影子銀行法律問題之研究(1)

影子銀行法律問題之研究

◎梅文欣律師

中文摘要

 

自金融海嘯爆發後，影子銀行一詞即被金融監理機關、學者、媒體廣泛使用，以表述在傳統商業銀行體系外實質從事與商業銀行相近似業務，且僅受法律低度規範或未受規範的非銀行金融機構或金融業務，但有鑑於各國金融體系結構與金融監理制度的差異，導致影子銀行存在定義之難題，故金融穩定委員會於2011年4月發表「影子銀行：劃定範圍」之研究報告，對影子銀行做出一個較為完整及全面之定義，依此定義，影子銀行係指具有「信用中介」功能的「非銀行金融機構及金融活動」且隱含系統性風險（包括期限或流動性轉換、不當的信用風險轉移及槓桿操作等）或具有監理套利問題的金融機構或金融活動。於此定義下，影子銀行包括投資銀行、貨幣市場共同基金、避險基金、結構性投資工具等金融機構。

影子銀行具有正面的經濟價值，得為市場投資人增加融資及流動性的管道，影子銀行專業化的信用中介鏈，亦可增進市場效率、提升整體經濟價值。惟金融海嘯的教訓，卻也彰顯出影子銀行由於槓桿及期限轉換之操作，與傳統銀行一樣存有因流動性疑慮所產生的擠兌風險，並在風險傳導下引發系統性風險。

根據明斯基的金融不穩定假說，影子銀行的業務活動在繁榮期中，由於資本主義者具有將眼前的穩定視為永久狀態的集體傾向，將產生自我助長的順循環歷程，導致資本主義經濟體的融資結構狀態從穩健型轉向投機型與龐氏型，使經濟體系從穩定轉向動盪。當景氣逆轉時，現金短缺的債務人將被迫拋售資產以結清部位，導致資產價格崩跌，進而引發去槓桿效應及系統性風險。

金融海嘯爆發前，影子銀行的監理側重於保障投資人及防止市場詐欺等規範，未對影子銀行實施審慎監理，導致影子銀行在低度監理的環境下不斷聚積風險並動搖金融體系。影子銀行的監理缺失，成為金融海嘯後重要的金融改革議題，各國金融監理機關均著手研議強化影子銀行監理之規範。本研究針對金融穩定委員會就影子銀行所提出監理框架及建議，與美國華爾街改革與消費者保護法案有關影子銀行之監理規範，進行研析，期能供我國法制借鏡，並提出我國影子銀行之監理規範之改革建議。

關鍵字

 

影子銀行體系、系統性風險、監理套利、信用中介、證券化借貸、批發市場短期融資、金融穩定委員會、資產證券化、附買回交易、資產擔保商業本票、結構性投資工具、投資銀行、避險基金、貨幣市場共同基金、美國華爾街改革與消費者保護法案、明斯基、金融不穩定假說  

Abstract

The term "shadow banking system" started to be used widely at the onset of the financial crisis, which refers to bank-like financial activities that are conducted outside the traditional commercial banking system, many of which are unregulated or lightly regulated. Many of the activities performed within the shadow banking system take funds from savers and investors and ultimately provide them to borrowers. While the term is used widely in the news media and in policy discussions, there is as yet no clear commonly-agreed definition, which stems not only from its recent origins but also from how the banking sector is structured and regulated in each jurisdiction. Until a report published by the Financial Stability Board (FSB) in October 2011 that a comprehensive definition of shadow banking was articulated, which defines shadow banking as "a system of credit intermediation that involves entities and activities outside the regular banking system, and raises (1) systemic risk concerns, in particular by maturity/liquidity transformation, leverage and flawed credit risk transfer, and/or (2) regulatory arbitrage concerns". Within this definition are investment banks, money market mutual funds, hedge funds, special purpose entities, and other vehicles that aggregate and hold financial assets.

 

Shadow banking system have advantages, for example, the shadow banking system may provide market participants and corporations with an alternative source of funding and liquidity. It may also provide efficient credit in the economy as some non-bank entities may have specialised expertise that enables them to provide certain functions in the credit intermediation chain more cost-efficiently. However, as the financial crisis has shown, like banks, a leveraged and maturity-transforming shadow banking system can be vulnerable to "runs" and generate contagion risk, thereby amplifying systemic risk.

 

According to the Financial Instability Hypothesis of Hyman P. Minsky, such activity, if unattended, can also heighten procyclicality by accelerating credit supply and asset price increases during surges in confidence, while making precipitate falls in asset prices and credit more likely by creating credit channels vulnerable to sudden losses of confidence.

 

Prior to the financial crisis, the shadow banking system was subject to much lighter government oversight and regulation, regulation of shadow banking system has tended to focus on protecting investors rather than on the safety and soundness of the financial institutions. Since the lack of adequate regulatory oversight of the shadow banking system caused the financial crisis. The focus of financial regulatory reform now encompasses the shadow banking system. The regulatory reform efforts have aimed at strengthening oversight and regulation of shadow banking system. This article review the recommendations of the Financial Stability Board, and the regulation of Dodd-Frank Wall Street Reform and Consumer Protection Act, to analyze the regulations and find the best solution for Taiwan.

Keywords

 

Shadow Banking System, Systemic Risk, Regulatory Arbitrage, Credit Intermediation , Securitization-Based Lending, Wholesale Funding, Financial Stability Board, Securitization, Repurchase Agreement, Asset-Backed Commercial Paper, Structured Investment Vehicles, Investment Banks, Money Market Mutual Funds, Hedge Funds, Dodd-Frank Act, Hyman
P. Minsky, Financial Instability Hypothesis.

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