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本文以风险管理为切入点,讨论次贷危机与新资本协议之间的关系,试图回答业界对新资本协议制度合理性的某些质疑。与1988年资本协议相比,新资本协议建立了更具灵活性、适应性和前瞻性的资本监管制度,赋予资本充足率更加丰富的风险管理内涵,为商业银行改进风险管理提供了正向激励;次贷危机不仅未否认新资本协议的合理性,反而进一步凸现了全面实施新资本协议的重要性;新资本协议应顺应金融创新的趋势,吸取次贷危机的教训,做出适应性调整;虽然实施新资本协议不可能阻止金融危机再度发生,但可以提升银行体系应对外部冲击的能力,至少可以缓解未来金融危机的破坏力,从而提高社会福利。
This article takes risk management as a starting point to discuss the relationship between the subprime mortgage crisis and the new capital agreement and tries to answer some questions raised by the industry about the rationality of the new capital agreement system. Compared with the 1988 Capital Accord, the New Capital Accord has established a more flexible, adaptable and forward-looking capital supervision system and conferred the connotation of risk management with richer capital adequacy ratios, providing a positive incentive for commercial banks to improve risk management The subprime mortgage crisis not only failed to deny the rationality of the new capital agreement, but further highlighted the importance of the full implementation of the new capital agreement. The new capital agreement should adapt to the trend of financial innovation, draw lessons from the subprime mortgage crisis and make adaptive adjustments; Although the implementation of the new capital agreement can not prevent the recurrence of the financial crisis, it can enhance the ability of the banking system to cope with external shocks and at least ease the destructive power of future financial crises, thereby improving social welfare.