摘要
文章通过引入国内金融机构和国际金融机构,将国外金融冲击和国内资本流动宏观审慎政策纳入小国开放经济的DSGE框架中,研究了资本流动宏观审慎政策的有效性。研究发现,国外加息冲击会收紧国内金融机构的资产负债表,并经由银行激励约束而减小企业信贷规模;同时,本国货币贬值,国际资本外流,影响金融体系的稳定。我国推动健全资本流动的宏观审慎政策机制,能够有效应对国外加息冲击的影响,保持资本流动的相对稳定,减轻国内企业的融资压力,提高社会福利。
In recent years, the importance of international capital flows has been increasing, which hassignificantly accelerated the integration process of the international financial system. After 2008, the centralbanks of major western developed economies implemented loose monetary policy, which led to a large amountof capital flowing into new market countries. However, international capital flowed out of new market countriesafter Federal Reserve Chairman Ben Bernanke said in 2013 that the Federal Reserve would graduallywithdraw from quantitative easing.The great fluctuation of international capital has aroused the debate about monetary policy and macroprudentialpolicy. Rey (2015) believes that under any exchange rate system, only the control of internationalcapital flows can maintain the independence of monetary policy. In view of the above findings, since 2016, thePeople’s Bank of China has established a macro-prudential regulatory mechanism for international capitalflows to resist external financial shocks.By introducing domestic and international financial institutions, this paper brings the macro-prudentialpolicy of foreign financial shocks and capital flows into the DSGE framework of small countries’ open economy.Domestic financial institutions can raise funds by absorbing the deposits of their own residents and foreignresidents;international financial institutions buy and sell the creditor’s rights issued by various countries,so as to implement capital flows.It is found that under the impact of foreign interest rate increase, on the one hand, it will tighten the balancesheet of domestic financial institutions, and reduce the scale of corporate credit through bank incentivesand constraints;on the other hand, it will cause the devaluation of domestic currency and international capitaloutflows, and affect the stability of the financial system. The macro-prudential management mechanism ofcapital flows can enhance the ability to resist external financial shocks. For China, the proportion of foreigndebt is relativ
作者
赵胜民
张瀚文
Zhao Shengmin;Zhang Hanwen(School of Finance,Nankai University,Tianjin 300350,China;School of Finance,Guangdong University of Foreign Studies,Guangzhou 510006,China)
出处
《财经研究》
CSSCI
北大核心
2020年第8期156-169,共14页
Journal of Finance and Economics
基金
国家自然科学基金项目(71973162,71503290)。
关键词
国外金融冲击
资本流动
宏观审慎政策
foreign financial shocks
capital flows
macro-prudential policy
