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題名 論商業銀行投資業務之監理
The Regulation on Bank`s Investment Activities
作者 陳明政
Chen, Ming Cheng
貢獻者 張冠群
Chang, Kuan Chun
陳明政
Chen, Ming Cheng
關鍵詞 2008年金融危機
華爾街改革與消費者保護法
道德危險
沃爾克法則
狹義銀行
證券化
Volcker Rule
Ring-fence
Moral Hazard
Dodd-Frank Wall Street Reform and Consumer Protection Act
Narrow Utility Bank
Government-Sponsored Enterprises
日期 2012
上傳時間 1-十一月-2013 11:34:58 (UTC+8)
摘要 　本文主要是探討於2007-2008年金融危機的相關成因，及危機發生後，各國政府對於消除銀行業從事高風險投資的因應。
　　本文首先探討金融危機的發生的種種因素，包含銀行進行監理套利，其資產負債表已無法實際反應風險，且從證券化等新興金融創新技術出現後，其經營模式已產生根本上的改變，從傳統風險自留模式，轉往風險外包模式，銀行於此過程中吸納過高的風險，以追求獲利，進一步導致金融危機的發生。
　　其後介紹各國政府對於金融危機後的改革方向，對於此類高風險投資所導致的風險，其金融改革的主要論理基礎在於銀行透過金融安全網或紓困等方式獲得政府等公共資金的補貼，應該禁止銀行透過補貼從事高風險的投資行為，以免導致整體銀行體系的失衡。此部分改革主要以比較法角度，觀察英國、歐洲及美國的金融改革走向，如以美國的Volcker Rule提出禁止銀行從事自營交易業務，藉以消彌風險；及英國的Ring-fence改革，透過風險隔離的方式，隔絕銀行高風險之業務，以確保銀行的核心業務較不會受到衝擊。
　　以此些改革的方向出發，探討我國目前的市場現況，尋求適合我國的修法方向，進而提出修法建議，透過適當限制我國銀行業的經營範圍，消弭我國銀行業可能吸收的過大風險，最終目的係避免金融危機之情況亦發生於我國銀行業。
參考文獻 壹、中文文獻
1. 王志誠，現代金融法，新學林，2009年10月一版一刷。
2. 行政院金管會銀行局與中華民國銀行公會新巴賽爾資本協定共同研究小組編譯，銀行自有資本之計算與自有資本標準之國際通則：修正版架構-巴賽爾銀行監理委員會2004年6月發布之定案版，台灣金融研訓院，2005年3月初版。
3. 陳美菊，次級房貸風暴對全球經濟之影響，經濟研究，第8期，2008年5月。
4. 曹素燕等，固定收益商品附條件交易結算交割制度之研究，台灣集中保管結算所股份有限公司，2009年12月，網址http://smart.tdcc.com.tw/pdf/others/a57.pdf
5. 黃邵璿，銀行業中「大至不能倒」(Too Big to Fail)現象之防範與法制建構─兼論銀行事前遺囑─，國立政治大學法學碩士論文，頁10-17，2012年6月。
6. 葉秋南，美國政府的房屋政策與次貸危機，台灣經濟論衡，第7卷第7期，2009年7月。
7. 駐洛杉磯辦事處商務組，美國聯準會購75億美元國債，Chinese Daily News，2009年3月28日，網址：http://www.trademag.org.tw/News.asp?id=505262
貳、外文文獻
一、專書
1. DAVID VAN HOOSE, THE INDUSTRIAL ORGANIZATION OF BANKING-BANK BEHAVIOR, MARKET STRUCTURE, AND REGULATION (2010)
2. FREDERIC S. MISHKIN & STANLEY G. EAKINS, FINANCIAL MARKETS + INSTITUTIONS (2003)
3. HEIDI MANDANIS SCHOONER AND MICHAEL W. TAYLOR, GLOBAL BANK REGULATION-PRINCIPLES AND POLICIES (2010)
4. JEFFREY FRIEDMAN, WHAT CAUSED THE FINANCIAL CRISIS (2010).
5. Litan, R, What Should Banks Do? Washington, D.C.:The Brookings Institution. (1987)
6. RICHARD APOSTOLIK, CHRISTOPHER DONOHUE, PETER WENT, FOUNDATIONS OF BANKING RISK; AN OVERVIEW OF BANKING, BANKING RISKS, AND RISK-BASED BANKING REGULATION (2009)
