资本账户开放、资本流动与金融稳定——基于宏观审慎的视角  

Capital Account Liberalization,Capital Flows and Financial Stability: From Macro-prudential Perspective

作　　者：肖卫国[1] 尹智超[1] 陈宇[1] 

机构地区：[1]武汉大学经济与管理学院

出　　处：《世界经济研究》2016年第1期28-38,135,共11页World Economy Studies

基　　金：国家社会科学基金一般项目(编号:14BJY187);教育部哲学社会科学研究重大课题攻关项目(编号:12JZD029);教育部人文社会科学研究规划基金项目(编号:11YJA790169)

摘　　要：文章基于金融稳定的宏观审慎视角,运用动态随机一般均衡模型实证分析了在我国资本账户开放程度加深的背景下宏观审慎政策与货币政策的协调问题。研究认为,逆周期的宏观审慎政策具有专业性和针对性,应由独立于央行的部门执行,以避免逆周期调控与央行刺激经济增长的货币政策相冲突;央行货币政策的制定在考虑稳定通胀和产出的同时,还应关注银行信贷的变动。除使用宏观审慎政策维护金融稳定以外,文章还发现提升全社会生产力水平能够对金融和经济平稳发展起到较为长远的作用。This paper analyzed the coordination of China's macro-prudential policy and monetary policy in the context of capital account opening,based on the macro-prudential perspective of financial stability with a dynamic stochastic general equilibrium model( DSGE). We found that,the counter-cyclical macro-prudential policy is professional and targeted,which should be performed independently from the central bank's department,in order to avoid conflicts between counter-cyclical adjustment and the central bank's pro-cyclical behavior to stimulate economic growth. The central bank's monetary policy should pay attention to changes in bank credit besides inflation stability and output stimulation. We also found that improving productivity plays a longer-term role in stable development of financing and economy comparing with the macro-prudential policy.

关 键 词：资本账户开放 资本流动 金融稳定 宏观审慎政策 

分 类 号：F832.5[经济管理—金融学]