/Econ241 a/Articles /Rogoff-1985.pdf
[115]Kevin J.Stiroh,Adrienne Rumble."The dark side of diversification:The case of US financial holding companies"[J]Journal of Banking & Finance,Volume 30,Issue 8,August 2006,P 2131-2161;
[116]Kevin P.Coyne;Lenny T.Mendonca and Gregory Wilson."Can banks grow beyond M&A? "[J].McKinsey Quarterly,2004 Issue 1,p72-81;
[117]Kist,Ewald."Integrated Financial Services--A Framework for Success:Synergies in Insurance,Banking,and Asset Management"[R].Geneva Papers on Risk and Insurance:Issues and Practice,July 2001,v.26,iss.3,p311-322;
[118]Kiyotaki,Nobuhiro;Moore,John."Balance-Sheet Contagion"[J].American Economic Review,May2002,Vol.92 Issue 2,p46-50;
[119]Koguchi,Kazuhiko,Forestieri,Giancarlo."Special features:Financial conglomerates "[J].Financial Market Trends;Paris;Oct 1993;
[120]Koichi Hamada."The Political Economy of International Monetary Interdependence"[M].Translated by CharlesYuri Horioka and Kwan Chi Hung,MIT Press,Cambridge,Mass,1985;
[121]LAA.Vanden Bergbe and K.Verweive."Creating the Future with All Finance and Financial Conglomerates"[M].Kluwer Acadamic Publishers,1998;
[122]Larry H.P.Lang;Renl M.Stulz."Contagion and competitive intra-industry effects of bankruptcy announcements"[J].Journal of Financial Economics,1992,p45-60;
[123]Laura Cavallo,Stefania P.S.Rossi."Scale and scope economies in the European banking systems"[J].Journal of Multinational Financial Management,Volume 11,Issues 4-5,December 2001,p15-531;
[124]Lawrence J.White."What Constitutes Appropriate Disclosure for a Financial conglomerates?"[J].Brookings-Wharton Papers on Financial Services:2003,p245-272;
[125]Linda Allen;Anoop Rai."Operational efficiency in banking:An international comparison."[J].Journal of Banking & Finance,May 1996,Vol.20 Issue 4,p655-672;
[126]Linda Allen,Julapa Jagtiani."The Risk Effects of Combining Banking Securities and Insurance Activities"[J].Journal of Economics and Business 2000;52,p485-497;
[127]Luca Benzoni,Carola Schenone."Conflict of interest and certification in the U.S.IPO market"[J].Journal of Financial Intermediation,In Press,Corrected Proof,Available online 11 February 2009;
[128]Luc Laeven,Ross Levine."Is there a diversification discount in financial conglomerates?"[J].,Journal of Financial Economics,Volume 85,Issue 2,August 2007,p331-367;
[129]Lutgart Van den Berghe."Financial Conglomerates,New Rules for New Players?"[M].Kluwer Acadamic Publishers,1995;
[130]Maarten Gelderman,Pieter Klaassenjman van Leyveld."Economic Capital:An Overview"[M].google 学术搜索,http://riskbooks.com/assets/881/881/1762.pdf,2008-9-16;
[131]Marc J.Goovaerts,Eddy Van den Borre,and Roger J.A.Laeven."Managing Economic and Virtual Economic Capital Within Financial Conglomerates"[J].google学术搜索http://www.soa.org/library/i ournals/north-american-actuarial-journal/2005/july/naaj0503-4.pdf,2007-11-20;
[132]Marc J.Goovaerts,R.Kaas,J.Dhaene."Economic capital allocation derived from risk measures"[J].June 13,2002;复旦大学文献传递;
[133]Mark B Greenlee."Historical Review of Umbrella Supervision"[R].Board of Governors of the Federal Reserve System By October 2008 网址:http://www.clevelandfed.org/research/workpaper/2008/wp0807.pdf;
