宏观审慎监管:目标、工具与相关制度安排  

MACRO PRUDENTIAL REGULATION:TARGET,INSTRUMENTS AND INSTITUTIONAL ARRANGEMENT

作　　者：陈雨露[1] 马勇[1] 

机构地区：[1]中国人民大学财政金融政策研究中心,北京100872

出　　处：《经济理论与经济管理》2012年第3期5-15,共11页Economic Theory and Business Management

基　　金：国家自然科学基金项目"宏观审慎政策体系与实施方案研究"(71150003);北京市教育委员会共建项目"中国货币国际化战略研究"

摘　　要：最近40年的金融危机史表明,随着金融市场的日渐发达和复杂化,金融失衡不仅周期性地发生,而且与宏观经济的失衡彼此强化,这种强化使得经济和金融长期持续、显著地偏离长期标准。在金融体系顺周期性的负面效应日渐明显的情况下,为确保宏观经济和金融体系的稳定,在传统微观审慎监管的基础上全面建立和完善宏观审慎监管已成为大势所趋。强调宏观审慎的监管理念认为,仅凭微观层面的努力难以实现金融体系的整体稳定,监管当局需要从经济活动、金融市场以及金融机构行为之间相互关联的角度,从整体上评估金融体系的风险,并在此基础上健全金融体系的制度设计并作出政策反应。From the experience of financial crisis in the past 40 years,financial imbalance became a recurrent phenomenon as the development of financial market.The mutual strengthening mechanism between financial and macroeconomic imbalance led to an obvious and long-lasting deviation from the normal standard.Under the negative effect of the financial procyclicality,financial and macroeconomic stability could not be reached unless macro prudential regulation put into policy framework.The macro prudential regulation emphasized that,the risk of the financial system should be assessed from the overall perspective of the interaction between economic behavior,financial market and financial institutions.The design of financial system should take this interaction into consideration.

关 键 词：宏观审慎监管 目标 工具 制度安排 

分 类 号：F832.1[经济管理—金融学]