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1、IntroductionandPerspectivesFSA存在的意義：為了tomakethenewdecision-makingframeworkworkinpractice（例如：commitmenttocost-benefitrequirements），所以需要：1needaclearerviewoftheeconomiccaseforregulationoffinancialmarkets,and2arigorousapproachtoassessingwhetherthatcaseismetinrelationtoaparticularsetofinstitution
2、s,這篇文章的主題：whyregulationhaswelfarebenefits,whyitisrationalfor(particularlyretail)consumersoffinancialservicestodemandregulationoffinancialservicesfirms.關(guān)于whojudgethatthereisapositiveroleandeconomicrationaleforregulationinfinance與thosewhoarguethat,atbest,regulationdoesnotenhancewelfareandatwor
3、seiscounter-productive,兩種觀點(diǎn)的區(qū)別：(1)howfinancialinstitutionsandmarketsworkandoperateinpractice,(2)theincentivestructuresfacedbyfinancialfirms,(3)theextentofmarketimperfectionsandfailuresinthefinancialsystemandthepowerofregulationandsupervisiontoaddressthem,and(4)theextenttowhichfinancialproduc
4、tsandcontractsaresignificantlydifferentfromthegeneralityofgoodsandserviceswhicharenotregulatedtoanywherenearthesamedegreeasfinancialinstitutions.在深入講之前，1要分清regulation和monitoring的區(qū)別P6。2由于regulatoryagencies是largelyimposedbytheregulatoreventhoughtheremaybeaprocessofconsultation，所以會(huì)產(chǎn)生一些問題：一些信息的缺
5、失，顧客的不同要求不能被signalled。3正因?yàn)槿绱?，?huì)產(chǎn)生dangerofregulationbeingover-demandedbyconsumersandover-suppliedbyregulators。例如：howtoguardagainstsuchdemand-orsupply-drivenover-regulation.原理：regulationimpose各種cost，這些cost最后會(huì)反映在financialservice的價(jià)錢上。如果regulation是多余的，或著重在不重要的事務(wù)上，那么會(huì)產(chǎn)生avoidablecost而且會(huì)大于regulation當(dāng)
6、初的成本。4一般認(rèn)為，regulationisaboutchangingthebehaviourofregulatedinstitutions.由此產(chǎn)生問題：theextenttowhichbehaviouristobealteredbywayofexternallyimposedrules,orthroughcreatingincentivesforfirmstobehaveinaparticularway.Incentivecontract的設(shè)置的好壞影響著regulatedfirms的行為，也會(huì)產(chǎn)生副作用。一些人arescepticalofthebenefitsofreg
7、ulation.因?yàn)樗麄冇X得1如果regulation有用，就不會(huì)有marketfailuresandimperfections;2regulation在實(shí)際中也解決不了此類問題，3產(chǎn)生的成本比原來的的問題多很多，4耗費(fèi)很多不同成本。bankfailuresaroundtheworld就是aproductof‘thepoorlyregulatedandoftendistortedfinancialsectorsinthesecountries。原因有3：badincentivestructu