[134]Markus M.Schmid;Ingo Walter."Do financial conglomerates create or destroy economic value?"[J].Journal of Financial Intermediation,Volume 18,Issue 2,April 2009,P193-216;
[135]Martin Cihak;Richard Podpiera."Integrated financial supervision:Which model?"[J].North American Journal of Economics & Finance,Aug2008,Vol.19Issue 2,p135-152;
[136]Mary Sumner."Risk factors in enterprise-wide/ERP projects"[J].Journal of Information Technology(Routledge,Ltd.),Dec2000,Vol.15 Issue 4,p317-327;
[137]Massimo Massa,Zahid Rehman."Information flows within financial conglomerates:Evidence from the banks-mutual funds relation"[J].Journal of Financial Economics,Volume 89,Issue 2,August 2008,p288-306;
[138]Mathias Dewatripont Janet Mitchell."Risk-taking in Financial Conglomerates "[J].google学术搜索http://www.eu-financial-system.org/fileadmin/content/Dokumente_Events/first_conference/Dewatripont_Mitc hell.pdf,2009-2-25;
[139]Meltzer A.H."Magins in the Regulation of Financial Institutions".[J].The Journal of Political Economy,Vol.75,1967,p482-511;
[140]Meyers.Jan;Ballegeer,David."What EU rules mean for financial conglomerates".[M]International Financial Law Review,2004 Banking Yearbook,p21-24;
[141]Milton Friedman,Anna J.Schwartz."Has government any role in money?"[J].Journal of Monetary Economics,Volume 17,Issue 1,January 1986,p37-62;
[142]Michael Gruson."Supervision of Financial Conglomerates in the European Union"[J].NYDOCS01/1000894.2 June 23,2004,p1-34,资料来源:复旦大学图书馆文献传递;
[143]Michael Taylor."Twin Peaks:A Regulatory Structure for the New Century"[R].Center for the Study of Financial Innovation,London,December 1995;
[144]Michael Taylor;Alex Fleming."Integrated Financial Supervision:Lessons of Northern European Experience"[R].IBRD Working Paper,September 1999;
[145]Mohamed Nurullah;Chizu Nakajima."Towards a Single Regulatory/Supervisory System for Financial Con glomerates:Evidence from Ten Countries"[J].Journal of Insurance Regulation,April 2006;
[146]Mohamed Nurullah;Elias Dinenis."Changing Interfaces between European Banks and Insurance Companies and the Regulatory/Supervisory Response"[J].Journal of Insurance Regulation,Summer2000,Vol.18 Issue 4,p551-584;
[147]Morris Stephen and Shin Hyun Song."Rethinking Multiple Equilibria in Macroeconomic Modeling"[J].NBER/Macroeconomics Annual(MIT Press),2000,Vol.15 Issue 1,p139-161;
[148]Murllo Campello."Internal Capital Markets in Financial Conglomerates Evidence from Small Bank Responses to Monetary Policy"[J].The Journal of Finance,VOL.LVII.NO.6,December 2002;
[149]Nadine Gatzert;Hato Schmeiser;Stefan Schuckmann."Enterprise Risk Management in Financial Groups:Analysis of Risk Concentration and Default Risk"[J].Financial Markets and Portfolio Management,September 2008,v.22,iss.3,p 241-258;
[150]Nicolae Dardac;Elena Georgescu."Lamfalussy Architecture"-A Model for Consolidating the Financial Markets' Supervision[R].来自google学术搜索,http://www.ectap.ro/articole/326.pdf;
[151]Norman.S.Poser."International Securities Regulation:London's "Big Bang"and European Securities Markets"[M].Little Brown&Co.publisher,Boston,1991;
[152]Oana Maria Miru;Roxana Hetes-Gavra;Ana Cristina Nicolescu."APPLYING BASEL Ⅱ REQUIREMENTS IN ROMANIA "[R].http://mpra.ub.uni-muenchen.de/12613/1 /MIRU_O ANA_LUCRARE.pdf;