二、判決
1. Auten v. United States Nat`l Bank of New York, 174 U.S. 125 (1899)
三、期刊論文
1. Andrew F. Tuch, Conflicted Gatekeepers: The Volcker Rule and Goldman Sachs, 7 Va. L. & Bus. Rev. 365, (2012).
2. Bryan, L., Core Banking, McKinsey Quarterly, No. 1 and "Breaking up the Bank", McKinsey Quarterly, summer. (1991)
3. Charles K. Whitehead, The Volcker Rule and Evolving Financial Markets, Harvard Business Law Review, Vol. 1, 2011, available at http://www.hblr.org/download/HBLR_1_1/Whitehead-Volcker_Rule.pdf
4. David A. Skeel, Jr. The New Financial Deal: Understanding the Dodd-Frank Act And its(Unintended) Consequences, 30-5 ABIJ 40,(2011).

5. Julian T.S Chow and Jay Surti, IMF Working Paper, Making Banks Safer: Can Volcker and Vickers Do it?, (Oct 2011)
6. Kashyap, A., R. Rajan and J. Stein,(2002)"Banks as Liquidity Providers: An Explanation for the Coexistence of lending and Deposit-Taking", Journay of Finance, Vol.57.
7. Kay,J.,(2009), "Narrow Banking: The Reform of Banking Regulation" available http://www.johnkay.com/wp-content/uploads/2009/12/JK-Narrow-Banking.pdf
8. Markus K. Brunnermeier, Deciphering the Liquidity and Credit Crunch 2007–2008, Journal of Economic Perspectives, 77 Volume 23, Number 1, (2009)
9. Robert C. Merton, Financial Innovation and the Management and Regulation of Financial Institutions, 19 J. BANKING & FIN. 468-469(1995)
10. R. Rex Chatterjee, Dictionaries Fail: The Volcker Rule’s Reliance on Definitions Renders It Ineffective and a New Solution is Needed to Adequately Regulate Proprietary Trading, BYU International Law and Management Review, volume 8 (2011)
四、非期刊論文
1. Fein, Melanie L. , Dodd-Frank Act: Implications for Securities Activities of Banks and Their Affiliates, (August 11, 2010). Available at SSRN: http://ssrn.com/abstract=1657637
2. Goldman Sachs Asset Management, Introduction to Mortgage-Backed Securities (MBS) and Other Securitized Assets, Dec 2007, http://quantlabs.net/labs/quant-books/doc_download/143-goldman-sachs-introduction-to-mortgage-backed-securities-and-other-securitized-assets
3. Jacopo Carmassi, Elisabetta Luchetti and Stefano Micossi, Overcoming Too-big-to-fail a Regulatory Framework to Limit Moral Hazard and Free Riding in The Financial Sector, Available at http://ssrn.com/abstract=1610214
五、外國政府與國際監理組織出版品
(一)美國、英國政府及歐盟
1. FDIC, Reports of Condition and Income Forms and User Guides, available at http://www.fdic.gov/regulations/resources/call/
2. FSOC(FINANCIAL STABILITY OVERSIGHT COUNCIL), Study & Recommendations on Prohibitions on Proprietary Trading & Certain Relationships with Hedge Funds & Private Equity Funds, (Jan. 2011), availabile at http://www.treasury.gov/initiatives/documents/volcker%20sec%20%20619%20study%20final%201%2018%2011%20rg.pdf.
3. HM TREASURY, The Government response to the Independent Commission on Banking, (Dec. 2011), available at http://cdn.hm-treasury.gov.uk/govt_response_to_icb_191211.pdf.p13.
4. HM TREASURY, Banking reform: a new structure for stability and growth,at 10, (Feb. 2013), availabile at http://www.hm-treasury.gov.uk/d/banking_reform_040213.pdf.
5. ICB, Final Report Recommendations,(Sept. 2011), availabile at http://www.hm-treasury.gov.uk/d/ICB-Final-Report.pdf
6. Official Journal of the European Union, DIRECTIVE 2006/48/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions, (Jun. 6 , 2010).
