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金融危机使场外衍生品市场广受争议,政府监管的缺失被认为是酿成灾难性后果的根源之一。本文在回顾国内外相关文献的基础上,通过构建一个场外衍生品市场监管的信号传递博弈模型,以此分析市场参与者和政府监管者之间的动态博弈关系,推导出实现博弈均衡所需的各种约束条件。最后,依据模型分析的结论并借鉴国际监管发展的最新趋势,提出完善我国场外衍生品市场监管的对策建议。
The financial crisis has caused the market for over-the-counter derivatives to be widely debated. The lack of government regulation is considered one of the causes of catastrophic consequences. On the basis of reviewing relevant literature at home and abroad, this paper builds a signal transmission game model of oversea derivatives market regulation to analyze the dynamic game relationship between market participants and government regulators, and deduces the necessary game equilibrium Various constraints. Finally, according to the conclusion of model analysis and using the latest trend of international regulatory development, we put forward some countermeasures and suggestions for improving the supervision of OTC derivatives market in our country.