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研究生:洪睿彣
研究生(外文):Hung, Ruei Wen
論文名稱:全球金融海嘯對美、英國及我國金融監理之影響與改革
論文名稱(外文):THE EFFECT AND CHALLENGE OF GLOBAL FINANCIAL CRISIS ON US,UK AND TAIWAN’S FINANCIAL SUPERVISION
指導教授:李建然李建然引用關係
口試委員:張寶光王秀枝
口試日期:2011-06-23
學位類別:碩士
校院名稱:國立臺北大學
系所名稱:會計學系
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2011
畢業學年度:99
語文別:中文
論文頁數:134
中文關鍵詞:次級房貸問題資產證券化金融監理風險意識流動性
外文關鍵詞:Subprime Mortgage
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本論文認為美國次級房貸風暴的產生,係因金融機構、金融監理當局、投資者以及其他政府部門對於風險意識不足所致,未來若要防範歷史重演,則須提高風險意識,本論文針對英、美及我國金融監理演進之過程及面對金融風暴時所採行之救援因應措施及金融風暴後所對金融監理機關、消費者及金融機構所為之保護及改革,另經過此次金融風暴後,英、美國等國政府體認到對金融危機的處理,實應建立更緊密的跨國合作機制,並發展及積極參與跨國之金融國際機構,採行全球性架構促使金融機構保有更強有力的流動性準備,結束傳統監理範疇之限制,所有系統性重要的機構、金融工具和金融市場,如對沖基金、證券化商品、店頭市場衍生性金融商品、信評機構等,均將受到更透明而嚴謹的金融監理,另我國為保護消費者故參考英國金融公評人及新加坡金融業調解中心制度,研擬推動並建立單一金融消費爭議處理機制,納入金融服務法草案,並已於100年6月3日經立法院三讀通過,並附帶決議金管會應於100年12月31日前捐助成立專責之金融消費爭議處理機構,我國金融消費者保護將邁向另一個全新的里程。
本論文共分為六章,第一章緒論,第二章部份為說明美國房貸種類,並敘述房貸中有關次級房貸發展成因,並分析其針對美國房市泡沫、次級房貸問題、資產證券化、投資銀行等問題之探討,並描述英國北岩銀行事件發生始末及美國二房事件及投資銀行消滅之過程。第三章論及美國監理機構之形成及美國政府為因應次級房貸風暴所採行的相關政策措施,及對次級房貸所引發的經濟金融問題及因本次金融風暴暴露出多項美國金融監理問題,為因應金融監理之有效性,美國爰於2009年6月公佈金融市場監理改革方案白皮書,期透過加強對金融機構之監督、增加對衍生性商品和其他市場的管理、成立一個新的消費者保護機構、賦予政府未來對抗金融危機的新工具,以及加強國際監理合作等措施,能有效提升監理效能等改革。第四章主要說明英國因發佈金融服務法後一元化之演進後,英國金融監理機構由英國英格蘭銀行、英國的財政部及金融監理委員會共同維護英國的金融安定,然因2007 年夏季美國爆發次級房貸風暴,英格蘭銀行為避免道德風險,並未馬上採取行動,令英格蘭銀行飽受輿論批評;金融危機發生時,英格蘭銀行及金融監理機構須依備忘錄規定,相互討論協商,並向財政部提出報告及建議措施,惟此種合作機制,政府不易迅速處理,經歷此次金融危機後英國政府及金融監理機構即對所需面臨之挑戰提出相關改革的方案。第五章論及因受到英國金融監理改革之影響,我國監理機構一元化之形成及演進,及為因應次級房貸風暴所造成之民間消費負成長、出口衰退及失業率增高所引發的經濟金融問題及政府相對應的政策成效予以評論。第六章為全篇論文總結,本論文認為美國次級房貸風暴的產生,係因金融機構、金融監理當局、投資者以及其他政府部門對於風險意識不足所致,未來若要防範歷史重演,則須提高風險意識,特別有關金融監理機關對於金融體系流動性 (liquidity) 風險之管理及金融監理機構維持「金融穩定」之目標應有深刻之規範。

The paper proposes that the incident of US sub-prime mortgage crisis was resulted from the inadequacy of risk awareness from financial institution, financial supervisory authority, investors, and other governmental agencies. To prevent history from repeating itself, risk awareness must be improved in the future. The paper emphasizes on the evolution progress of UK, US and our financial supervision, in addition to the rescue measures in response when faced with financial crisis and the protection and reform taken by the financial supervisory authorities, consumers and financial institutions after the financial crisis. Additionally, after this financial crisis, UK and American governments have realized that the handling of financial crisis should be based on building a closer cross-border cooperation mechanism, with development and active participation of cross-border financial institutions by adopting a global architecture to preserve the more powerful liquidity preparation of financial institutions; moreover, limitation of traditional supervisory scope, including all systematically important institutions, financial instruments and financial markets such as hedge fund, securitized products, derivative financial products of OTC, and credit rating agency, are all subject to more transparent and rigorous financial supervision. To protect consumers, our State also makes reference to the Financial Ombudsman Service in UK and Singapore Mediation Centre, in attempt to promote and establish a single financial consumer dispute processing mechanism. Such proposal has been included in the draft of Financial Service Act and passed Third reading by Legislative Yuan on June 3, 2011, with sense of congress resolution that the Financial Supervisory Commission shall contribute to the establishment of responsible financial consumer dispute processing institution before December 31, 2011. Our financial consumer protection shall move towards a brand-new milestone.