[153]OECD."Economic Survey of the Euro Area 2009:Financial market stability:enhancing regulation and supervision"(部分章分)[R].14 January 2009,来自google学术搜索,2009-3-18;
[154]Ojo,Marianne."The Growing Importance of Risk in Regulation"[R].March 2009,来自google学术搜索,http://mpra.ub.uni-muenchen.de/13723/1/ MPRA paper 13723.pdf,2009-3-25;
[155]Ojo,Marianne."Risk Management by the Basel Committee:Evaluating Progress made from the 1988 Basel Accord to Recent Developments”[R].来自google 学术搜索,http://mpra.ub.uni-muenchen.de/10051/1/MPRA_paper_10051.pdf;
[156]Oliver,Wyman and Company 公司资助 Kuritzkes,Andrew,Til Schuermann,and Scott M.Weiner.“Study on the Risk Profile and Capital Adequacy of Financial Conglomerates.”[J].2001.February.来自 google 学术搜索;
[157]Patrick Bolton,Xavier Freixas,Joel Shapiro.“Conflicts of interest,information provision,and competition in the financial services industry”[J].Journal of Financial Economics,Volume 85,Issue 2,August 2007,p297-330;
[158]Paul Embrechts,Filip Lindskog,Alexander Mcneil.“Modelling dependence with copulas and applications to risk management” [M].Handbook of Heavy Tailed Distributions in Finance,2003,p329-384;
[159]Paul H.Kupiec;James M.O'Brien.“The Pre-Commitment Approach:Using Incentives to Set Market Risk Capital Requirements” [R].Working Papers-US Federal Reserve Board's Finance & Economic Discussion Series,1997,p1-52;
[160]Paul Embrechts,Andrea Hoing,Giovanni Puccetti.“Worst VaR scenarios” [J].Insurance:Mathematics and Economics,Volume 37,Issue 1,23 August 2005,p115-134;
[161]Rinaldo M.Pecchioli.“Prudential Supervision in Banking (Bank)” [M].引自 Book Review of Prudential Supervision in Banking (Bank)[J].Journal of Banking & Finance,1987,Vol.11 Issue 1,p14;
[162]Pulley,L.B.and D.B.Humphrey.“The Role of Fixed Costs and Cost Complementarities in Determining Scope Economies and the Cost of Narrow Banking Proposals” [J].Journal of Business (1993)66;
[163]Raimo.Voutilainen.“Comparing Alternative Structures of Financial Alliances” [J].Geneva Papers on Risk & Insurance-Issues & Practice,Apr2005,Vol.30 Issue 2,p327-342;
[164]Rajan,Raghuram;Servaes,Henri;Zingales,Luigi.“The Cost of Diversity:The Diversification Discount and Inefficient Investment” [J].Journal of Finance,Feb2000,Vol.55 Issue 1,p35-80;
[165]Randall S.Kroszner;Raghuram GRajan.“Is the Glass-Steagall Act Justified? A Study of the U.S.Experience with Universal Banking Before 1933.“ [J].American Economic Review,Sep 1994,Vol.84 Issue 4,p810-832;
[166]Randall S.Kroszner;Raghuram GRajan.“Organization structure and credibility:Evidence from commercial bank securities activities before the Glass-Steagall Act.” [J].Journal of Monetary Economics,Augl997,Vol.39 Issue 3,p475-516;
[167]Rebecca S Demsetz,Phillip E Strahan.“Diversification,Size,and Risk at Bank Holding Companies” [J].Journal of Money,Credit & Banking,Aug97,Vol.29 Issue 3,p300-313;
[168]Reena Aggarwal;Prabhala,Nagpurnan;Puri,Manju.“Institutional Allocation in Initial Public Offerings:Empirical Evidence” [J].Journal of Finance,Jun2002,Vol.57 Issue 3,p1421-1442;
[169]Richard N.Cooper.“Monetary Theory and Policy in an Open Economy” [J].Scandinavian Journal of Economics,1976,Vol.78 Issue 2,p146-163;