7. PCBS, First Report of Session 2012–13, (Dec. 2012), at 62, available at
http://www.publications.parliament.uk/pa/jt201213/jtselect/jtpcbs/98/98.pdf
8. Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds, 76 FR 68846, Nov. 7 2011(hereinafter the "Proposed Rule")
9. U.S. SECURITIES AND EXCHANGE COMMISSION, "Citigroup, Form 8-K, Current Report, Filing Date Feb 27, 2009". secdatabase.com., Mar 26, 2013, Available at: http://edgar.secdatabase.com/642/95010309000421/filing-main.htm
(二)國際監理組織及30國集團(G30)
1. Basel committee on banking supervision, Consultative document-Guidelines for computing capital for incremental risk in the trading book, 2008.10.5,website: http://www.bis.org/publ/bcbs141.pdf
2. Basel Committee on Banking Supervision, International Convergence of Capital Measurement and Capital Standards:A Revised Framework, at 644 (June 2004) available at http://www.imf.org/external/pubs/ft/gfsr/2008/01/index.htm
3. Group of Thirty, Financial Reform: A Framework for Financial Stability, (Jan. 15 2009), Available at http://www.group30.org/images/PDF/Financial_Reform-A_Framework_for_Financial_Stability.pdf
4. International Monetary Fund, Global Financial Stability Report-Containing Systemic Risks and Restoring Financial Soundness, available at http://www.imf.org/external/pubs/ft/gfsr/2008/01/index.htm
六、報導、專訪、演講
1. Chang.gov, President-elect Barack Obama establishes President’s Economic Recovery Advisory Board, available at http://change.gov/newsroom/entry/president_elect_barack_obama_establishes_presidents_economic_recovery_advis/
2. Charlie Gasparino, Bank of America to Buy Merrill Lynch for $50 Billion, CNBC, 14 Sep 2008, available at: http://www.cnbc.com/id/26708319
3. Craig Torres & Cheyenne Hopkins, Bernanke Says Dodd-Frank’s Volcker Rule Won’t Be Ready by July 21 Deadline, Bloomberg, Mar. 1, 2012, available at http://www.bloomberg.com/news/2012-02-29/bernanke-says-dodd-frank-s-volcker-rule-won-t-be-ready-by-july-21-deadline.html
4. David Goldman, Tami Luhby and Grace Wong, BofA: $20B bailout, huge Merrill loss, CNN MONEY, January 16, 2009, available at: http://money.cnn.com/2009/01/16/news/companies/bofa_new_bailout/
5. Francesco Guerrera and Justin Baer, Wall Street to sidestep ‘Volcker Rule’, FINANCIAL TIMES, Nov. 10, 2010, available at: http://www.ft.com/intl/cms/s/0/3d49f12e-ed03-11df-9912-00144feab49a.html#axzz2UOXoN34X
6. Jesse Hamilton & Kathleen Hays, Glass-Steagall Return Would Boost Banks, FDIC’s Hoenig Says, Bloomberg News, Jun 27, 2012, available at: http://www.bloomberg.com/news/2012-06-26/glass-steagall-revival-would-bolster-banks-fdic-s-hoenig-says.html
7. JON HILSENRATH, DAMIAN PALETTA and AARON LUCCHETTI, Goldman, Morgan Scrap Wall Street Model, Become Banks in Bid to Ride Out Crisis, 22 Sep, 2008, available at http://online.wsj.com/article/SB122202739111460721.html
8. Justin Fox, Goldman: We Run Wall Street, CNN MONEY, May. 16, 2005, available at: http://money.cnn.com/magazines/fortune/fortune_archive/2005/05/16/8260146/
