北岩银行国有化所反映出的英国金融稳定机制缺陷及其改革

:2009-06-28:(1973-),,...20064.p54MemorandumofUnderstandingbetweenHMTreasury,theBankofEnglandandtheFinancialServicesAuthori2ty(,710049):,,,,,:;;:F830.2:A:1005-1007(2009)09-0087-06Abstract:Maintainingthefinancialstabilityisthecentralbank’sinbornresponsibility.However,duetoitscom2plexityandsystem,itmaybeimpossibletorealizetheobjectiveoffinancialstabilitybythecentralbankalone.Soweneedtoestablishthefinancialstabilitycooperationmechanismamongthecentralbank,thetreasurydepartmentandfinancialregulator.Moreover,theeffectivenessofthecooperationshouldendurethetestofthepractice,espe2ciallyofthefinancialcrisis.ByanalyzingthenationalizationoftheNorthernRockBank,thepresentpaperaimstodiscussthesuccessandfailureoffinancialstabilitycooperationmechanisminBritishanditsfuturereform.KeyWords:theNorthernRockBank;Nationalization;FinancialStabilityCooperationMechanism,,(,2006),(,2005):;;;,1997,,9(FinancialServiceAuthority,FSA),,199710(),1.(1)1998,,,,2009929(236)MODERNFINANCE&ECONOMICSNo.9,2009Vo9.29GeneralNo.236(,,2004):,,,,,,,,,,(),,,,,(OfficialFinancialOpera2tion),,,(2),,,,,,,,,,(Authorized)(Resilience)(3),,,(ECDirectives),,,1314,,,,;;;,2.,FSA,,,,,,,,,,(TripartiteStand2ingCommittee),,,,,,,,,,3.,,,...2004178820099,,,,,,,,,,,,,,,,,FSA,;,(NorthernRock)1965,,,2007,,80,,,73%,,,20077,,1990,(,2008)20077,,,,,,,89,:;;,,914,,,,1997,,,(BBC),916,20,8%,,,2007917,,38%,,,,7%30,,920,,:91998299:20099913919,,919,(,2008),4000913639925163,,101,,3.5100%950,,110,109,,2007919,,,,(VirginGroup),2008217,,,,,,,2008222,,,,,,,,,,,,,(,2008),,,,200789,914,,3,,,,,,,,,,,,,;,,0920099,,2000,200035000,90%,35000,,,35000,,31700...20082,,27,4,,,,,,,,,,,(,),,,,,,,,,,,,,,,,,,,,,(MoralHazard),,,,,,(,2008)(Humphrey,1985),,,,,,,,,,,,,;,(PrimaryDealersCreditFacility,PDCF),(),,,,,,,(,2008):,,200611200789,(MajorRetailGroupsDivison,MRGD),19299:20099(HeadofDepartment,HoD),23%,2,,,(,2008),ARROW36,,:;;,2007629,,ARROW,,,200720072,,,(DiamondandDybvig,1983),1997,,,,,,,,,,(6,2),,,,,,,,200710,,20083,(1),,,,,,,,(2),,,:[1].,[J].,2004,(4).[2].:[M].:,2004.[3].[J]..2006,(4).[4],,.:[J]..2006,(2).[5],.[J].,2004,(17).[6].[J].,2005,(1).FSA1.1,,,FSA2920099