[170]Roberta S.Karmel.“Book Review of “International Securities Regulation:London's “Big Bang”and European Securities Markets” [J].Business Lawyer;May 1991,Vol.46 Issue 3;
[171]Robert C.Merton.“A Functional Perspective of Financial Intermediation” [J].The Journal of the Financial Management Association,Summer95,Vol.24 Issue 2,p23-41;
[172]Robert C.Merton,Zvi Bodie.“A Conceptual Framework for Analyzing the Financial Environment” [A],in Crane D.et al.The Global Financial System:A Functional Perspective[C]Harvard Business School Press,Cambridge.来自google学术搜索之Google网上图书:http://books.google.com/
[173]Robert C.Merton,Zvi Bodie."Deposit insurance reform:a functional approach"[J].Carnegie-Rochester Conference Series on Public Policy,Volume 38,June 1993,p1-34;
[174]Robert H.Gertner,Scharfstein,David S.;Jeremy C.Stein."Internal Versus External Capital Markets"[J].Quarterly Journal of Economics,Nov94,Vol.109Issue 4,p1211-1230;
[175]Robert J.Barro,David B.Gordon."A Positive Theory of Monetary Policy in a Natural Rate Model"[J].Journal of Political Economy,Aug83,Vol.91 Issue 4,p589-610;
[176]Robert J.Barro,David B.Gordon."Rules,Discretion and Reputation In A Model Of Monetary Policy"[J].NBER Working Paper Series,Journal of Monetary Economics,Ju183,Vol.12 Issue 1,p101-121;
[177]Roger B.Nelsen."An Introduction to Copulas."[J].Springer,1999.New York.
[178]Roger B.Nelsen."Copulas and quasi-copulas:An introduction to their properties and applications"[J].Logical,Algebraic,Analytic and Probabilistic Aspects of Triangular Norms,2005,p391-413
[179]Roger J.A.Laeven,Marc J.Goovaerts."An optimization approach to the dynamic allocation of economic capital"[J].Insurance:Mathematics and Economics,Volume 35,Issue 2,11 October 2004,p299-319;
[180]Rudi Vander Vennet."Cost and Profit Efficiency of Financial Conglomerates and Universal Banks in Europe"[J].Journal of Money,Credit,and Banking,Vol.34,No.1(Eebruary 2002),p254-280;
[181]Rudi Vander Vennet."The effect of mergers and acquisitions on the efficiency and profitability of EC credit institutions"[J].Journal of Banking &Finance,Volume 20,Issue 9,November 1996,p1531-1558
[182]Saunders Anthony;Ingo Walter."Universal banking in the United States:What could we gain? What could we lose? "[M].New York,Oxford University Press.1994;
[183]Schwartz Anna J."Financial Stability and the Federal Safety Net:Restructuring banking and financial services in America"[R].AEI Studies,no.481.Washington,D.C.:American Enterprise Institute for Public Policy Research;distributed by UPA,Lanham,Md.and London,1988,p 34-62;
[184]SEC."Framework for Financial Holding Company Supervision",SR 00-13[EB].http://www.federalreserve.gov/boarddocs/SRLETTERS/2000/SR0013.HT M;
[185]Shih-Fang Lo;Wen-Min.Lu."An integrated performance evaluation of financial holding companies in Taiwan "[J].European Journal of Operational Research,Oct2009,Vol.198 Issue 1,p341-350;
[186]Simon Kwan."Cracking the Glass-Steagall barriers."[J].FRBSF Economic Letter,03/21/97,Vol.97 Issue 8,p1-3;
[187]Sol Picciotto."Disembedding and Regulation:The Paradox of International Finance"[A].2009年2月5日-2月7日在《Joint Conference of the Collaborative Research Centre 597 "Transformations of the State"》的会议报告来自google学术搜索,http://eprints.lancs.ac.uk/23551/1/ Regulation_and_International_Finance.pdf,2009-3-25;
