摘要
宏观审慎以减少金融危机对经济稳定产生影响为政策目标,着眼于防范整个金融体系的系统性风险。微观审慎以保护消费者为政策目标,着眼于防范单个金融机构的个体性风险。二者目标相辅相成,政策效果也相互依赖。然而,由于监管部门不同但监管对象和政策工具高度重叠,二者可能出现政策冲突,尤其在经济下行、银行高度集中且业务同质化以及不同监管机构权责不分的情形之下。英美经验表明,无论是独立委员会机制还是央行统筹协调机制,有效的监管协调都离不开明确的权责划分、常态化的沟通协调机制以及流畅透明的信息共享。为了加强宏观审慎管理与微观审慎政策之间的协同配合,中国可从三方面着手改革。一是打造"一体多翼"的组织治理架构,增强行为监管部门的独立性,在国务院金融稳定发展委员会下根据需要设立专家工作组。二是进一步完善信息共享和沟通协调机制,鼓励不同监管机构领导人交叉任职,提高微观审慎机构在系统性风险分析中的参与度,以及借助"服从-解释"机制提高跨部门决策的透明度。三是为潜在政策冲突做好预案,包括预先设定政策目标优先级、进一步完善系统性风险预警机制、拓展宏观审慎政策工具箱以及鼓励金融机构积累逆周期安全缓冲等。
Macro prudential regulations aim at reducing the impact of financial crises on economic stability,which focuses on the systemic risk of the entire financial system.Micro prudential regulations aim at protecting consumers,which put more emphasis on risks of individual financial institutions.These two types of regulations complement each other with their policy effects being interdependent.However,because macro-and micro-prudential regulations are usually enforced on the same institutions by different supervisors with overlapping policy tools,there are possibilities of policy conflicts,especially in situations such as economic downturns,highly centralized banking system conducting similar businesses,and no clear division of authority and responsibility.Experiences from the Unites States and the United Kingdom show that effective regulatory coordination requires clear division of authority and responsibility,well-established communications mechanism,and opaque information sharing.In order to enhance the coordination between macro-and micro-prudential regulations,there are three key areas that the Chinese government should consider to reform.First,we should strengthen the organizational structure of public governance by enhancing the independence of the financial conduct authority as well as by forming expert working groups under the request of the Financial Stability and Development Committee under the State Council.Second,we should build a better information sharing and communication mechanism,by encouraging cross appointments among different supervisory institutions,increasing the participation of microprudential departments in the assessment of systemic risk,and enhancing the transparency of decision making across different departments by employing the"obey or explain"mechanism.Third,we should be prepared for potential policy conflicts,by setting priorities for policy objectives in advance,expanding the toolbox systematic risk related policies,and encouraging financial institutions to accumulate safety buffers du
出处
《国际经济评论》
CSSCI
北大核心
2021年第5期34-52,5,共20页
International Economic Review
基金
国家社会科学基金青年项目“银行网络视角下的多重审慎监管规则评估与政策协调研究”(项目编号:20CGL007)的阶段性研究成果。
