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从金融稳定看建设网联平台的必要性

2017-09-06 18:22:08   新华网

一、支付体系稳定是金融稳定的前提与基础

金融稳定被认为是一种金融体系能够承受冲击的条件,即不存在对储蓄用于投资机会的分配以及对经济中的支付过程产生损害的积聚过程(英格兰银行,2003)。金融稳定也被定义为“能够有效发挥其关键功能的状态,在这种状态下,宏观经济健康运行,货币和财政政策稳健有效,金融生态环境不断改善,金融机构、金融市场和金融基础设施能够发挥资源配置、风险管理、支付结算等关键功能,而且在受到外部因素冲击时,金融体系整体上仍然能够平稳运行”(人民银行,2005)。支付体系作为货币资金转移机制及其相关要素的总和,其安全高效运行对金融体系的稳定具有至关重要的作用和意义。国际支付结算体系委员会(CPSS)认为金融稳定中“支付体系稳定”是指,在该体系中由系统使用者或者系统本身所传播的或发散的冲击并不会使代理人使用的支付工具和手段进行交易的能力受到削弱。比如,使系统使用者发散的冲击包括:参与者破产、参与者发生流动性短缺,单个银行的运行出现问题;系统使用者传播的冲击包括:生产能力、偏好、政府支出异常,从而导致参与者生产能力和流动性持有的改变;系统本身的冲击主要指导致系统暂时关闭的运行问题。零售支付体系的不稳定甚至风险暴露会使消费者的消费无法正常进行,这是(零售)支付体系不同于金融体系中其他方面的一个重要区别。

众所周知,影响支付体系稳定的风险主要有流动性风险、信用风险、法律风险、系统运行风险(包括操作与技术风险)、系统性风险等。进一步,支付体系稳定与金融稳定的关系主要体现在,由于某种风险的发生,使得支付链条被迫中断,并产生多米诺骨牌效应,造成大面积的支付体系风险甚至流动性危机,最终影响到金融体系稳定。

殷鉴不远,爆发于2007年上半年的美国次贷危机于2008年演变成全球金融危机,其成因是多方面的,但支付体系的不健康,不稳定是重要诱因之一:场外金融工具衍生品交易市场由于没有完备的支付结算基础设施与合理的制度设计,且信息不透明、监管有缺位,导致流动性风险和信用风险不断累积,最终形成了系统性支付风险,引发次贷危机,又通过财政金融体系的传导酿成系统性金融危机。因此,国际金融危机后,G20领导人要求应通过中央对手方进行金融产品清算,支付结算体系委员会和国际证监会组织也在其发布的《金融市场基础设施原则》中明确,集中清算可以更加有效地管理金融市场基础设施的风险,要求“中央银行应当有权力和资源有效履行管理、监管和监督金融基础设施的职责”。可见,理论与历史教训都告诉我们,支付体系稳定与金融稳定息息相关,支付体系稳定是金融稳定的前提和基础。

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