宏观审慎监管工具的有效性与传导渠道:欧元区的经验  

Effectiveness and Channels of Macro-prudential Instruments——Lessons from the Euro Area

作　　者：蒂埃里.特勒瑟尔 Y.索菲亚.张 丛阳 寇宏 许晓骏 范颖 张海鹏 朱晓 

机构地区：[1]世界银行 [2]国际货币基金组织(IMF) [3]上海银监局编译组

出　　处：《金融监管研究》2016年第3期13-39,共27页Financial Regulation Research

摘　　要：此次金融危机凸显了构建宏观审慎监管框架并根据需要采取有效的宏观审慎监管工具以缓解日益加剧的金融失衡的重要性。本文使用欧元区《银行贷款调查》报告的信息,构建了一个新的方法,对宏观审慎监管政策在遏制抵押贷款增长和房价上涨方面的有效性进行了评估。研究发现,旨在调节银行融资成本的工具在降低抵押贷款增速方面最为有效,该影响主要通过利润边际传导,与货币政策的银行信贷传导机制类似。贷款价值比的限制同样有效,特别是在货币政策过度宽松的情况下。The crisis has highlighted the importance of setting up macro-prudential oversight frameworks, having effective macro-prudential instruments in place to be called upon to mitigate growing financial imbalances as needed. We develop a new approach using the euro area Bank Lending Survey to assess the effectiveness of macro-prudential policies in containing credit growth and house price appreciation in mortgage markets. We find instruments targeting the cost of bank capital most effective in slowing down mortgage credit growth, and that the impact is transmitted mainly through price margins, the same banking channel as monetary policy. Limits on loan- to-value ratios are also effective, especially when monetary policy is excessively loose.

关 键 词：宏观审慎政策 贷款价值比 资本要求 抵押贷款 银行贷款 

分 类 号：F842.3[经济管理—保险]