金融顺周期性对中国金融宏观调控的影响及对策研究  

Research on the impact of financial pro-cyclicality on China's financial macro regulation and control

作　　者：昌忠泽[1] 曹沁[2] 

机构地区：[1]中央财经大学财经研究院,北京100081 [2]中央财经大学经济学院,北京100081

出　　处：《经济学家》2017年第1期70-78,共9页Economist

基　　金：教育部哲学社会科学研究重大课题攻关项目"中国经济发展新常态的内涵;特征及其演变逻辑研究"(15JZD0011)

摘　　要：金融顺周期性是金融系统与经济系统的一种正向反馈机制。在2008年金融危机之中,金融顺周期性显示出其巨大影响,从而成为学界和政府政策制定的焦点。论文研究表明,金融顺周期性在金融系统的信贷行为、筹资能力、资本实力和盈利能力等多个方面表现出来,并受到金融加速器效应、信息不对称和非理性行为等内在因素,以及资本监管、贷款损失拨备和公允价值计算等外在因素的影响。在此基础上,论文提出了进一步完善我国逆周期金融宏观调控的政策建议。Financial pro-cyclicality is a positive feedback mechanism of financial system and economic system. In the financial crisis in 2008, the financial pro-cyclicality showed its great influence, and then became the focus of academia and government policy making. In this paper, the research founds that the financial pro-cyclicality shows in many ways, including the credit behavior, fund raising capacity, capital strength, profitability and etc. On one hand, financial pro-cyclicality is affected by financial accelerator effect, information asymmetry, non rational behavior and other internal factors of financial system. On the other hand, it is affected by capital regulation, loan loss provision, fair value calculation and other external factors.

关 键 词：金融顺周期性 中国宏观金融调控 逆周期宏观调控 

分 类 号：F20[经济管理—国民经济]