改革开放以来，我国经济社会发展创造了“无危机增长”奇迹，经济快速增长的同时，社会保持长期稳定，金融领域也长期兼顾效率与风险的平衡，金融监管无疑在其中发挥了关键作用。世界主要国家金融监管模式的历史演进始终伴随着金融危机与金融监管的动态调整。而金融监管失灵主要源于监管的内部竞争、无法适应金融市场创新、过度行政干预以及监管分散化等因素，各国基于其独特的金融结构与政府理念，在变革中形成了各具特色的金融监管模式。我国金融监管模式演进的长期诉求在于避免金融风潮的发生和寻求稳定的发展环境，以此为基础，我国逐渐形成独特的“防范性”金融监管模式，这也成为我国经济得以实现“无危机增长”的关键因素。通过金融史视野下的国际比较形成对金融危机与金融监管模式的新认识，也可为当今中国金融监管模式的调整提供历史镜鉴。

金融监管, 金融危机, 历史逻辑, 金融史, 无危机增长

Since the reform and opening-up, China’s economic and social development has created a miracle of“crisis-free growth”, while the rapid economic growth, the society has maintained long-term stability, and thefinancial sector has also maintained a balance between efficiency and risk for a long time, financial regulation has undoubtedly played a key role in it. Looking back on the historical evolution of financial regulation models in major countries in the world, it is always accompanied by financial crisis and dynamic adjustment of financial regulation models in economic development. The failure of financial regulation is due to internal competition of regulation, inability to adapt to market innovation, administrative intervention and excessive decentralization of regulation, etc. Based on their unique financial structure and government concept, each country has formed its own unique financial regulation model in the reform. The historical connotation of the evolution of China’s financial regulation mode is that avoiding the occurrence of financial waves and seeking a stable development environment have become the long-term demands of the financial market. On this basis, China has gradually formed a unique “preventive”regulation mode, which has also become a key factor for China’s economy to achieve “crisis-free growth”.

financial regulation, financial crisis, historical logic, financial history, crisis-free growth