宏观审慎政策的角色  

The Role of Macro Prudential Policy

作　　者：维多利亚.萨博塔 霍成义[2] 王邕[2] 赵宇翔[2] 刘敏[2] 王馨[2] 杨阳 王蓉[2] 

机构地区：[1]英格兰银行金融稳定局 [2]中国人民银行济南分行国际经济金融翻译研究第三小组

出　　处：《金融发展研究》2010年第5期9-14,共6页Journal Of Financial Development Research

摘　　要：本文基于宏观审慎目标、理论动因和风险传播渠道,探讨了是否应该追加全局性资本金以平抑经济周期。全局性资本金追加要求可以一刀切或者区别对待,区别对待的方法有利于更好地掌控风险,但必须慎重考量区别对待的适度水平,可通过一系列定量和定性指标来调校全局性资本金追加标准;宏观审慎决策需要一定的相机抉择,但必须对其施加相应的约束以保障政策的透明度、责任性和前瞻性,建议制定完备的责任约束机制,从而形成"有约束的相机抉择"的宏观审慎机制;一国宏观审慎制度需要得到国际合作与配合才能充分地发挥效力。Based on the potential objectives and natural starting point of macroprudential policy and conduction channels of systemic risk, this discussion paper examines whether it would be practical to dampen cyclical overexuberance through a regime of capital surcharges on top of prevailing microprudential capital ratios. These surcharges could be applied to headline capital requirements or at a more disaggregated level. The sectoral approach might allow policy to be better targeted at pockets of emerging exuberance, but the appropriate level of disaggregation for setting capital surcharges would need to be considered carefully. A series of the quantitative and qualitative indicators can be used to adjust capital charges. It seems unlikely that macroprudential instruments could be set wholly according to fixed rules and proper discretion is necessary. But it would be important that constraints were placed on a macroprudential regime to ensure transparency, accountability and some predictability. It also suggests the need for robust accountability mechanisms. Such a macroprudential regime of ＂constrained discretion＂ would share some similarities with macroeconomic policy frameworks. In addition, to be wholly effective, a macroprudential regime might require significant international co-ordination.

关 键 词：宏观审慎政策 系统性风险 全局性资本金附加 

分 类 号：F830[经济管理—金融学]