Kingfisher Ian Cheshire BBC Cheshire stakeholders sociopolitical dynamics give-and-take dialogue 1 25 G G20 L G20 G2

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1 G G20 G 金融聯合徵信雙月刊第七期

2 Kingfisher Ian Cheshire BBC Cheshire stakeholders sociopolitical dynamics give-and-take dialogue 1 25 G G20 L G20 G20 G Scott C. Beardsley, Luis Enriquez, and Robin Nuttall, Managing Regulation in a New Era, The McKinsey Quarterly 2009 number1, pp 金融聯合徵信雙月刊第七期 03

3 G20 G20 G20 Richard Nixon % Anglo-Saxon economies Br etton Woods Leo Melamed Chicago Mercantile Exchange currency futures 2 Paul R. Krugman, Maurice Obstfeld,(1994), International Economics Theory and Policy, Third Edition,Harper Collins College Publishers, pp 金融聯合徵信雙月刊第七期

4 Mr. Melamed Milton Friedman 1970 European Monetary System 1980 brokers jobbers 1986 The Big Bang of A short history of modern finance, link by link, The Economist, Oct 16th 2008 金融聯合徵信雙月刊第七期 05

1975 3 3 A short history of modern finance, link by

5 1980 credit default swaps, CDS Agency mortgage backed securities Agency MBS MBSasset backed securities ABS nationalization 2008 G20 G G20 90% global gross national product 80% 5 G G G20 4 SHELAGH HEFFERNAN (2006 June), Modern Banking, John Wiley & Sons Ltd,pp What is G-20, G 金融聯合徵信雙月刊第七期

5 4 2008 nationalization 2008 G20 G20 1999 1997 G20 90% global gross national product 80% 5 G20 2008 2008 11 7-8 G20

6 L G20 G20 4 G G20 G20 G20 G International Code of Conduct 金融聯合徵信雙月刊第七期 07

7 Financial Stability Forum FSF standards setting bodies International Monetary Fund IMF FSF extended FSF G20 G20 L G Enhancing sound regulation and strengthening transparency 2 Reinforcing international co-operation and promoting integrity in financial markets G20 G Reforming IMF 4 The World Bank and other multilateral development banks MDBs 6 Declarations of G20 Leaders Summit on Financial Markets and the World Economy, November 14-15, 2008, Washington DC. G20 Information Centre 5 7 The Global Plan for Recovery and Reform, London Summit G20 Leaders Statement, April 2, 2009, G20 Information Centre G 金融聯合徵信雙月刊第七期

and other multilateral development banks MDBs 6 Declarations of G20 Leaders Summit on Financial Markets and the World Economy, November 14-15, 2008, Washington DC.

8 G20 G IMF SDR IMF 3. MDB MDB IMF concessional finance WTO WTO WTO 4. 8 Dr. Robert A. MondellIMF SDR 10%-15%SDR SDR SDR 金融聯合徵信雙月刊第七期 09

9 2010 4% green economy IMF G20 propriety, integrity and transparency G20 Action Plan Strengthening the Financial System 9 9 DECLARATION ON STRENGTHENING THE FINANCIAL SYSTEM LONDON, Annex of The Global Plan for Recovery and Reform, London Summit G20 Leaders' Statement, April 2, 2009, G20 Information Centre 金融聯合徵信雙月刊第七期

SYSTEM LONDON, Annex of The Global Plan for Recovery and Reform, London Summit G20

10 1. Financial Stability Board FSB FSF FSB 20 FSF 2. FSB FSF Organization o f E c o n o m i c C o o p e r a t i o n a n d Development, OECD Global Forum 8. valuation and provisioning 9. G20 Action Plan FSBIMF Financial Action Task Force, FATF FATF The Financial Action Task Force (FATF) (40+9recommendations)32 (The Asia/Pacific Group on Money Laundering,APG) APG(Egmont Group of Financial Intelligence Group) Taiwan APEC 金融聯合徵信雙月刊第七期 11