9. Margaret E. Tahyar, Davis Polk & Wardwell LLP, Senate-House Conference Agrees on Final Volcker Rule ,The Harvard Law School Forum on Corporate Governance and Financial Regulation(June. 27 2010). Available at http://blogs.law.harvard.edu/corpgov/2010/06/27/senate-house-conference-agrees-on-final-volcker-rule/
10. Morgan Stanley, Morgan Stanley Granted Federal Bank Holding Company Status By U.S. Federal Reserve Board of Governors, Sep. 21, 2008, available at: http://www.morganstanley.com/about/press/articles/6933.html
11. Nicole Hong, DBRS: Cyprus Bank Run Could Spread Across Euro Zone, Wall Street Journal, March 26, 2013, The available at: http://online.wsj.com/article/BT-CO-20130326-709028.html
12. Northern Rock besieged by savers,BBC NEWS, Sept. 17, 2007, http://newsvote.bbc.co.uk/2/hi/business/6997765.stm
13. Paul Krugman, Bankers Without a Clue, NEW YORK TIMES ONLINE(Jan. 14, 2010) availablel: http://www.nytimes.com/2010/01/15/opinion/15krugman.html?_r=0
14. Scott Patterson and Victoria Mcgrane, The Multibillion-Dollar Leak, The Wall Street Journal, Oct. 7 2011, Available at: http://online.wsj.com/article/SB10001424052970204294504576615382298044922.html
15. SCOTT PATTERSON, Volcker Rule Could Be Delayed—Again, WSJ, Feb. 27 2013, available at http://online.wsj.com/article/SB10001424127887324662404578330563892792982.html
16. STATEMENT OF PAUL A. VOLCKER BEFORE THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS OF THE UNITED STATES SENATE WASHINGTON, DC, FEBRUARY 2, 2010, available at http://banking.senate.gov/public/index.cfm?FuseAction=Files.View&FileStore_id=ec787c56-dbd2-4498-bbbd-ddd23b58c1c4
17. Stephen Gande, Is Proprietary Trading Too Wild for Wall Street?, TIME, Feb. 5, 2010, available at: http://www.time.com/time/business/article/0,8599,1960565,00.html
18. The White House Office of the Press Secretary, Remarks by the President on Financial Reform Diplomatic Reception Room, available at: http://www.whitehouse.gov/the-press-office/remarks-president-financial-reform
描述 碩士
國立政治大學
法律學研究所
97651029
101
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0097651029
資料類型 thesis
dc.contributor.advisor 張冠群zh_TW
dc.contributor.advisor Chang, Kuan Chunen_US
dc.contributor.author (作者) 陳明政zh_TW
dc.contributor.author (作者) Chen, Ming Chengen_US
dc.creator (作者) 陳明政zh_TW
dc.creator (作者) Chen, Ming Chengen_US
dc.date (日期) 2012en_US
dc.date.accessioned 1-十一月-2013 11:34:58 (UTC+8)-
dc.date.available 1-十一月-2013 11:34:58 (UTC+8)-
dc.date.issued (上傳時間) 1-十一月-2013 11:34:58 (UTC+8)-
dc.identifier (其他 識別碼) G0097651029en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/61437-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 法律學研究所zh_TW
dc.description (描述) 97651029zh_TW
dc.description (描述) 101zh_TW
dc.description.abstract (摘要) 　本文主要是探討於2007-2008年金融危機的相關成因，及危機發生後，各國政府對於消除銀行業從事高風險投資的因應。
