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1 第七章美國金融監理制度改革方案 147 謝人俊 (boom-andburst) ( ) 1 ( ) 2 ( ) (loan-to-value, LTV) 3 ( ) (monoline insurers) (mortgage-backed securities, MBS) (asset-backed securities, ABS) Credit Insights 2007 (credit

2 148 全球金融危機專輯 default swap, CDS) 43%31% 17% ( ) (originate-todistribute) 4 (shadow b a n k i n g ) ( g o v e r n m e n t sponsored enterprises, GSEs) (Basel II) ( ) () ( ) ( ) 5 ( asset-backed commercial paper conduit structured investment vehicles, SIVs ) ( ) (GSEs) GSEs GSEs

3 第七章美國金融監理制度改革方案 ( ) ( ) 2007 ( ) Basel II Basel II ( ) 7 ( ) 5 8 ( SEC) ( CFTC) ( )( 7-1) (Federal Housing Finance Board, FHFB)(Office of Federal Housing Enterprise Oversight, OFHEO) (Department of Housing and Urban Development, HUD) 3 (GSEs Fannie Mae Freddie Mac 12 Federal Home Loan Banks, FHLBs ) ( F e d ) B e n S. Bernanke CBS (sandcastle on the beach) 9 Charles Evans 10 Basel II

4 150 全球金融危機專輯 7-1 / / / / ( ) ( G r a m m - Leach-Bliley Act G-L-B Act) Fed (Umbrella Supervision) ( ) (large, complex financial institutions, LCFIs) 11 ( ) Fed Fed ( )

5 第七章美國金融監理制度改革方案 151 (3)FedTier 1 FHC 1. (Financial Services Oversight Council, FSOC) ( (Tier 1 FHC) Fed (1) Fed (National Bank Supervisor, NBS) (Consumer Financial Protection Agency, CFPA) (SEC)(CFTC) (FDIC)(Federal Housing Finance Agency, FHFA) 7 (2) 2. (1) Tier 1 FHC (BHC) (2)Fed BHC Tier 1 FHC (4)Tier 1 FHC (5)Tier 1 FHC Fed (6)Tier 1 FHC (7)Fed 3. BHC (1) ( ) BHC Tier 1 FHC BHC (2)

6 152 全球金融危機專輯 (3) (4) ( FASB IASB SEC ) (5) 4. (1) (NBS) (OCC)(OTS) Fed FDIC (2) (3) Fed 5. SEC Fed 6. ( ) (Investment Advisers Act) SEC 7. (money market mutual funds, MMFs) 13 SECMMFs (1) (2) (3) (4) (5) (6) (7) 8. (Office of National Insurance, ONI) (1) (2) (3) (4) (5) (6)

7 第七章美國金融監理制度改革方案 (GSEs) 2008 (Housing and Economic Recovery Act) OFHEO FHFB HUDGSEs (FHFA) Fannie Mae Freddie Mac GSEs 2009 GSEs (HUD) GSEs 2011 ( ) 1. (1) (5% 14 ) (2) (3)SEC (ABS) (4)SEC (5) 2. (OTC) (CDS) (1) OTC(2) (central counterparties, CCPs) (3) (trade repository) (CFTC) SEC (4) (5) 3. CFTC SEC 4. Fed Fed (FSOC) Fed 5. Fed Fed

8 154 全球金融危機專輯 ( ) 1. (Consumer Financial Protection Agency, CFPA) 15 (1) CFPA (2)CFPA (3)CFPA (4)CFPA (FSOC) (5)CFPA (6)CFPA (7)CFPA (8)CFPA ( 9 ) ( F e d e r a l Tr a d e Commission, FTC) 2. (1) ( 2 ) ( p l a i n vanilla) (3) (4) (Community Reinvestment Act) 3. SEC (Financial Consumer Coordinating CouncilSEC FTC CFPA) SEC (Investor Advisory Committee) ( ) 1.FDIC 16 (Tier 1 FHC) Fed

9 第七章美國金融監理制度改革方案 155 FDIC SEC 2/3( FDICSEC 2/3 ) SEC 17 2.Fed (Federal Reserve Act ) 133Fed 18 ( ) (G20) (Financial Stability Board, FSB) (BCBS) (G20 7-1) 2. (1) BCBS(Basel II) 2009 (2) OTC (3) G20 (supervisory colleges) FSB (4) BCBS 2009 FSB (5)FSB (6)BCBS FSB(BIS) (7)Tier 1 FHC (8) BCBS 2009FSB (9) (10) (11)

10 156 全球金融危機專輯 (IOSCO) G20 ( 7-2) ( ) (Wall Street Reform and Consumer Protection Act) 19 ( ) Christopher Dodd (FSOC)( ) (Tier1 FHC) (Fed) (Tier1 FHC ) Fed 133 (FDIC) (OCC) (OTS) (AIG) 1. (NBS) 2. NBS OCC OTS (Fed FDIC) (SEC) (CFTC) (CFTC) (CFPA)( ) (ONI)( ) SECOTC (CDS) 1. ( ) 2. ( ) 3. ( ) (2009)

11 第七章美國金融監理制度改革方案 157 (Restoring American Financial Stability Act of 2009) ( ) ( ) 1. (Fed) Fed (1) (OTS) (OCC) (National Bank Supervisor, NBS) (G-L-B Act) Fed Fed (2) (Agency for Financial Stability, AFS) (Financial Institutions Regulatory Administration, FIRA)(OCC OTS) (CFPA) (ONI)(Fed) 2. (Financial Stability Council, FSC) (AFS) (1) (FSC) Fed OCC OTS SEC CFTC FDIC FHFA NCUA 9 FSOC Fed (2) (AFS) AFS Fed FIRA CFPA FDIC SEC CFTC 81 AFS 3. FDIC ( 500 ) (100 )1,500 (Systemic Dissolution Fund) 100FDIC