11 FSB FSB FSB IMF IMFC G20 FSB 12 the 12 key International Standards and Codes 11 IMF/World Bank Financial Sector Assessment Program, FSAP FSB IMF Strengthening the Financial System 11 FSF 12Code of Good Practices on Transparency in Monetary and Financial Policies, Code of Good Practices on Fiscal Transparency Special Data Dissemination Standard/General Data Dissemination System(IMF) Insolvency and Creditor Rights (World Bank), Principles of Governance (OECD), International Accounting Standards (IAS), International Standards on Auditing (ISA), Core Principles for Systemically Important Payment Systems/ Recommendation For Securities Settlement Systems (CPSS/IOSCO), The Forty Recommendations of the Financial Action Task Force /9 Special Recommendations Against Terrorist Financing(FATF) Core Principles for Effective Banking Supervision, Objectives and Principles of Securities Regulation Insurance Core Principles (BCBS IOSCO IAIS) 12 金融聯合徵信雙月刊第七期

and Creditor Rights (World Bank), Principles of Governance (OECD), International Accounting Standards (IAS), International Standards on Auditing (ISA), Core Principles for Systemically Important

12 FSF IMF FSB World Bank BCBS 12 IMF FSB G20 countercyclical capital buffer BCBS FSB BCBS CGFS BCBS BCBS (Basel Committee of Banking Supervisors) G10 BCBS (International Conference of Banking Supervisors, ICBS) 13 CGFS (The Committee on the Global Financial System) G10 CGFS 金融聯合徵信雙月刊第七期 13

Banking Supervisors) G10 BCBS (International Conference of Banking Supervisors, ICBS)

13 due diligence quantitative retention requirement G20 Basel Ⅱ BCBS LTCM 14 LTCM shadow banks macro-prudent risks FSB BIS 2009 macroprudent tools IMF FSB 14 LTCM Long-Term Capital Management LTCM (too-big-to-fail doctrine) LTCMLTCM LTCM 1997 Myron Scholes ) Robert Merton David Mullins Eric Rosenfeld (Duration- Matched) 1997 LTCM 1998 LTCM %(flight to quality) LTCM LTCM LTCMLTCM 50 5 LTCM 4 pp 金融聯合徵信雙月刊第七期

doctrine) LTCMLTCM 1998 48.727 1245 12901.

14 FSB 2009 FSB FSB 2009 G20 FSF 2009 BCBS 2009 FSF G20 金融聯合徵信雙月刊第七期 15

15 G20 IMF/World Bank FSAP 2004 G20 UN Model Tax Convention OECD Global Forum 15 G20 withholding taxes G20 G IMF FSB FSAP FSB 15 OECD (A PROGRESS REPORT ON THE JURISDICTIONS SURVEYED BY THE OECD GLOBAL FORUM IN IMPLEMENTING THE INTERNATIONALLY AGREED TAX STANDARD) OECD Labuan (Jurisdictions that have not committed to the internationally agreed standard)oecd 3 4 (Jurisdictions that have committed to the internationally agreed standard, but have not substantially implemented)) 38 (Jurisdictions that have committed to the internationally agreed standard) 40 OECD OECD OECD 16 金融聯合徵信雙月刊第七期

2(A PROGRESS REPORT ON THE JURISDICTIONS SURVEYED BY THE OECD GLOBAL FORUM IN IMPLEMENTING THE INTERNATIONALLY AGREED TAX STANDARD) OECD Labuan

16 FATF G20 FSF IOSCO IOSCO IOSCO G20 金融聯合徵信雙月刊第七期 17

17 FSB BCBS IOSCO IAIS 16 IASB OECD FATF FSBIMF OTC credit default swap CDS 2009 CDS International Swaps and Derivatives Association, Inc. ISDA CDS Big Bang CDS 16 IAIS (International Association of Insurance Supervisors) G20IAIS BCBS IOSCO IAIS 18 金融聯合徵信雙月刊第七期

ISDA CDS 2009 4 8 Big Bang 3 6 9 12 20 CDS 16 IAIS (International Association of

18 G20 G Progress Report on the Actions of the Washington Action Plan 2 April 2009,G FSF Principles for Sound Compensation Practices( ) FSF 19 International Cooperation in Oversight of Credit Rating Agencies, Report of the Technical Committee of IOSCO( ); A Review of Implementation of the IOSCO Code of Conduct Fundamentals for Credit Rating Agencies, Report of the Technical Committee of IOSCO( ).IOSCO 20 Hedge Funds Oversight, Report of the Technical Committee of IOSCO( ) 21 FSF Principles for Cross-border Cooperation on Crisis Management( ) 22 The internationally agreed standard on exchange of information for tax purposes OECD, 73,en_2649_33767_1_1_1_1_37427,00.html 23 (The Swiss Federal Banking Commission) G20 UBS and Credit Suisse 3%, 24 Report of the Financial Stability Forum on Addressing Procyclicality in the Financial System 金融聯合徵信雙月刊第七期 19

); A Review of Implementation of the IOSCO Code of Conduct Fundamentals for Credit Rating Agencies, Report of the Technical Committee of IOSCO(2009.3.).IOSCO http://www.iosco.org/library/index.cfm?

