后危机时代中央银行在宏观审慎管理的作用

发布时间：2018-01-07 06:24

本文关键词：后危机时代中央银行在宏观审慎管理的作用　出处：《山东大学》2012年硕士论文　论文类型：学位论文

【摘要】：国际金融危机爆发以来,构建宏观审慎性政策框架已在国际社会取得不少共识,加强宏观审慎管理成为危机后国际金融管理制度改革的核心内容。G20框架下金融稳定理事会(FSB)、国际清算银行(BIS)、巴塞尔银行监管委员会(BCBS)以及其他标准制定机构都在研究强化宏观审慎管理的政策和工具,美国、欧盟等主要经济体也在推动意在强化宏观审慎管理的金融体制改革。我国国民经济和社会发展第十二个五年规划纲要明确提出“构建逆周期金融宏观审慎管理制度框架”的要求。有必要深入思考我国中央银行在宏观审慎管理中的作用和加强中央银行宏观审慎管理职能问题。本文采取理论分析与实证分析相结合的方法,遵循提出问题、分析问题、解决问题的研究路线开展分析。首先,在明确研究背景和意义的基础上,简要介绍了宏观审慎管理的内涵、目标与框架,对后危机时代关于中央银行宏观审慎管理作用的观点进行综述,对欧盟、美、英等地区和国家金融监管体制变革情况进行了比较研究。发挥中央银行在宏观审慎管理中的核心作用已成为国际社会共识,主要经济国家都将宏观审慎监管赋权于中央银行,确立了以中央银行行为主的宏观审慎分析与政策架构。其次,从主体独立性、管理职责、货币政策、支付网络管理、金融稳定、成本收益等角度,深入分析了中央银行在宏观审慎管理中的地位和优势。宏观审慎管理与货币政策存在一致性,中央银行实施宏观审慎管理与维护金融稳定职能是对应的。中央银行得益于其现有的在货币政策、金融稳定和支付系统中的作用,作为支付系统监管者和最后贷款人,在相关专业分析、政策协调、资金支持、维护金融稳定等方面更有便利条件,在实施宏观审慎管理、防范系统性金融风险中具有先天性优势,应在宏观审慎管理框架中充当更重要的角色。再次,分析了我国中央银行宏观审慎管理的实践与现状。近年来,人民银行注重从宏观审慎角度加强金融调控,完善以差别准备金动态调整为核心的逆周期调控机制,取得一定成效。但还存在着宏观审慎管理体系法律制度缺失、宏观审慎管理政策架构和工具亟待研究完善、缺乏有效的监管协调机制、金融监管的信息搜集和共享机制不健全等难点和不足,有必要加强我国宏观审慎管理。最后,对加强中央银行宏观审慎管理提出了相应的政策建议。建议尽快明确中央银行在宏观审慎管理框架中的主导地位,赋予中央银行更大的系统性风险监管职能,授权中央银行加强宏观审慎管理工具研究,建立适合中国国情的金融风险监测分析框架,完善中央银行与金融监管部门的监管协调机制,健全市场化的系统性风险处置机制,加强中央银行与国际监管机构的协调合作。
[Abstract]:Since the outbreak of the international financial crisis, the establishment of a macro-prudential policy framework has achieved a lot of consensus in the international community. Strengthening macro-prudential management has become the core content of the post-crisis reform of the international financial management system. The Financial Stability Board (FSB) and the Bank for International Settlements (BIS) under the framework of G20. The Basel Committee on Banking Supervision (BCBS) and other standard-setting bodies are studying policies and tools to strengthen macroprudential management in the United States. Major economies, such as the European Union, are also promoting reforms in the financial system aimed at strengthening macro-prudential management. The 12th Five-Year Plan for China's National Economic and Social Development is clearly stated in the outline. " Construction of a framework for macro-prudential management in countercyclical finance " It is necessary to think deeply about the role of the central bank in macro-prudential management and to strengthen the function of macro-prudential management. This paper adopts the method of combining theoretical analysis with empirical analysis. Follow the research route of problem raising, problem analysis and problem solving. First of all, on the basis of clear research background and significance, this paper briefly introduces the connotation, objectives and framework of macro-prudential management, and summarizes the views on the role of macro-prudential management of the central bank in the post-crisis era. This paper makes a comparative study of the changes in the financial regulatory system in the EU, the United States, the United Kingdom, and other regions and countries. It has become a consensus of the international community to give play to the central bank's central role in macro-prudential management. The major economic countries have empowered the central bank with macro-prudential supervision and established a macro-prudential analysis and policy framework dominated by the central bank. Secondly, from the aspects of subject independence, management responsibility, monetary policy, payment network management, financial stability, cost-benefit and so on. The position and advantage of central bank in macroprudential management are analyzed in depth. There is consistency between macro-prudential management and monetary policy. The central bank's role in monetary policy, financial stability and payment systems is the same as the function of maintaining financial stability in the context of macro-prudential management by the central bank, which benefits from its existing role in monetary policy, financial stability and the payment system. As the regulator of payment system and lender of last resort, there are more convenient conditions in related professional analysis, policy coordination, financial support, financial stability and so on, in the implementation of macro-prudential management. There are inherent advantages in the prevention of systemic financial risks, which should play a more important role in macroprudential management framework. Thirdly, the paper analyzes the practice and present situation of macro-prudential management in China's central bank. In recent years, the people's Bank of China has focused on strengthening financial regulation and control from the perspective of macro-prudential. Improve the dynamic adjustment of differential reserve as the core of the counter-cyclical control mechanism, achieved certain results, but there is still a macro-prudential management system of the legal system is missing. Macroprudential management policy framework and tools need to be studied and improved, lack of effective regulatory coordination mechanism, financial regulation of information collection and sharing mechanism is not perfect and difficult and inadequate. It is necessary to strengthen macro-prudential management in China. Finally, it puts forward the corresponding policy recommendations to strengthen the macro-prudential management of the central bank, and suggests that the dominant position of the central bank in the macro-prudential management framework should be clarified as soon as possible. The central bank should be entrusted with more functions of systemic risk supervision, and the central bank should be empowered to strengthen the research on macro-prudential management tools and establish a financial risk monitoring and analysis framework suitable for China's national conditions. We should perfect the supervision and coordination mechanism between the central bank and the financial supervision department, perfect the market-oriented systematic risk management mechanism, and strengthen the coordination and cooperation between the central bank and the international regulatory bodies.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.31

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