12 158 全球金融危機專輯 (OTS) (OCC) (National Bank Supervisor, NBS) (FDIC) 2. (CFPA) 3. (G-L-B Act) Fed Fed (Government Accountability Office, GAO)Fed ( F e d e r a l Insurance Office, FIO) 1. (FSC) Fed OCC OTS(OCC ) SEC CFTC FDIC FHFA NCUA 9 2. FSC 3. Fed FSC 1. FDIC ( 500 ) (100 )1,500 (Systemic Dissolution Fund) 1. (1) (Agency for Financial Stability, AFS) ( 2 ) ( F i n a n c i a l I n s t i t u t i o n s R e g u l a t o r y Administration, FIRA) OCC OTS (3)(CFPA) 2. (ONI) 1. (AFS) 2. AFS Fed FIRA CFPA FDIC SEC CFTC 8 1 AFS 3. A F S Fed 1. FDIC FDIC

13 第七章美國金融監理制度改革方案 ( ) 21 ( ) 5% ( ) (Independent Agency)Fed Fed Fed 23 ( ) (CDS) G

14 160 全球金融危機專輯 ( ) ( ) ( ) ( ) ( )

15 第七章美國金融監理制度改革方案 G20 ( ) () Basel OTC 2012 (2009) G20

16 162 全球金融危機專輯 Z() (predatory lending) 2. (1) (2) (3) % (mortgage servicing rights) Basel II

17 第七章美國金融監理制度改革方案 (1) (2) 4. (SEC)(CFTC) SEC Acharya, V. V. & Richardson, M. (2009), Restoring Financial Stability: How to repair a failed system, John Wiley & Sons, Inc. pp &

18 164 全球金融危機專輯 ( 1) 20 (G20) ( 2) Luci Ellis (2008) ( 3) Luci Ellis (2008)30% % (Alt-A) % 41(ARMs) Cagan (2007)2006 ()18% LTV 100% ( 4) (originate-and-hold) ( 5) 1933(Banking Act)1999 (Gramm-Leach-Bliley Act) ( 6) Fair Isaac Corporation(FICO Score) ( 35%) (15%) (30%) (10%) (10%) (Prime Mortgage) (Alt-A) 620 (Sub-prime) GSEs % 10% ( 7) (Size) (Contagion)(Concentration) (Correlation) (Conditions) Thomson, J. B. (2009) ( 8) 5(Fed) (Federal Deposit Insurance Corporation, FDIC) (Office of the Comptroller of the Currency, OCC) (Office of Thrift Supervision, OTS) (National Credit Union Administration, NCUA) (Federal Financial Institutions Examination Council, FFIEC) (State Liaison Committee, SLC)2006FFIEC ( 9) ( 10) Wall Street Journal (2009): Chicago Fed Chief Cites Weakness in Regulatory System, 3 Jan. ( 11) ( 12) Viral V. Acharya Matthew Richardson 10 (Acharya, V. V. & Richardson, M. (2009))7-2 ( 13) (Reserve Primary Fund) Fed Paul Volcker Bloomberg ( 14) (Financial Stability Improvement Act) 10% 5% % ( 15) (Consumer Financial Protection Oversight Board) Fed FDIC NCUA(FTC) (NBS) (HUD)(FFIEC)

19 第七章美國金融監理制度改革方案 ( 16) Fed Ben S. Bernanke(2009) 10 1 Fed(Federal Reserve Act) 133 ( 17) ( 18) 133Fed Fed (Financial Stability Council, FSC)32 ( 19) (Financial Stability Improvement Act) (Wall Street Reform and Consumer Protection Act) ( 20) ( 21) CFPA ( 22) 10% ( 23) Fed Ben S. Bernanke(2009) 10 1Fed 7 ( 24) Johnston N. and Dodge C. (2009) ( 25) Edmund L. A.and L. Story

20 166 全球金融危機專輯 (2009)174 (2009) (2009) (2009) (2009) Acharya, V. V. & Richardson, M. (2009), Restoring Financial Stability: How to repair a failed system, John Wiley & Sons, Inc. pp & Bernanke, Ben S. (2009a), Regulatory Reform, Testimony before the Committee on Financial Services, U.S. House of Representatives, Board of Governors of the Federal Reserve System, October 1. Bernanke, Ben S. (2009b), Financial Reform to Address Systemic Risk, Board of Governors of Federal Reserve System, March 10. CBS (2009), Edmund L. A.and L. Story (2009) Fed Considers Sweeping Rules on Bank Pay, September 18, The New York Times. Johnston N. and Dodge C. (2009), Obama Says New Financial Rules Needed as Crisis Eases, Bloomberg, September 14. Luci Ellis (2008), The housing meltdown: Why did it happen in the United States? BIS Working Papers No 259, September. Thomson, J. B. (2009), On Systemically Important Financial Institutions and Progressive Systemic Mitigation, Policy Discussion Paper No. 27, Federal Reserve Bank of Cleveland, August. US Department of Treasury (2009a), House Financial Services Committee and the Treasury Department Release Draft Legislation to Address Systemic Risk - Too Big to Fail Institutions, October 27. US Department of Treasury (2009b), Financial Regulatory Reform- A new foundation: rebuilding financial supervision and regulation, June 17. US House Financial Services Committee and the Treasury Department (2009), Draft legislation of Financial Stability Improvement Act, October 27. US House Financial Services Committee Press Release (2009), House approves historic new rules to govern America s financial system, December 11. US Senate Committee on Banking, Housing, and Urban Affairs (2009), Restoring American Financial Stability- Discussion Draft, November 10. Wall Street Journal (2009): Chicago Fed Chief Cites Weakness in Regulatory System, January )

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