The paper is divided into six chapters. Chapter 1 is the introduction, Chapter explains the types of US sub-prime mortgage and describes the factors for the development of sub-prime mortgage, with analysis to the exploration of US housing bubble, sub-prime mortgage issues, asset securitization, and investment banks. The chapter further describes the whole story on Northern Rock bank incident, the incident of Fannie Mae and Freddie Mac, and the process of eliminating investment banks. Chapter 3 explores into the formation of American supervisory institutions and the related policy measures taken by American government in response to sub-prime mortgage crisis, as well as the economic and financial issues induced by sub-prime mortgage and the various American financial supervisory issues exposed from this financial crisis. To cope with effectiveness of financial supervision, the United States released the Financial Regulatory Reform: Administration White Paper in June 2009 in attempt to reinforce supervision over financial institutions, increase management on derivative products and other markets, establish a new consumer production institution, bestow the government with new instruments against financial crisis in the future, and the measures for strengthening international supervisory cooperation, thereby to effectively enhance supervisory performance. Chapter 4 discusses the financial stability of Britain jointly safeguarded by English financial supervisory institutions, including Bank of England, Finance Ministry and Financial Supervision Commission after the release of revolution of unified financial services in UK. Nonetheless during the outbreak of US sub-prime mortgage crisis, the fact that Bank of England did not take immediately actions to avoid moral risk put Bank of England in the position to suffer public criticism; when a financial crisis takes place, Bank of England and the financial supervisory institutions are required to mutually discuss and negotiate in accordance with the regulations set forth in the memo, and to submit reports and propose measures of recommendation to the Finance Ministry. Nonetheless such cooperation mechanism makes it difficult for the government to quickly respond and hence after this financial crisis, the English government and the financial supervisory institutions have proposed relevant reform programs in fight against the challenges to be faced. Chapter 5 discusses the formation and evolution of our unified supervisory institution due to impact from English financial supervisory reform, in addition to the negative consumption growth in private sectors caused by the sub-prime mortgage crisis, decline in import/export, and increased unemployment rate, inducing economic and financial problems, with comments on the effectiveness of governmental policy in response. Chapter 6 draws a conclusion on the entire paper. The paper proposes that the incident of US sub-prime mortgage crisis was resulted from the inadequacy of risk awareness from financial institution, financial supervisory authority, investors, and other governmental agencies. To prevent history from repeating itself, risk awareness must be improved in the future. Specifically, the financial supervisory institutions is recommended to form rigorous specification on the liquidity risk management of financial system and the objective in maintaining “financial stability” by the financial supervisory institutions.

目次
第一章 緒論
第一節 研究背景與動機 1
第二節 研究架構及內容 2
第二章 金融風暴之成因及影響
第一節 美國住宅抵押貸款市場概況 4
第二節 美國房市泡沬之原因及影響 15
第三節 英國北岩銀行與美國二房及五大投資銀行事件 16
第三章 全球金融風暴對美國金融監理之衝擊及改革
第一節 美國現行監理架構 30
第二節 金融危機對美國金融監理之影響 40
第四章 全球金融風暴對英國金融監理之衝擊及改革
第一節 英國金融監理之發展與演變 81
第二節 金融監理一元化 84
第三節 英國金融紓困方案之探討 96
第四節 金融風暴後英國金融監理體系之改革 98
第五章 全球金融風暴對我國金融監理之衝擊及改革
第一節 我國金融監理之發展與演變 106
第二節 我國金融監理制度的形成 113
第三節 我國金融監理一元化之形成 120
第四節我國對金融海嘯之因應措施 123
第六章 結論 128
參考文獻 131