[188]Sotiris K.Staikouras."Business Opportunities and Market Realities in Financial Conglomerates."[R].Geneva Papers on Risk & Insurance-Issues &Practice,Jan2006,Vol.31 Issue 1,p124-148;
[189]Steven Drucker;Puri,Manju."On the Benefits of Concurrent Lending and Underwriting"[J].Journal of Finance,December 2005,v.60,iss.6,pp.2763-2799;
[190]Suleyman Basak;Alexander Shapiro."A Model of Credit Risk,Optimal Policies,and Asset Prices"[J].Journal of Business,Jul2005,Vol.78 Issue 4,p1215-1266;
[191]Swati Singhal and Madhu Vij."Convergence in Financial Services Industry Trends and Issues in Regulation and Supervision"[J].Journal of Management Research(09725814),Apr2006,Vol.6 Issue 1,p48-56;
[192]Tang,A.,Valdez,E.A."Economic capital and the aggregation of risks using copula"[R].Paper presented at the 28th International Congress of Actuaries,Paris (2006).来自google学术搜索http://papers.ica2006.com,2008-9-5;
[193]Tatom,John."AIG and the Fed:Prologue to future financial regulation?"[R].Networks Financial institute at Indiana State University 28.February 2009;来自google学术搜索http://mpra.ub.uni-muenchen.de/14122/l/MPRA_ paper_14122.pdf:
[194]The Department of the Treasury."Blue print for a Modernized Financial Regulatory Structure"[R].Contributors:Kelly Ayers等16人,资料来源美国财政部网站:http://www.ustreas.gov/,2009-3-15;
[195]Tullio,Jappelli;Pagano,Marco."Information sharing,lending and defaults:Cross-country evidence."[J].Journal of Banking & Finance,Oct2002,Vol.26 Issue 10,p2017;
[196]Turner."A regulatory response to the global banking crisis"[R].FSA,March 2009,P1-126;网址:http://www.fsa.gov.uk/pubs/other/turnerreview.pdf;
[197]Ulrich Heimeshoff;Andre Uhde."Consolidation in Banking and Financial Stability in Europe The Case of Promoting Cross-border Bank Mergers"[J].August 2007来自google学术搜索http://www.campus-for-finance.com /fileadmin/docs/docs_cfp/Paper_2008/Heimeshoff_Uhde_-_Consolidation_in_Bankin g_and_Financial_Stability_in_Europe.pdf;
[198]Ville M(?)lk(o|¨)nen."Capital adequacy regulation and financial conglomerates"[J].Journal of International Banking Regulation Volume 6 Number 1,2004,p33-52;
[199]Ville M(?)lk(o|¨)nen."Financial conglomeration and monitoring incentives"[J].Journal of Financial Stability,In Press,Corrected Proof,Available online 18 May 2008,ELSEVIER;
[200]Viral V.Acharya,Thomas Philippon,Matthew Richardson,and Nouriel Roubini."A Bird's-Eye View The Financial Crisis of 2007-2009:Causes and Remedies"[J].p1-56;来自google学术搜索http://media.rgemonitor.com/papers/0/prologue.pdf;
[201]Wall,L.D.,A.K.Reichert,and S.Mohanty."Deregulation and the Opportunities for Commercial Bank Diversification."[J].Federal Reserve Bank of Atlanta,Economic Review,1993,5,p1-25;
[202]Ward,Lisa S.,and David H.Lee."Practical Application of the Risk-Adjusted Return on Capital Framework."[R].Dynamic Financial Analysis Discussion Paper,CAS Forum(Summer).Arlington,2002.Va.:Casual Actuarial Society.Available at www.casact.org/pubs/forum/02sforum/02sfD79.pdf;
[203]Xavier Freixas,Gyongyi Loranth,Alan D.Morrison."Regulating financial conglomerates"[J].Journal of Financial Intermediation,Volume 16,Issue 4,October 2007,p 479-514;
[204]Yenning Chen."Banking panics:The role of the first come,first served rule and information externalities"[J].Journal of Political Economy 1999,Vol.107,No.5,p946-968,网址:http://www.journals.uchicago.edu/doi/abs/
