宏观审慎的跨境资金流动调节工具选择和设计  

Design and Selection of the Tools for Macro-prudential Regulation on the Cross-border Capital Flow

作　　者：平晓冬[1] 赵文兴[1] 彭英[2] 

机构地区：[1]中国人民银行济南分行,山东济南250021 [2]中国人民银行济宁市中心支行,山东济宁272023

出　　处：《金融发展研究》2016年第4期59-63,共5页Journal Of Financial Development Research

摘　　要：本文认为,宏观审慎的跨境资金流动调节工具,应同时遵循适应人民币资本项目可兑换和宏观审慎监管理念的要求。由于银行在跨境资金流动中的地位越来越突出,以银行为调控对象,更能体现宏观总量和逆周期审慎调控特征。其中,银行短期外债和结售汇综合头寸管理是目前可用的主要调节手段。本文研究认为,对银行短期外债可建立全口径管理模式,根据短债风险状况分别赋权,实行动态总量调节和逆周期风险调控。结售汇综合头寸管理,可引入无息存款准备金制度,以银行在外汇市场上的交易为突破口,通过增加银行交易成本,促使其对跨境资金进行截流,起到分散跨境资金流动风险的作用。This paper thinks that the macro-prudential regulation instruments should both adapt to the requirements of RMB capital account convertibility and the macro-prudential supervision. As banks＇ role in cross-border capital flow is increasingly prominent, we can better reflect macro-prudential and counter-cyclical regulation characteristics by set- ting the banks as the regulation subject. Among them, short-term bank debt and foreign exchange comprehensive posi- tion management are the primary means. Based on the investigation of the local corporate banks, we believe that the short-term bank debt can create the full-caliber management mode, depending on the risk profile of short-term debt and implementing a dynamic amount of regulation and counter-cyclical risk regulation. The comprehensive position management of foreign exchange settlement can introduce the non-interest bearing deposit reserve system, take bank transactions in the foreign exchange market as a breakthrough, promptthe closure of the cross-border funds by increas- ing the cost of banking transactions, and play a role for diverging the risks caused by cross-border capital flow.

关 键 词：宏观审慎 银行短债 结售汇综合头寸 

分 类 号：F830[经济管理—金融学]