一、中文部份
1.中央存款保險公司(2005,11月)。「美國、加拿大、英國、日本、韓國等五國金融監理分工彙整」。
2.王雅婷(2005)「從英國監理制度論我國金融監理一元化法制」。台北大學法學系研究所。
3.李紀珠,(2003,7月)。「台灣金融監理體系之改革與建制-我國金融監理一元化」。國政研究報告。財團法人國家政策研究基金會。
4.徐千婷(2009,3月)。「美國次級房貸風暴與全球金融危機的發展、衝擊與政策應」。行政院所屬各機關因公出國人員報告書。
5.陳姿先(2010)。「美國房地產市場問題暨政府因應對策對我國之啟示」。國際金融參考資料第六十輯。
6.曾國烈(2009)。「G20領袖會議後國際金融監理新形式與我國因應之道」。金融聯合徵信雙月刊第七期。
7.賀蘭芝、官佳璿、劉棟賢(2009年3 月)。「從次貸風暴看國際監理」。台北外匯市場發展基金會委託計畫。國際金融參考資料第六十輯。
8.黃淑君(2006,2月)。「美國金融監理制度在金融產業變化中重新檢討之必要性」。金融監理與風險管理選輯。中央銀行。
9.黃淑君(2009)。「全球金融危機對美國監理之挑戰」,中央銀行出國報告。
10.黃富櫻(2009,12 月)。「本次金融危機之五個重要個案分析」。金融危機專刊。中央銀行。全球金融危機專輯。
11.黃富櫻、彭德明、蔡曜如(2009,6月)。「美國次級房貸問題與金融改革方向」。國際金融參考資料第57 輯。中央銀行。
12.潘彥勳(2006)「國家與金融改革-----金管會自主性與能力之探討」。政治大學中山人文科學研究所。
13.蔡德夆(2009)「全球金融危機對美國金融監理之影響」。台灣大學財務金融學研究所。
14.盧守仁,(2004)「我國金融監理制度的形成與發展─從「歷史制度主義」的觀點分析」。成功大學政治經濟學研究所專班。
15.賴英照(1997)。「台灣金融版圖:回顧與前瞻」。聯經出版事業公司
二、英文部分
1.A new approach to financial regulation: building a stronger system,February 2011
2.Alan Avery, Christopher L. Allen, and Rosa J. Evergreen, “NewResolution ProcessCreated For Systemically SignificantInstitutions”, 127 Banking Law Journal (2010)
3.Alan W. Avery, Kathleen A. Scott, and Lindsey Carson, “Dodd-Frank ActAttempts To Curtail Systemic Risk”, 127 Banking Law Journal(2010)
4.David Wessel (2009), “In Fed We Trust—Bernanke’s War on the Great Panic,” published by Crown Business.
5.Davis Polk & Wardwell LLP, Summary of the Dodd-Frank Wall StreetReform and Consumer Protection Act, (Davis Polk & Wardwell LLP)(2010)
6.Dodd-Frank Wall Street Reform and Consumer Protection Act, US Government Printing Office
7.Dodd-Frank Wall Street Reform and Consumer Protection Act, White & Case, July 2010
8.Melanie L. Fein, Dodd-Frank Wall Street Reform and ConsumerProtection Act (2010)
9.Patrick Doyle, David F. Freeman, Jr., Alan W. Avery, and Andrew J.Shipe, “New “Volcker Rule” to Impose Significant Restrictions onBanking Entities, other Significant Financial Service Companies”,127 Banking Law Journal (2010)
10.Regulatory Implementation Slides, Davis PolkAre You Prepared? A Compendium of Advisories on the Dodd-Frank Act, Arnold & Porter LLP
11.Richard M. Alexander, Robert M. Clark, and Jeremy W. Hochberg, “TheDodd-Frank Act’s Banking and Financial Company EnforcementProvisions”, 127 Banking Law Journal (2010)
12.Significantly Impacted by New Reform Law”, 127 Banking LawJournal (2010)
13.Weil, Gotshal & Manges LLP, Financial Regulatory Reform: AnOverview of the Dodd-Frank Wall Street Reform and ConsumerProtection Act, (New York: Weil, Gotshal & Manges LLP) (2010)
14.White & Case LLP, Dodd-Frank Act Alerst, (New York: White & CaseLLP) (2010)
三、參考網站
1.行政院金融監督管理委員會網站:http://www.fscey.gov.tw
2.美國聯邦準備理事會網站:http://www.Federalreserve.gov/
3.美國財政部網站:http://www.ustreas.gov/
4.英國金融監理局:http://www.fsa.gov.uk/
5.http://www.gpo.gov/fdsys/pkg/BILLS-111hr4173ENR/pdf/BILLS-111hr4173ENR.pdf
6.http://whitecasenews.com/ve/ZZ97tsHkI81SV61mK/stype=print
7.http://www.davispolk.com/files/Publication/bc70cd4c-c6bd-472d-ad37-0a63481fe36a/Presentation/PublicationAttachment/6a2f81d8-d5c5-4d5d-9b97-fef48b6821e6/070910_Implementation_Slides.pdf
8.http://www.arnoldporter.com/resources/documents/Dodd%20Frank%20Act%20Compendium%20%28book%29_072310c.pdf
9.http://www.hm-treasury.gov.uk/d/consult_financial_regulation_condoc.pdf

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