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本文从法律和监管视角对国际金融进行综述。第一到第四部分分别探讨了国际金融领域的范畴、各国金融市场的一体化、国际金融立法的国际与国家层面的渊源,并评估了国际金融全球化的总成本和总收益。在此基础上,第五部分着重分析了在证券监管、银行业监管和外债问题上,特定情形下应决定适用什么规则:母国规则、东道国规则或者国际规则。相比在东道国和母国之间分配权力的各种方案,由国际组织制订和执行协同性国际金融规则的方式,将促使全球金融不稳定最小化并实现效率最大化。协同性规则已经存在并处于蓬勃发展的趋势之中,这应是我们今后努力的目标。
This article reviews international finance from the legal and regulatory perspectives. The first part to the fourth part respectively discuss the categories of international finance, the integration of financial markets in different countries, the international and national origins of international financial legislation, and evaluate the total cost and total return of international financial globalization. On this basis, the fifth part focuses on the analysis of what rules should be applied in the specific circumstances of the securities regulatory, banking supervision and the foreign debt issues: the home country rules, the host country rules or the international rules. The ways in which concerted international financial rules are formulated and implemented by international organizations, in contrast to the programs that distribute power between the host and the home country, will minimize the global financial instability and maximize its efficiency. The existence of a synergistic rule and the thriving trend that should be the goal of our future endeavors.