8. Структура регулирования

 

Выбор инструментов регулирования вызывает не меньше споров, чем необходимость самого этого регулирования. Инструменты различаются от типов финансовых институтов, к которым они применяются. При этом финансовые институты сравниваются по 3-м критериям:

• вовлеченность в рисковую деятельность, в результате которой может произойти крах;

• связи между посредниками, определяющие эффект «домино»;

• их важность для всей финансовой системы.

Исходя из этого, например, фирма, торгующая ценными бумагами (выполняющая исключительно посредническую деятельность) требует гораздо меньшего регулирования и более мягких рычагов, чем организация, осуществляющая инвестиционную деятельность.

 

9. Ослабление регулирования и кризис управления

 

Последнее десятилетие выявило, что регулирование не только влечет за собой некоторые положительные факторы, но так же приносит экономике существенные издержки. Это приводит к очередной необходимости пересмотра некоторых правил регулирования. Так структурное регулирование может со временем перейти в руки частным финансовым институтам, которые будут извлекать прибыль от «продвижения доверия» к финансовым посредникам. Однако финансовые институты зачастую отвергают изменения своей деятельности и противятся вводу инноваций.

Динамика регулирование сводится к продолжительному противостоянию между желанием иметь стабильную финансовую систему или экономически эффективную систему. Недавний переход к мерам административного регулирования считается попыткой разрешить данную напряженность.

 

10. Изменение природы регулирования

 

В последнее время, как уже было замечено выше, появляются частные регулирующие организации, а так же возрастает роль саморегулированию, которое осуществляется с помощью вновь проявляемых «клубов» (профессиональных организаций, которые регулируют поведение своих членов). В результате чего роль правительства ограничивается контролем над этими клубами и регулирующими организациями. Таким образом, регулирования становится более гибким. Фактически, стабильность системы требует применение различных правил к различным институтам. Однако институциональное регулирование становится трудно выполнимым, когда финансовые посредники расширяют поле своей деятельности, как, например, универсальный банк. В этом разрезе и располагается не совершенность данного регулирования.

Более фундаментально философия регулирования проанализирована в новой институциональной литературе, где финансовое регулирование рассматривается с точки зрения теории контрактов.

В последнее время так же стали появляться предложения регулирования, основанные не на изменении «условий игры», а на замене старых стимулов.

Суммировав приведенные выше аргументы можно сделать вывод, что финансовое регулирование должно быть помещено в рамки эффективного управления финансовых институтов.

 

11. Международные изменения

В последнее время наблюдается тенденция к унификации методов и рычагов регулирования. Особенно эта тенденция наблюдается в ЕС, который, например, еще в 1995 году ввел общие нормы капитализации, а в данный момент вводит единую банковскую лицензию (о которой уже было сказано выше). Это приводит к увеличению размеров банков, как в смысле капитализации, так и в географическом плане, что затрудняет их регулирование и контроль. Данные тенденции направлены на необходимость увеличения дисциплины финансовых институтов в большей степени с помощью рынка, чем с помощью регуляторов.

 

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