在金融服务业中探索竞争与稳定的关系

Investment Rating - The report does not explicitly provide an investment rating for the financial services industry Core Insights - The paper extends the Tinbergen rule to address the complex relationship between market competition and financial stability, highlighting the inadequacies of traditional policy frameworks in managing this nexus [2][7] - It introduces a dynamic optimization approach that calibrates policy instruments based on the financial system's position along the competition-stability curve, aiming to enhance the efficiency and robustness of financial systems [2][11] - The report emphasizes the need for a comprehensive taxonomy of regulatory instruments, categorizing them based on their primary targets and secondary effects to facilitate state-dependent policy formulation [2][12] Summary by Sections Introduction - The introduction discusses the foundational principle of the Tinbergen rule and its limitations in the context of increasingly complex financial regulation [6][7] - It highlights the interdependence of competition and stability objectives, which traditional frameworks fail to adequately address [7][8] Formal Framework - The formal framework captures the non-linear relationship between market competition and financial stability, incorporating hierarchical prioritization of policy objectives and structural constraints imposed by stability instruments [15][19] - It defines policy targets and their interdependence through a non-linear functional relationship, illustrating the inverted U-shaped curve that characterizes the competition-stability nexus [16][18] Instrument Classification - The report proposes a comprehensive classification of policy instruments based on their primary goals (stability or competition) and their effects on the other dimension [34] - It identifies three subcategories of stability instruments: competition-enhancing, competition-neutral, and competition-constraining [35][39] - Competition instruments are also categorized, with examples including minimum capital requirements and restrictive licensing [40][41] Policy Optimization - The optimization process involves diagnosing the current position of the financial system on the competition-stability curve and selecting appropriate policy mixes [47][48] - Tailored strategies are outlined for different zones of competition, including suboptimal, optimal, and excessive competition zones [55][67] - The report emphasizes the importance of continuous adaptation and monitoring to maintain the balance between competition and stability [64][72]