从微观审慎到宏观审慎的监管变迁研究

发布时间：2018-04-14 20:49

  本文选题：宏观审慎监管 + 微观审慎监管　； 参考：《武汉大学》2012年博士论文

【摘要】：美国金融危机之后，主要经济体和国际组织都认识到微观审慎监管对抗系统性风险的无能为力，以防范系统性风险为主要目标的宏观审慎监管遂成为各经济体金融监管改革的重要内容。 20国集团将宏观审慎监管纳入全球金融监管模式；FSB成为以维护全球金融稳定为目标的宏观审慎监管国际组织；美国签署了《多德-弗兰克华尔街改革及消费者保护法案》；欧盟委员会组建了负责宏观审慎监管的欧洲银行系统性风险管理委员会（ESRB）；《巴塞尔协议Ⅲ》最终问世，标志着对银行业的监管从单纯微观审慎监管过渡到“宏微观审慎并重”的监管模式。加强宏观审慎监管也引起了我国金融管理部门的高度重视。中国人民银行2009年第二季度以来发布的历次《中国货币政策执行报告》，2011年3月通过的《国民经济和社会发展第十二个五年规划纲要》等，都多次提到加强宏观审慎监管，维护金融体系稳定，防范系统性风险的重要性。 本文正是基于这样的国际国内背景，通过对比分析微观审慎监管未能抵御系统性风险的原因与宏观审慎监管防范系统性风险的有效性，来探索适于我国的宏观审慎监管框架的构建。 首先，本文分别对银行监管的理论与实践变迁和系统性风险的理论框架进行了文献梳理，在此基础上探讨了微观审慎监管对系统性风险监管缺失的原因。微观审慎监管理念认为，每个银行监管好了，每家银行的风险控制住了，整个银行系统就不会有风险了。但是它忽视了银行业相互间的传染性与相互依存关系。即使在严格的微观审慎监管下，，银行间的相互依存关系与相互感染性导致银行的监管资本套利行为，同时，银行经营行为对货币政策的正向反馈机制带来了顺周期性。美国次贷危机的爆发，充分显现了这一特点。 然后，文章对宏观审慎监管抵御系统性风险的有效性进行探讨。宏观审慎监管的提出基于微观审慎监管抵御系统性风险的不足，以维护金融稳定为目标。本文通过对宏观审慎监管与微观审慎监管进行深入比较与分析，在此基础上，探讨了以宏观审慎监管防范系统性风险的合理性与必要性，并提出了宏观审慎监管的一般性框架。 最后，本文为我国实施巴塞尔协议Ⅲ提出了政策建议。中国原计划于2011年全面实施巴塞尔协议Ⅱ之际，正值巴塞尔银行监管委员会颁布巴塞尔协议Ⅲ，我国也在此基础上于2011年8月颁布了《商业银行资本管理办法（征求意见稿）》。文章通过对巴塞尔协议Ⅲ内容的分析，尤其是宏观审慎监管原则的体现，探讨中国如何汲取巴塞尔协议Ⅲ精神，构建适合我国的宏观审慎监管框架。
[Abstract]:In the wake of the financial crisis in the United States, major economies and international organizations have come to realize that microprudential regulation is powerless to counter systemic risks.Macroprudential supervision, which aims at preventing systemic risk, has become an important part of financial supervision reform in various economies.The G20 brings macro-prudential supervision into the global financial regulatory model and FSB becomes an international organization of macro-prudential supervision aiming at maintaining global financial stability.The United States signed the Dodd-Frank Wall Street Reform and Consumer Protection Act; the European Commission set up the European Banking systemic risk Management Committee, which is responsible for macroprudential regulation; and the Basel III Agreement finally came into being.It marks the transition of banking supervision from microprudential supervision to macro-microprudential supervision.Strengthening macro-prudential supervision has also aroused the great attention of our financial management department.Since the second quarter of 2009, the people's Bank of China has issued successive "report on the implementation of China's Monetary Policy" and the "outline of the Twelfth Five-year Plan for National Economic and Social Development", adopted in March 2011, all of which have repeatedly mentioned strengthening macro-prudential supervision.The importance of maintaining the stability of the financial system and guarding against systemic risks.This paper is based on this international and domestic background, through comparative analysis of the reasons why microprudential supervision failed to resist systemic risk and the effectiveness of macro-prudential supervision to prevent systemic risk.To explore the establishment of a macro-prudential regulatory framework suitable for our country.First of all, this paper reviews the theoretical and practical changes of banking supervision and the theoretical framework of systemic risk, and then discusses the reasons for the lack of supervision of systemic risk by micro-prudential supervision.The idea of microprudential regulation is that once every bank is regulated and each bank's risk is under control, the entire banking system will not be at risk.But it ignores the contagion and interdependence of banking.Even under strict microprudential supervision, the interdependence and mutual infection between banks lead to the arbitrage of bank's regulatory capital. At the same time, the positive feedback mechanism of the bank's operation brings a pro-cyclical effect on monetary policy.The outbreak of the subprime mortgage crisis in the United States has fully demonstrated this characteristic.Then, the article discusses the effectiveness of macro-prudential supervision against systemic risks.Macro prudential supervision is based on the deficiency of micro-prudential supervision to resist systemic risk, aiming at maintaining financial stability.Based on the comparison and analysis of macro-prudential supervision and micro-prudential supervision, this paper discusses the rationality and necessity of macroprudential supervision to prevent systemic risks, and puts forward the general framework of macro-prudential supervision.Finally, this paper puts forward some policy suggestions for the implementation of Basel Accord 鈪

本文编号：1750957