摘要
随着各国逐步将宏观审慎监管应用到金融系统性风险管理实践,宏观审慎政策的有效性逐步成为学术界和实务界关注的重点。本文从两个维度分析了我国宏观审慎监管政策的有效性:在监管工具有效性维度,实证分析了我国应用宏观审慎政策工具控制系统性风险的效果,结果表明近年来我国实施的大多数宏观审慎监管工具达到了预期效果;在政策协调有效性维度,通过简化的银行业资产负债表,模拟分析了货币政策、宏观审慎监管、微观审慎监管等多种政策对银行业的影响,结果表明由于政策决策和协调机制方面的缺陷,我国2008年后的各个阶段分别出现了一定程度的"政策抵消"或"政策超调"。最后,本文提出了相关政策建议。
As macroprudential regulation is adopted by various countries to regulate systemic risk in the financial sector, the efficiency of macroprudential policies gradually draws more and more attentions. This paper analyzes the efficiency of China＇s macroprudential regulatory policies from two aspects. In terms of the efficiency of regulatory tools, empirical analysis is applied to evaluate historic performance of China＇s macroprudential regulatory tools on systemic risk control; the result shows that most of the tools had achieved expected results. In terms of the efficiency of policy coordination, simplified bank balance sheets are employed to simulate the impacts of monetary policies, macroprudential policies and microprudential policies on banks. The result shows that there was dis-coordination of policies after 2008. This paper finally proposes policy suggestions based on our analysis.
出处
《金融监管研究》
2014年第12期1-23,共23页
Financial Regulation Research
基金
中国金融四十人论坛课题"中国系统性风险与宏观审慎监管研究"的部分成果
关键词
宏观审慎监管
金融系统性风险
政策协调
Macroprudential Regulation
Financial Systemic Risk
Policy Coordination