　　本文首先探討金融危機的發生的種種因素，包含銀行進行監理套利，其資產負債表已無法實際反應風險，且從證券化等新興金融創新技術出現後，其經營模式已產生根本上的改變，從傳統風險自留模式，轉往風險外包模式，銀行於此過程中吸納過高的風險，以追求獲利，進一步導致金融危機的發生。
　　其後介紹各國政府對於金融危機後的改革方向，對於此類高風險投資所導致的風險，其金融改革的主要論理基礎在於銀行透過金融安全網或紓困等方式獲得政府等公共資金的補貼，應該禁止銀行透過補貼從事高風險的投資行為，以免導致整體銀行體系的失衡。此部分改革主要以比較法角度，觀察英國、歐洲及美國的金融改革走向，如以美國的Volcker Rule提出禁止銀行從事自營交易業務，藉以消彌風險；及英國的Ring-fence改革，透過風險隔離的方式，隔絕銀行高風險之業務，以確保銀行的核心業務較不會受到衝擊。
　　以此些改革的方向出發，探討我國目前的市場現況，尋求適合我國的修法方向，進而提出修法建議，透過適當限制我國銀行業的經營範圍，消弭我國銀行業可能吸收的過大風險，最終目的係避免金融危機之情況亦發生於我國銀行業。		zh_TW
dc.description.tableofcontents 謝辭 I
論文摘要 II
簡　目 III
詳　目 V
第一章　緒論 1
第一節　研究動機與研究目的 1
第一項　研究動機 1
第二項　研究目的 2
第二節　研究方法 2
第三節　用語釐清 3
第二章　商業銀行之資產負債表與風險 5
第一節　商業銀行的定義 5
第一項　美國法 5
第二項　英國法 6
第三項　歐盟法 6
第四項　我國法 6
第五項　小結 6
第二節　銀行資產負債表(balance sheet) 7
第一項　負債(liabilityes)跟股本(equity capital) 7
第一款　存款(deposits) 7
第二款　借款(borrowings) 9
第三款　資本(capital) 9
第二項　資產(assets) 10
第一款　交易簿(trading book) 11
第二款　銀行簿(banking book) 11
第三款　現金資產 11
第四款　銀行簿與交易簿套利 12
第三節　銀行風險 13
第一項　信用風險(credit risk) 13
第二項　市場風險(market risk) 14
第三項　流動性風險(liquidity risk) 14
第四項　營運風險(operation risk) 15
第五項　系統性風險(systemic risk) 15
第三章　銀行業監理及經營模式的變化 16
第一節　傳統銀行產業 16
第一項　高度監理時期 16
第二項　風險自留(Originate-to-hold)模式 17
第二節　自由化風潮與新型態的銀行特色 18
第一項　跨國營運 18
第二項　銀行多角化與大型化經營 19
第三項　市場競爭漸趨激烈 19
第四項　金融創新的風潮 19
第三節　貨幣市場共同基金(Money Market Mutual Funds)之興起 20
第一項　貨幣市場簡介 20
第一款　貨幣市場之主要特性 20
第二款　貨幣市場主要參與者 21
第二項　銀行在貨幣市場中的角色 22
第三項　貨幣市場融資之依賴 23
第四節　證券化(securitization) 24
第一項　政府發起企業(Government-Sponsored Enterprises)的出現 24
第二項　風險外包模式(Originate-to-distribute) 25
第三項　風險自留模式與風險外包模式之區別 26
第一款　專業分工 26
第二款　去中介化 (disintermediation) 26
第三款　風險分散 27
第五節　結論 27
第四章　2008年金融危機的成因及衍生之監理問題 29
第一節　宏觀經濟的因素 29
第二節　美國房屋政策 30
第一項　GSE機構的成立 30
第二項　柯林頓與布希政府的房屋政策 31
第三項　房貸品質的惡化 31
第三節　銀行監理套利 32
第一項　巴賽爾協定(Basel Accord)與資本規定 32
第二項　監理(資本)套利 34
第三項　次級貸款(subprime lending)發展 35
第四項　表外機構(off-balance sheet entities) 36
第一款　SIV的運作 37
第二款　SIV的擠兌(run) 38
第三款　SIV產業的消失 39
第四節　資產價值的驟降(asset price spirals) 42
第五節　自營交易在金融危機的角色 43
第六節　小結－道德危險(moral hazard) 44
第五章　金融危機後之監理變革 47
第一節　概論 47
第二節　狹義實用銀行(Narrow Utility Banking) 48
第一項　業務範圍 49
第二項　對整體金融系統與銀行的影響 50
第一款　對金融系統安定性之影響 50
第二款　對個別銀行安定性之影響 51
第三款　對金融系統與整體經濟的成本 51
第四款　對個別銀行的成本 51
第三項　評析 51
第一款　放款業務從完全從存款中業務分離，將導致重大的社會成本 51
第二款　為防止監理套利，必須限制實用銀行的範圍 52
第三款　小結 53
第三節　英國的Ring-fence改革 53
第一項　Ring-fence的目的 54
第二項　圈離(Ring-fence)的範圍 55
第一款　強制業務(Mandated services) 55
第二款　禁止業務(Prohibited services) 58
第三款　可以允許的業務 64
第四款　附屬業務(ancillary activities) 65
第五款　Ring-fence銀行架構 68
第三項　圈離(Ring-fence)的隔離程度 70
第一款　法律上的連結(egal links) 70
第二款　營運上的連結(operational links) 71
第三款　經濟上的連結(economic links) 72
第四項　評析 74
第四節　美國Volcker Rule 76
第一項　立法過程 76
第二項　基本理論及立法目的 78
第一款　防止道德危險 79
第二款　利益衝突 80
第三項　Volcker Rule之主要內容 81
第一款　規範主體：銀行之定義 81
第二款　自營條款(Proprietary Trading) 82
第四項　評析 100
第一款　Volcker Rule vs. Glass-Steagall 100
第二款　Volcker Rule可能產生的問題 101
第三款　小結 104
第五節　各制度比較與評析 105
第一項　Narrow Bank vs Ring-fence 105
第二項　Ring-fence Bank vs Volcker Rule 106
第一款　適用對象 106
第二款　集團內架構 107
第三款　與其他從事禁止業務的機構之連結 107
第四款　禁止業務之範圍 107
