宏观审慎监管:目标、工具与相关制度安排

发布时间：2017-12-31 01:24

本文关键词：宏观审慎监管:目标、工具与相关制度安排　出处：《经济理论与经济管理》2012年03期 　论文类型：期刊论文

【摘要】：最近40年的金融危机史表明,随着金融市场的日渐发达和复杂化,金融失衡不仅周期性地发生,而且与宏观经济的失衡彼此强化,这种强化使得经济和金融长期持续、显著地偏离长期标准。在金融体系顺周期性的负面效应日渐明显的情况下,为确保宏观经济和金融体系的稳定,在传统微观审慎监管的基础上全面建立和完善宏观审慎监管已成为大势所趋。强调宏观审慎的监管理念认为,仅凭微观层面的努力难以实现金融体系的整体稳定,监管当局需要从经济活动、金融市场以及金融机构行为之间相互关联的角度,从整体上评估金融体系的风险,并在此基础上健全金融体系的制度设计并作出政策反应。
[Abstract]:The last 40 years of financial crisis history shows that with the development and complexity of financial markets, financial imbalances not only occur periodically, but also strengthen each other with macroeconomic imbalances. This strengthening has made the economy and finance continue for a long time and deviate significantly from long-term standards. In order to ensure the stability of the macroeconomic and financial system, the negative effects of the pro-cyclical nature of the financial system are becoming increasingly evident. On the basis of traditional micro-prudential supervision, it has become a general trend to establish and perfect macro-prudential supervision in an all-round way. Efforts at the micro level alone are difficult to achieve overall stability in the financial system, and regulators need to look at the interconnectedness of economic activity, financial markets and the behaviour of financial institutions. The risks of the financial system are assessed, and the institutional design and policy response of the financial system are improved.
【作者单位】：中国人民大学财政金融政策研究中心;
【基金】：国家自然科学基金项目“宏观审慎政策体系与实施方案研究”(71150003) 北京市教育委员会共建项目“中国货币国际化战略研究”
【分类号】：F832.1
【正文快照】： 一、引言本轮危机表明,仅仅依靠微观审慎监管很难维护金融体系的稳定,也很难确保长期的宏观均衡和经济的可持续增长。这种情况不仅在过去30多年的金融危机中得到了证明,而且其背后蕴含着深刻的宏观经济背景。从20世纪70年代开始,伴随着全球金融“繁荣—萧条”周期的加强,金融

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