PPT：美国金融危机的成因研究

Second: We need to take on board the evolving nature of markets and risks. Financial
intermediation and markets evolve, risks evolve and regulators must adapt as well. The need to adopt a
wider perspective, a systemic perspective, and to understand this evolving nature of risk are among the
major challenges for regulators and financial institutions alike.
Keeping these two points in mind, let me turn to the main topic: What is the role of regulators?
I think regulators have three main roles:
First: Complete the regulatory agenda.
Second: Implement regulations consistently and analyse the effects of implementation.
Third: Monitor and adapt to the transformation of risks.
Let me elaborate on each of these roles.
Complete the regulatory agenda

Regulators are in the process of completing the reforms that seek to repair the cracks exposed by the
financial crisis. The breakthrough in thinking is that regulation should go beyond a firm-by-firm view to
take a systemic perspective.1 The reform agenda is a comprehensive one, with national elements
alongside internationally agreed ones. On the international side, let me highlight four main areas:
• Building buffers for both capital and liquidity in internationally active banks. You all know the
drill, so let me just highlight: the step up in the quantity and quality of capital held against riskweighted
assets; the leverage ratio as a backstop to the risk-weighted measure; and, for the first
time, an internationally agreed liquidity standard based on the Liquidity Coverage Ratio (LCR)
and Net Stable Funding Ratio (NSFR). These reforms intend to recognise the broader social
costs that insolvency and illiquidity can impose. In other words, to internalise systemic risk.

Time series graph of WorldCom’s default probability from the equity
markets