[205]YUAN YUAN博士论文."Financial Integration and Scope Efficiency:Post Gramm-Leach-Bliley"[D].Georgia State University,来自google学术搜索http://etd.gsu.edu/theses/available/etd-08162007-125830/unrestricted/vuan yuan 200705 phd.pdf.2009-2-18;
[206]Joint Forum系列报告(1) Credit Risk Transfer-Developments from 2005 to 2007,Joint Forum(IOSCO,BCBS and IAIS)[R].July 2008;
[207]Joint Forum系列报告(2)Cross-Sectoral Review of Group-Wide Identification and Management of Risk Concentrations,Joint Forum(IOSCO,BCBS and IAIS)[R].April 2008;
[208]Joint Forum系列报告(3) The Management of Liquidity Risk in Financial Groups,Joint Forum(IOSCO,BCBS and IAIS)[R].May 2006;
[209]Joint Forum系列报告(4) Regulatory and Market Differences:Issues and Observations,Joint Forum(IOSCO,BCBS and IAIS)[R].May 2006;
[210]Joint Forum系列报告(5) Outsourcing in Financial Services,Joint Forum (IOSCO,BCBS and IAIS)[R].February 2005;
[211]Joint Forum 系列报告(6) Financial Disclosure in the Banking,Insurance and Securities Sectors:Issues and Analysis,Joint Forum(IOSCO,BCBS and IAIS)[R].April 2004;
[212]Joint Forum 系列报告(7) Trends in Risk Integration and Aggregation,Joint Forum(IOSCO,BCBS and IAIS)[R].August 2003;
[213]Joint Forum 系列报告(8) Operational Risk Transfer Across Financial Sectors,Joint Forum(IOSCO,BCBS and IAIS)[R].August 2003;
[214]Joint Forum 系列报告(9) Risk Management Practices and Regulatory Capital -Cross-Sectoral Comparison,Report of the Joint Forum(IOSCO,Basle Committee,IAIS)[R].November 2001;
[215]Joint Forum 系列报告(10) Core Principles - Cross-Sectoral Comparison,Report of the Joint Forum(IOSCO,Basle Committee,IAIS)[R].November 2001;
[216]Joint Forum系列报告(11) Risk Concentration Principles,A Report of the Joint Forum on Financial Conglomerates[R].December 1999;
[217]Joint Forum 系列报告(12) Intra-Group Transactions and Exposures Principles,A Report of the Joint Forum on Financial Conglomerates[R].December 1999;(United States Government Accountability Office)
[218]GAO 系列报告(1) New Basel Ⅱ Rules Reduced Certain Competitive Concerns,but Bank Regulators Should Address Remaining Uncertainties[R].September 2008;
[219]GAO 系列报告(2) Federal Banking Regulators Could Better Ensure That Consumers Have Required Disclosure Documents Prior to Opening Checking or Savings Accounts[R].January 2008;
[220]GAO系列报告(3) Financial Market Regulation:Agencies Engaged in Consolidated Industry Trends Continue to Challenge the Federal Regulatory Structure [R].October 2007;
[221]GAO 系列报告(4)Supervision Can Strengthen Performance Measurement and Collaboration[R].March 2007;
[222]GAO系列报告(5) Federal and State Agencies Face Challenges in Combating Predatory Lending[R].January 2004;
[223]GAO系列报告(6) Some Progress Made,but Greater Attention to Risk Management,Mission,and Corporate Governance Is Needed[R].October 2003;
[224]GAO系列报告(7) Update on Matters Related to the Securities Investor Protection Corporation[R].July 2003;
[225]GAO系列报告(8) Gene L.Dodaro.Financial Regulation:A Framework for Crafting and Assessing Proposals to Modernize the Outdated U.S.Financial Regulatory System.[R]2/5/2009,p1-102;
[1]陈振福博士论文.混业经营中利益冲突的法律规制[D].外经济贸易大学,2006年3月
[2]蔡奕.银行参与证券业务的利弊分析与法律监管[R].深圳证券交易所综合研究所深证综研字第0069号,2003.03.28.