第五款　評析 108
第六章　我國市場現況與監理規範 111
第一節　金融危機衝擊的損失 111
第二節　我國市場現況 112
第一項　證券化業務之萎縮 112
第一項　放款佔總資產的比重逐漸上升 112
第三項　放款佔總資產比重逐漸下降 113
第四項　金融資產佔總資產比重持續上升 113
第五項　衍生性金融商品交易興盛 114
第六項　近年台灣銀行業盈餘逐漸上升 115
第七項　金融資產營收呈現劇烈波動 115
第三節　現行規範 116
第一項　銀行兼營業務 117
第二項　銀行投資業務 118
第四節　我國法修正建議 120
第一項　評析 120
第二項　修正建議 122
第一款　限縮可投資有價證券的種類 122
第二款　設定禁止業務之範圍 122
第三款　銀行與從事禁止業務機構之關係 123
第三項　具體條文試擬 123
第七章　結論 125
參考文獻 128
壹、中文文獻 128
貳、外文文獻 128
參、圖表索引 134		zh_TW
dc.format.extent 1861958 bytes-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0097651029en_US
dc.subject (關鍵詞) 2008年金融危機zh_TW
dc.subject (關鍵詞) 華爾街改革與消費者保護法zh_TW
dc.subject (關鍵詞) 道德危險zh_TW
dc.subject (關鍵詞) 沃爾克法則zh_TW
dc.subject (關鍵詞) 狹義銀行zh_TW
dc.subject (關鍵詞) 證券化zh_TW
dc.subject (關鍵詞) Volcker Ruleen_US
dc.subject (關鍵詞) Ring-fenceen_US
dc.subject (關鍵詞) Moral Hazarden_US
dc.subject (關鍵詞) Dodd-Frank Wall Street Reform and Consumer Protection Acten_US
dc.subject (關鍵詞) Narrow Utility Banken_US
dc.subject (關鍵詞) Government-Sponsored Enterprisesen_US
dc.title (題名) 論商業銀行投資業務之監理zh_TW
dc.title (題名) The Regulation on Bank`s Investment Activitiesen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 壹、中文文獻
1. 王志誠，現代金融法，新學林，2009年10月一版一刷。
2. 行政院金管會銀行局與中華民國銀行公會新巴賽爾資本協定共同研究小組編譯，銀行自有資本之計算與自有資本標準之國際通則：修正版架構-巴賽爾銀行監理委員會2004年6月發布之定案版，台灣金融研訓院，2005年3月初版。
3. 陳美菊，次級房貸風暴對全球經濟之影響，經濟研究，第8期，2008年5月。
4. 曹素燕等，固定收益商品附條件交易結算交割制度之研究，台灣集中保管結算所股份有限公司，2009年12月，網址http://smart.tdcc.com.tw/pdf/others/a57.pdf
5. 黃邵璿，銀行業中「大至不能倒」(Too Big to Fail)現象之防範與法制建構─兼論銀行事前遺囑─，國立政治大學法學碩士論文，頁10-17，2012年6月。
6. 葉秋南，美國政府的房屋政策與次貸危機，台灣經濟論衡，第7卷第7期，2009年7月。
7. 駐洛杉磯辦事處商務組，美國聯準會購75億美元國債，Chinese Daily News，2009年3月28日，網址：http://www.trademag.org.tw/News.asp?id=505262
貳、外文文獻
一、專書
1. DAVID VAN HOOSE, THE INDUSTRIAL ORGANIZATION OF BANKING-BANK BEHAVIOR, MARKET STRUCTURE, AND REGULATION (2010)
2. FREDERIC S. MISHKIN & STANLEY G. EAKINS, FINANCIAL MARKETS + INSTITUTIONS (2003)
3. HEIDI MANDANIS SCHOONER AND MICHAEL W. TAYLOR, GLOBAL BANK REGULATION-PRINCIPLES AND POLICIES (2010)
4. JEFFREY FRIEDMAN, WHAT CAUSED THE FINANCIAL CRISIS (2010).
5. Litan, R, What Should Banks Do? Washington, D.C.:The Brookings Institution. (1987)
6. RICHARD APOSTOLIK, CHRISTOPHER DONOHUE, PETER WENT, FOUNDATIONS OF BANKING RISK; AN OVERVIEW OF BANKING, BANKING RISKS, AND RISK-BASED BANKING REGULATION (2009)
二、判決
1. Auten v. United States Nat`l Bank of New York, 174 U.S. 125 (1899)
三、期刊論文
1. Andrew F. Tuch, Conflicted Gatekeepers: The Volcker Rule and Goldman Sachs, 7 Va. L. & Bus. Rev. 365, (2012).
2. Bryan, L., Core Banking, McKinsey Quarterly, No. 1 and "Breaking up the Bank", McKinsey Quarterly, summer. (1991)
3. Charles K. Whitehead, The Volcker Rule and Evolving Financial Markets, Harvard Business Law Review, Vol. 1, 2011, available at http://www.hblr.org/download/HBLR_1_1/Whitehead-Volcker_Rule.pdf
4. David A. Skeel, Jr. The New Financial Deal: Understanding the Dodd-Frank Act And its(Unintended) Consequences, 30-5 ABIJ 40,(2011).