19 財金論壇更前瞻性 forward-looking 的監理措施的初步基礎但對大陸應如何支持我國參 25 將對業者產生一定程度的影響我國與國際金融組織一事並未納入協商金融監理規範應及早發布並給業者合理 FSB在G20領袖會議擴大新興經濟體的調整時間以利施行建議參照推動成員的指示下短時間內新增了韓國 Basel Ⅱ的機制有秩序地規畫實施中國大陸等11個新興經濟體會員 26 鑒於三全球金融監理活動將透過FSB等國際金 FSB並非一定以主權國家身分加入香港融組織進行更緊密的合作但我國能否參亦為會員之一台灣身為世界前20名最與這些國際金融組織受中國大陸影響至富裕經濟體之一應藉著與中國大陸進行深應速謀突破以利積極參與兩岸第金融合作協議的機會積極爭取其支持台三次江陳會於2009年4月26日簽訂的兩灣加入FSB 以透過FSB的平台參與國際岸金融合作協議已奠定兩岸金融合作金融監理合作此外也應促請中國大陸 25 美國聯邦準備銀行於2009年5月7日發布之19家大型金融機構壓力測試結果其所採行的監理資本評估計畫(The Supervisory Capital Assessment Program SCAP) 也是很典型的前瞻性監理措施其方法係針對19家大型金融機構以兩種不同的總經環境為前提來評估其抵禦衝擊的能力各大金融機構須模擬分析未來國內生產毛額(GDP) 失業率和房價在基本情境和較差情境兩種情境下預估 2009~2010年可能增加的資產損失情形和所需增加的資本支撐 FSF本次大幅增加的新興經濟體會員包括阿根廷(Argentina) 巴西( Brazil) 中國大陸( China) 印度( India) 印尼(Indonesia) 韓國(Korea) 墨西哥( Mexico) 俄國(Russia) 沙烏地阿拉伯( Saudi Arabia) 南非(South Africa)和土耳其(Turkey)等11個新興經濟體此外西班牙(Spain)和歐盟(European Commission)也均在本次FSF擴充會員機會以G20成員之便順利納為新增會員 20 金融聯合徵信雙月刊第七期

以透過FSB的平台參與國際岸金融合作協議已奠定兩岸金融合作金融監理合作此外也應促請中國大陸 25 美國聯邦準備銀行於2009年5月7日發布之19家大型金融機構壓力測試結果其所採行的監理資本評估計畫(The Supervisory Capital Assessment Program SCAP) 也是很典型的前瞻性監理措施其方法係針對19家大型金融機構以兩種不同的總經環境為前提來

20 FSAP MOU 27 Basel Ⅱ Basel Ⅱ G20 金融聯合徵信雙月刊第七期 21

21 28 CDS CB G20 10% G BCBS Revisions to the Basel II market risk framework Guidelines for computing capital for incremental risk in the trading book Proposed enhancements to the Basel II framework BCBS publ/bcbsca.htm 22 金融聯合徵信雙月刊第七期

22 2. 29 APEC 2004 Deposit Insurance Initiative G20 G20 29 ( ) - p2-p (96001) 2006 pp 2-16 A+ pp APEC 11th APEC Finance Ministers' Meeting, Joint Ministerial Statement, Annex A: Policy Initiatives Review, Policy Dialogue on Deposit Insurance: (1) legal protection and indemnification for individuals working for deposit insurers and other financial safety net participants 金融聯合徵信雙月刊第七期 23

26 全球金融危機專輯 2-1 Tobin Q IMF (2008) Wilson (2008) ( 2-1) (New Century Financial Corporation) 2007 ( 2-2) ( ) 2007

第二章金融危機對金融體系與總體經濟之影響 25 蔡曜如 2007 8 (subprime mortgage) 2008 9 2009 11 (negative feedback loop) Tobin Q 1 2007 26 全球金融危機專輯 2-1 Tobin Q IMF (2008) Wilson (2008) 2000 2 ( 2-1) 2006 2007 4 (New Century Financial