[3]陈岗.金融监管一体化问题评述[J].社会主义研究,2008年8月,p153-155;
[4]陈岗.关于金融集团风险研究的文献评述[J].改革,2008年3月;
[5]陈启清,竞争还是合作.国际金融监管的博弈论分析[J].金融研究,2008年第10期,p187-195.
[6]二十国集团伦敦金融峰会公报[S].2009年4月2日;
[7]郭敏.多元化金融集团的组织经济学分析[M].北京,人民出版社,2005年版.
[8]桂荷发.金融集团的发展与监管[M].北京,经济管理出版社,2004年10月.
[9]黄亚钧 姜纬.微观经济学教程[M].上海:复旦大学出版社,1999.
[10]蒋中一.数理经济学的基本方法[M].北京,商务印书馆,北京,1998年8月.
[11]康华平.金融控股公司风险控制研究[M].北京,中国经济出版社,2006年版.
[12]联合国.各国经济权利和义务宪章[S].颁布日期:1974-12-12执行日期:1974-12-12.
[13]刘春航、陈璐,银行集团的风险并表:风险计量及评估方法[J].国际金融研究,2009年第2期.
[14]阮永平.金融控股集团的风险管理[M].上海,上海财经大学出版社,2007年11月.
[15]孙烽.国有金融控股集团风险管理系统规划[M].北京,中国金融出版社,2006年8月.
[16]王文宇.控股公司与金融控股公司法[M].北京:中国政法大学出版社,2003年.
[17]吴风云,赵静梅.统一监管与多边监管的悖论:金融监管组织结构理论初探[J].金融研究,2002年09期.
[18]夏斌等.金融控股公司研究[M].北京,中国金融出版社,2001年.
[19]肖振宇博士论文,金融混业经营及风险管理研究[D].天津大学,2004年.
[20]谢平等.金融控股公司的发展与监管[M].北京,中信出版社,2004年.
[21]谢识予、朱弘鑫.高级计量经济学[M].上海,复旦大学出版社,2005年5月;
[22]谢旭光硕士论文,四维风险传导模型及定理研究[D].武汉理工大学,2006年12月.
[23]徐鑫硕士论文,欧盟金融监管制度研究[D].吉林大学,2006年12月.
[24]杨明辉等.金融控股公司事务与操作[M].北京,中信出版社,2004年10月.
[25]叶辅靖.全能银行比较研究——兼论混业与分业经营[M].北京,中国金融出版社,2002年.
[26]叶厚元、邓明然.企业风险传导的六种方式及其特征[J].管理现代化,2005年第六期.p37-39.
[27]张春子.金融控股集团组建与运营[M].北京,机械工业出版社,2005年.
[28]张紫鹃硕士论文,金融控股公司风险传导机理及控制对策研究[D].西安理工大学,2008年3月.
[29]张忠军.金融业务融合与监管制度创新[M].北京,北京大学出版社,2007年3月.
[30]赵焕光.泛函分析入门[M].成都,四川大学出版社,2005年5月;
[31]中国人民银行国际司译,巴塞尔银行监管委员会文献汇编[G].北京,中国金融出版社,1998年7月.
[32]中国银监会.银行并表监管指引[S].银监发〔2008〕5号2008年2月.
[33]中国银监会、中国证监会、中国保监会.在金融监管方面分工合作的备忘录[S].2004年8月;
[34]周凤翱,金融集团监管信息共享的基本原则与国际立法[J].华北电力大学学报(社会科学版),2005年01期.
[35]朱(?)弗登博格(美国),让(?)梯若尔(法国).博弈论[M].北京,中国人民大学出版社,2002年10月.
[36]朱民.从管理和治理的双重角度看金融控股公司[J].国际金融研究,2004年第9期,p4-9.