5. Julian T.S Chow and Jay Surti, IMF Working Paper, Making Banks Safer: Can Volcker and Vickers Do it?, (Oct 2011)
6. Kashyap, A., R. Rajan and J. Stein,(2002)"Banks as Liquidity Providers: An Explanation for the Coexistence of lending and Deposit-Taking", Journay of Finance, Vol.57.
7. Kay,J.,(2009), "Narrow Banking: The Reform of Banking Regulation" available http://www.johnkay.com/wp-content/uploads/2009/12/JK-Narrow-Banking.pdf
8. Markus K. Brunnermeier, Deciphering the Liquidity and Credit Crunch 2007–2008, Journal of Economic Perspectives, 77 Volume 23, Number 1, (2009)
9. Robert C. Merton, Financial Innovation and the Management and Regulation of Financial Institutions, 19 J. BANKING & FIN. 468-469(1995)
10. R. Rex Chatterjee, Dictionaries Fail: The Volcker Rule’s Reliance on Definitions Renders It Ineffective and a New Solution is Needed to Adequately Regulate Proprietary Trading, BYU International Law and Management Review, volume 8 (2011)
四、非期刊論文
1. Fein, Melanie L. , Dodd-Frank Act: Implications for Securities Activities of Banks and Their Affiliates, (August 11, 2010). Available at SSRN: http://ssrn.com/abstract=1657637
2. Goldman Sachs Asset Management, Introduction to Mortgage-Backed Securities (MBS) and Other Securitized Assets, Dec 2007, http://quantlabs.net/labs/quant-books/doc_download/143-goldman-sachs-introduction-to-mortgage-backed-securities-and-other-securitized-assets
3. Jacopo Carmassi, Elisabetta Luchetti and Stefano Micossi, Overcoming Too-big-to-fail a Regulatory Framework to Limit Moral Hazard and Free Riding in The Financial Sector, Available at http://ssrn.com/abstract=1610214
五、外國政府與國際監理組織出版品
(一)美國、英國政府及歐盟
1. FDIC, Reports of Condition and Income Forms and User Guides, available at http://www.fdic.gov/regulations/resources/call/
2. FSOC(FINANCIAL STABILITY OVERSIGHT COUNCIL), Study & Recommendations on Prohibitions on Proprietary Trading & Certain Relationships with Hedge Funds & Private Equity Funds, (Jan. 2011), availabile at http://www.treasury.gov/initiatives/documents/volcker%20sec%20%20619%20study%20final%201%2018%2011%20rg.pdf.
3. HM TREASURY, The Government response to the Independent Commission on Banking, (Dec. 2011), available at http://cdn.hm-treasury.gov.uk/govt_response_to_icb_191211.pdf.p13.
4. HM TREASURY, Banking reform: a new structure for stability and growth,at 10, (Feb. 2013), availabile at http://www.hm-treasury.gov.uk/d/banking_reform_040213.pdf.
5. ICB, Final Report Recommendations,(Sept. 2011), availabile at http://www.hm-treasury.gov.uk/d/ICB-Final-Report.pdf
6. Official Journal of the European Union, DIRECTIVE 2006/48/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions, (Jun. 6 , 2010).
7. PCBS, First Report of Session 2012–13, (Dec. 2012), at 62, available at
http://www.publications.parliament.uk/pa/jt201213/jtselect/jtpcbs/98/98.pdf
8. Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds, 76 FR 68846, Nov. 7 2011(hereinafter the "Proposed Rule")
9. U.S. SECURITIES AND EXCHANGE COMMISSION, "Citigroup, Form 8-K, Current Report, Filing Date Feb 27, 2009". secdatabase.com., Mar 26, 2013, Available at: http://edgar.secdatabase.com/642/95010309000421/filing-main.htm
(二)國際監理組織及30國集團(G30)
1. Basel committee on banking supervision, Consultative document-Guidelines for computing capital for incremental risk in the trading book, 2008.10.5,website: http://www.bis.org/publ/bcbs141.pdf
2. Basel Committee on Banking Supervision, International Convergence of Capital Measurement and Capital Standards:A Revised Framework, at 644 (June 2004) available at http://www.imf.org/external/pubs/ft/gfsr/2008/01/index.htm
3. Group of Thirty, Financial Reform: A Framework for Financial Stability, (Jan. 15 2009), Available at http://www.group30.org/images/PDF/Financial_Reform-A_Framework_for_Financial_Stability.pdf
