論我國最後貸款人制度的法律完善－－兼談中國人民銀行的核心角色

On Legislation Perfecting of Lender of Last Resort System: Also on the Core Role of the People’s Bank of China

在現代中央銀行體系中，最後貸款人已經成為中央銀行的核心角色。貨幣政策功能、金融監管功能以及中央銀行獨立性的要求則是現代中央銀行最後貸款人制度變遷過程的發展與延續，是中央銀行充當最後貸款人角色的手段和保障。然而，中國人民銀行的核心角色並非金融系統的最後貸款人，而是制定和執行作為政府宏觀調控工具的貨幣政策，這使得我國法律與經濟實踐中對最後貸款人制度存在著諸多誤讀。本文通過從中央銀行核心角色的制度變遷視角解析最後貸款人制度，在分析中國人民銀行的職能異化、最後貸款人角色錯位、金融法律存在漏洞等中國人民銀行最後貸款人角色履行過程中存在問題的基礎上，力圖呈現我國最後貸款人制度的應然面貌，並對《中國人民銀行法》中最後貸款人制度的法律完善提出初步的構想。

In the modern central bank system, lender of last resort has become the core role of central bank. Monetary policy functions, financial regulation functions, as well as the requirements for the independence of central bank is the outcome of lender of last resort system’s changes and development, also acts as a protection toll for the role of central bank as lender of last resort. However, the core role in People’s Bank of China (PBC) is not a lender of last resort for the financial system, but as a tool for the government’s macroeconomic regulation and control about the formulation and implementation of monetary policy, which makes us have a lot of misreading about the lender of last resort system in our legal and economic practice. From system changes about the core role of central bank the analysis of lender of last resort system, based on the analysis about the alienation of PBC’s functions, the dislocation of the role of lender of last resort, the law and financial loopholes etc, the aim of this paper is to reveal the original content for lender of last resort system, and give some suggestions for the improvement of Law on the People’s Bank of China.