宏观审慎管理与货币政策协调配合研究  

Study on the Coordination and Cooperation between Monetary Policy and Macro-prudential Management Policy

作　　者：王元涛[1] 郭树华[1] 

机构地区：[1]云南大学经济学院,云南昆明650091

出　　处：《技术经济与管理研究》2015年第6期91-95,共5页Journal of Technical Economics & Management

基　　金：国家社会科学基金项目(07CJY061)

摘　　要：宏观审慎政策与货币政策之间的关系是当前研究的热点,国际金融危机的教训表明货币政策无法保证宏观经济稳定,需要引入宏观审慎政策加强金融稳定管理。宏观审慎管理侧重防范化解系统性风险并维护金融稳定,货币政策侧重维护价格稳定并促进经济增长,二者并非完全独立而且相互影响。为了更好地提高宏观政策配合有效性和实施好经济管理,要把握宏观审慎政策和货币政策目标定位、执行和测度的兼容性,加强宏观审慎工具和货币政策工具在种类设置、使用规则、使用时机上的配合,统筹实施主体的权责设置、激励机制、约束机制、政策边界及国际合作,在政策目标、操作工具、组织安排、微观机制等方面促进宏观审慎管理与货币政策的协调配合,实现促进经济增长和维持金融稳定。The relation between monetary policy and macro-prudential management policy is current focus of research. The lesson of the international financial crisis had shown that the monetary policy can not guarantee macroeconomic stability, so the financial system needs macro-prudential management policy to maintain stability. Macro-prudential management policy emphasizes guarding against general financial risks and maintaining financial stability and security, monetary policy aims at price stability and economic growth. They are not entirely independent and affect each other. To improve the effectiveness of policy coordination and carry out economic management, it is necessary to achieve targeting compatibility of location, implementation and measurement, strengthen tools of the type setting, the using rule and the opportunity and co-ordinate the implementation of the main responsibilities, incentive and restraint mechanisms, policy boundaries, and international cooperation. In short, in order to achieve economic growth and maintain financial stability, it is necessary to strengthen coordination and cooperation macro-prudential management and monetary policy, which including policy objectives, operation tools, organization and micro-mechanism.

关 键 词：货币政策 金融监管 金融失衡 信贷决策 

分 类 号：F820[经济管理—财政学]