[论文解读] Designing the new architecture of international financial system in era of great changes by globalization

Viktor O. Ledenyov, Dimitri O. Ledenyov|arXiv (Cornell University)|Jun 13, 2012

Banking stability, regulation, efficiency参考文献 13被引用 3

一句话总结

该论文通过引入两项新颖的财政机制——随机税与量子税——对国际金融体系提出根本性改革，以纠正银行监管中的系统性缺陷。通过营造一种演进式的竞争环境，这些税收旨在消除监管扭曲，增强金融稳定性，并使银行能够在自由市场经济资本主义的公平竞争中追求可持续、盈利且负责任的战略。

ABSTRACT

We present a broad agenda for meaningful banking regulation reform aiming the creation of evolutive competitive environment to maximize the effectiveness of international financial system through the introduction of fair competition process among the banks in free market capitalism. We assume that the international financial system may evolve or decline within the evolutive competitive environment depending on both the environmental regulation policies as well as the competition between the banks. We present the commonly known definition of competition and apply the conceptual collateral thinking to identify the source of competitive strengths of financial institutions in free market capitalism. We explore how the banks conduct a search for competitive strategies. We show that the root cause of crisis in finances is hidden in the very wrong regulation policies and ideas behind these policies, which failed to create the evolutive competitive environment for effective, profitable, responsible and sustainable bank operation within existing international financial system. We review a number of initiatives on meaningful banking regulation reform proposed by central bankers from the G20 nations. We propose to introduce the Random Tax and the Quantum Tax. We argue that the introduction of the Random Tax and the Quantum Tax may compensate for the negative effects commonly associated with the existing banking regulation limitations imposed on the international financial system. We believe that the Random Tax and the Quantum Tax will improve the evolutive competitive environment and make it possible for the management teams at financial institutions to search for and to execute the winning virtuous business strategies toward the effective, profitable, responsible and sustainable banks operation.

研究动机与目标

• 解决由监管政策缺陷引发的国际金融体系系统性失败问题。
• 创造一种支持银行有效、盈利且可持续运营的演进式竞争环境。
• 抵消现有银行监管政策对创新与负责任风险承担造成的负面影响。
• 提出创新的财政机制——随机税与量子税——作为监管改革的工具。
• 在确保长期体系韧性的前提下，使金融监管与自由市场经济资本主义原则保持一致。

提出的方法

• 提出随机税作为对金融机构的随机性征税，以抑制过度风险承担行为，并促进适应性管理。
• 引入量子税作为一种非线性、概率性的税收机制，根据系统性风险指标与机构行为动态调整。
• 运用概念性抵押思维，识别金融机构在自由市场经济资本主义中的竞争优势。
• 分析现有的G20银行监管倡议，识别当前改革框架中的漏洞与低效之处。
• 通过理论建模论证，随机税与量子税可纠正监管政策中的扭曲，恢复市场效率。
• 建议将这些税收整合进国际金融架构，以激励良性商业策略与系统稳定性。

实验结果

研究问题

• RQ1 如何改革监管政策，以在银行层面建立可持续、演进式的竞争环境？
• RQ2 何种机制可纠正现有银行监管对金融创新与稳定造成的负面影响？
• RQ3 随机税与量子税如何作为工具，重新对齐国际金融体系中的激励机制？
• RQ4 监管政策的缺陷在哪些方面削弱了银行运营的有效性与可持续性？
• RQ5 竞争策略与机构行为在塑造系统性金融韧性方面发挥何种作用？

主要发现

• 金融危机的根本原因在于监管政策设计不当，未能支持竞争性与演进性的环境。
• 现有银行监管常扭曲市场激励，导致效率低下与系统性脆弱性。
• 随机税通过在税负中引入随机性，降低监管处罚的可预测性，从而鼓励适应性风险管理。
• 量子税作为一种非线性、全系统性税收机制，能动态响应风险暴露与市场状况。
• 这两项税收共同设计用于抵消刚性监管框架的负面影响，并恢复竞争的公平性。
• 所提议的改革旨在使金融机构能够追求有效、盈利、负责且可持续的胜利策略。