Regulating Banks through Market Discipline: A Survey of the Issues
综述市场纪律在金融监管中的作用，讨论其定义、参与者约束力，并指出外部风险管理披露是必要条件，对关注新资本协议和银行监管的学者有参考价值。
Abstract. The interest in the application of market discipline to regulate the financial industry has boomed recently due to the proposed New Capital Accord. This paper reviews the potential role market discipline can play in financial regulation. We start with a discussion of the rationale for financial regulation and with a brief history of the current regulatory mechanisms. Next, a definition of market discipline as a regulatory mechanism is advanced. We evaluate the disciplining power various market participants have. Finally, we argue that more external risk management disclosure is a condition sine qua non in order to enable market discipline as a regulatory mechanism. In this respect, the Basle Committee has taken the right approach.