4. International Monetary Fund, Global Financial Stability Report-Containing Systemic Risks and Restoring Financial Soundness, available at http://www.imf.org/external/pubs/ft/gfsr/2008/01/index.htm
六、報導、專訪、演講
1. Chang.gov, President-elect Barack Obama establishes President’s Economic Recovery Advisory Board, available at http://change.gov/newsroom/entry/president_elect_barack_obama_establishes_presidents_economic_recovery_advis/
2. Charlie Gasparino, Bank of America to Buy Merrill Lynch for $50 Billion, CNBC, 14 Sep 2008, available at: http://www.cnbc.com/id/26708319
3. Craig Torres & Cheyenne Hopkins, Bernanke Says Dodd-Frank’s Volcker Rule Won’t Be Ready by July 21 Deadline, Bloomberg, Mar. 1, 2012, available at http://www.bloomberg.com/news/2012-02-29/bernanke-says-dodd-frank-s-volcker-rule-won-t-be-ready-by-july-21-deadline.html
4. David Goldman, Tami Luhby and Grace Wong, BofA: $20B bailout, huge Merrill loss, CNN MONEY, January 16, 2009, available at: http://money.cnn.com/2009/01/16/news/companies/bofa_new_bailout/
5. Francesco Guerrera and Justin Baer, Wall Street to sidestep ‘Volcker Rule’, FINANCIAL TIMES, Nov. 10, 2010, available at: http://www.ft.com/intl/cms/s/0/3d49f12e-ed03-11df-9912-00144feab49a.html#axzz2UOXoN34X
6. Jesse Hamilton & Kathleen Hays, Glass-Steagall Return Would Boost Banks, FDIC’s Hoenig Says, Bloomberg News, Jun 27, 2012, available at: http://www.bloomberg.com/news/2012-06-26/glass-steagall-revival-would-bolster-banks-fdic-s-hoenig-says.html
7. JON HILSENRATH, DAMIAN PALETTA and AARON LUCCHETTI, Goldman, Morgan Scrap Wall Street Model, Become Banks in Bid to Ride Out Crisis, 22 Sep, 2008, available at http://online.wsj.com/article/SB122202739111460721.html
8. Justin Fox, Goldman: We Run Wall Street, CNN MONEY, May. 16, 2005, available at: http://money.cnn.com/magazines/fortune/fortune_archive/2005/05/16/8260146/
9. Margaret E. Tahyar, Davis Polk & Wardwell LLP, Senate-House Conference Agrees on Final Volcker Rule ,The Harvard Law School Forum on Corporate Governance and Financial Regulation(June. 27 2010). Available at http://blogs.law.harvard.edu/corpgov/2010/06/27/senate-house-conference-agrees-on-final-volcker-rule/
10. Morgan Stanley, Morgan Stanley Granted Federal Bank Holding Company Status By U.S. Federal Reserve Board of Governors, Sep. 21, 2008, available at: http://www.morganstanley.com/about/press/articles/6933.html
11. Nicole Hong, DBRS: Cyprus Bank Run Could Spread Across Euro Zone, Wall Street Journal, March 26, 2013, The available at: http://online.wsj.com/article/BT-CO-20130326-709028.html
12. Northern Rock besieged by savers,BBC NEWS, Sept. 17, 2007, http://newsvote.bbc.co.uk/2/hi/business/6997765.stm
13. Paul Krugman, Bankers Without a Clue, NEW YORK TIMES ONLINE(Jan. 14, 2010) availablel: http://www.nytimes.com/2010/01/15/opinion/15krugman.html?_r=0
14. Scott Patterson and Victoria Mcgrane, The Multibillion-Dollar Leak, The Wall Street Journal, Oct. 7 2011, Available at: http://online.wsj.com/article/SB10001424052970204294504576615382298044922.html
15. SCOTT PATTERSON, Volcker Rule Could Be Delayed—Again, WSJ, Feb. 27 2013, available at http://online.wsj.com/article/SB10001424127887324662404578330563892792982.html
16. STATEMENT OF PAUL A. VOLCKER BEFORE THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS OF THE UNITED STATES SENATE WASHINGTON, DC, FEBRUARY 2, 2010, available at http://banking.senate.gov/public/index.cfm?FuseAction=Files.View&FileStore_id=ec787c56-dbd2-4498-bbbd-ddd23b58c1c4
17. Stephen Gande, Is Proprietary Trading Too Wild for Wall Street?, TIME, Feb. 5, 2010, available at: http://www.time.com/time/business/article/0,8599,1960565,00.html
18. The White House Office of the Press Secretary, Remarks by the President on Financial Reform Diplomatic Reception Room, available at: http://www.whitehouse.gov/the-press-office/remarks-president-financial-reform		zh_TW