加快构建符合中国实际的宏观审慎政策框架

发布时间：2018-11-14 12:43

【摘要】：1970年代以来,由于货币稳定无法保障金融稳定、个体稳健无法实现系统稳健等问题无法在制度层面得以解决,导致金融危机频繁发生。本次国际金融危机以来,在现行金融监管体系下增加"宏观维度"并以此重构全球金融监管格局,不仅成为理论研究的焦点问题,而且已经真正走进了主要经济体的监管实践当中。近年来,尽管中国紧随全球监管改革大趋势,不断推动金融监管体制改革,但就目前来看改革仍限于工具创新而未真正触及体制改革的核心,系统性风险隐患依然存在。因此,在人民币加入SDR,内外部风险相互交织衍生的大背景下,我们更应当尽早构建起与新时期经济金融发展相匹配、符合中国实际的宏观审慎政策框架。本文详细阐述了宏观审慎政策框架的目标、工具、政策协调等问题,并据此为新时期中国金融监管改革提出了可行性建议。
[Abstract]:Since the 1970s, because the monetary stability can not guarantee the financial stability, the individual stability can not realize the system stability and other problems can not be solved in the system level, which leads to the frequent occurrence of the financial crisis. Since the current international financial crisis, adding "macro dimensions" to the current financial regulatory system and reconstructing the global financial regulatory pattern have not only become the focus of theoretical research. And has actually entered the major economies of regulatory practice. In recent years, although China has followed the trend of global regulatory reform and pushed forward the reform of the financial regulatory system, at present, the reform is still limited to the innovation of tools and does not really touch the core of the system reform, and the hidden dangers of systemic risk still exist. Therefore, under the background that the internal and external risks of RMB entering SDR, are intertwined with each other, we should set up as soon as possible to match with the economic and financial development in the new period and accord with China's actual macro-prudential policy framework. This paper expounds in detail the goals, tools and policy coordination of the macro-prudential policy framework, and puts forward some feasible suggestions for the reform of China's financial supervision in the new period.
【作者单位】：中国人民大学财政金融学院;中国人民大学国际货币研究所;中国人民大学中国财政金融政策研究中心;
【基金】：国家社会科学基金重大项目“完善金融宏观调控体系研究”(项目号:12&ZD089) 马克思主义理论研究和建设工程重点研究课题“防范和化解经济金融风险研究” 国家自然科学基金青年基金项目(项目号:71503256)的阶段性成果
【分类号】：F123.16

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