金融稳定与货币政策的职能融合:经验与启示

发布时间：2018-07-28 15:40

【摘要】：金融稳定与货币政策的协调经历了融合、分立、再融合等动态演进过程,并形成了英国大一统模式、美国的双层体系以及相对分立等模式。各国模式虽不同,短期目标不同,但是,金融稳定与货币政策的协调与融合存在长期的内在自恰性,二者相互分离可能引发系统性错误。金融稳定与货币政策职能的协调与统筹是系统性风险应对以及宏观审慎管理框架的基础。改革完善适应现代金融市场体系的监管框架,并与货币政策形成有效的协调机制,是中国防范和应对区域性及系统性风险的关键,未来需要重点关注金融监管者与央行的权责问题、金融稳定的机构设置或核心责任主体问题以及金融稳定与货币政策融合的政策工具发展问题。
[Abstract]:The coordination of financial stability and monetary policy has undergone the dynamic evolution of integration, separation, re-integration, and formed the British Unification model, the two-tier system of the United States and the relative separation model. Although different countries have different models and short-term goals, there is a long-term inherent self-consistency between the coordination and integration of financial stability and monetary policy, and the separation of the two may lead to systemic errors. The coordination and coordination of the function of financial stability and monetary policy is the basis of systemic risk response and macroprudential management framework. Reforming and perfecting the regulatory framework for modern financial market system and forming an effective coordination mechanism with monetary policy are the key to prevent and deal with regional and systemic risks in China. In the future, we should focus on the issues of the authority and responsibility of the financial regulator and the central bank, the institutional setting or the main body of the core responsibility of financial stability and the development of policy tools for the integration of financial stability and monetary policy.
【作者单位】：中国社会科学院研究生院;中国社会科学院金融研究所;
【基金】：国家社科基金青年项目“西方国家金融危机与制度弊端分析研究”(项目编号:14CJL017);国家社科基金重点项目“我国金融体系的系统性风险与金融监管改革研究”(项目编号:13AJY018);国家社科基金重点项目“‘十三五’时期我国的金融安全战略研究”(项目编号:15AJY017) 中国社科院金融所2016年重点课题“新常态下我国金融体系改革研究”
【分类号】：F832;F822.0

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