宏观审慎政策跨国溢出效应:传导机制、影响因素与政策应对综述  

作　　者：欧阳辉 

机构地区：[1]贵州财经大学大数据应用与经济学院

出　　处：《金融监管研究》2023年第10期95-113,共19页Financial Regulation Research

基　　金：国家社会科学基金青年项目“‘稳增长’与‘防风险’双重目标的理论解构、量化评估与政策应对研究”的资助,项目编号23CJY036

摘　　要：宏观审慎政策跨国溢出效应对于政策有效性和金融稳定性具有重要影响,是宏观金融领域研究的热点之一。本文基于宏观审慎政策跨国溢出效应的现实背景,从影响因素、传导机制和政策应对三个方面对代表性文献进行了梳理和总结。首先,宏观审慎政策通过金融渠道、贸易渠道和其他渠道跨国溢出,其中金融渠道中的银行信贷渠道是主要的溢出渠道;其次,商业银行的特征、宏观审慎政策工具的类型和宏观审慎政策在周期中实施的时机会影响溢出效应;最后,在宏观审慎政策存在溢出效应的情况下,政策协调具有必要性,但实践仍面临挑战。本文认为,应细化对不同宏观审慎政策的讨论,持续做好宏观审慎政策相关数据的统计工作,拓宽政策溢出的研究对象,改进现有的研究方法。在“双支柱”调控框架下,还应进一步将货币政策纳入考虑范围,讨论其在政策跨境溢出中的作用。The cross-country spillover effects of macro-prudential policies has an important impact on policy effectiveness and financial stability,and is one of the hot spots in the field of macro-finance.Based on the actual background of cross-country spillover effects of macro-prudential policies,this paper reviews and summarizes the representative literatures from three aspects:influencing factors,transmission mechanisms and policy responses.First,macro-prudential policies spill across borders through financial channels,trade channels and other channels,among which bank credit channels in financial channels are the main overflow channels.Second,the characteristics of commercial banks,the types of macro-prudential policy tools and the timing of macro-prudential policy implementation in the cycle affect the spillover effects.Finally,under the spillover effects of macroprudential policies,policy coordination is deemed necessary,but its practice still faces challenges.This paper argues that we should refine the discussion of different macroprudential policies,continue the statistical work of macroprudential policy-related data,broaden the research objects of policy spillover,and improve the existing research methods.Under the"Two-Pillar"regulation framework,it is also imperative to incorporate monetary policy into the consideration,exploring its role in cross-border policy spillovers.

关 键 词：宏观审慎政策 跨国溢出效应 溢出渠道 政策协调 

分 类 号：F830[经济管理—金融学]