央行双支柱调控框架、问题分析及对策建议  

Problem Analysis and Countermeasure Suggestion on Central Bank Double Pillar Regulation Framework

作　　者：梁环忠[1] 郑开焰[1] 吴军梅[1] 王荧 李杰辉[1] 林兴[1] 方杰 曾维翰 LIANG Huanzhong;ZHENG Kaiyan;WU Junmei;WANG Ying;LI Jiehui;LIN Xing;FANG Jie;ZENG Weihan

机构地区：[1]福建江夏学院,福建福州350108 [2]海峡股权交易中心,福建福州350000

出　　处：《商业经济》2021年第10期150-156,共7页Business & Economy

基　　金：2020年福建省教育厅中青年教师梁环忠教育科研项目(科技类):改革和完善金融系统运作推进实体经济高质量发展(JAT200363)。

摘　　要：传统宏观调控政策难以应对金融顺周期风险和跨行业、跨市场风险传染,双支柱调控框架的提出面临金融产品技术创新、人民币国际化、世界大势所趋的背景。新经济金融下传统货币政策传导机制和微观审慎监管政策面临一些问题。为了完善央行双支柱调控框架,应该重视建立价格型货币政策调控中介指标体系,打造多层次金融市场化利率体系,有效疏通利率、资产价格渠道传导机制;加大结构性货币政策对民营中小微企业的定向运用,中小银行自身要强化经营管理,以实现“宽货币”向“宽信用”的有效政策传导;稳健的货币政策与从紧的宏观审慎监管政策组合,着重引入差别准备金、跨境资本流动、差别住房信贷政策动态调控管理措施,充分发挥金融与实体经济相互反馈机制;重视提高经济金融风险监测效率和效果,推进治理体系和治理能力现代化,健全调控政策的协调运作机制。Traditional macro-control policies are difficult to deal with financial pro-cyclical risks and cross-industry and cross-market risk contagion.The proposal of the two-pillar regulatory framework is facing the background of technological innovation of financial products,the internationalization of RMB and the general trend of the world.Under the new economy and finance,the traditional monetary policy transmission mechanism and micro-prudential supervision policy face some problems.In order to improve the central bank's two-pillar regulation framework,the government should attach importance to the establishment of price-oriented monetary policy regulation intermediary index system,build a multi-level financial market-oriented interest rate system,and effectively dredge the channel transmission mechanism of interest rates and asset prices.Meanwhile,the government should strengthen the directional application of structural monetary policies to private small,medium and micro enterprises,and strengthen the operation and management of small and medium-sized banks themselves,so as to realize the effective policy transmission from"wide money"to"wide credit".The government should adopt a combination of prudent monetary policy and tight macro-prudential regulation policies,focus on introducing dynamic regulation and management measures based on different reserve requirements,cross-border capital flows and different housing credit policies,and give full play to the feedback mechanism between the financial sector and the real economy.And focus on improving the efficiency and effectiveness of monitoring economic and financial risks,modernize the governance system and capacity,and improve the mechanism for coordinating and operating regulatory policies.

关 键 词：央行双支柱调控框架 货币政策 宏观金融监管 

分 类 号：F832[经济管理—金融学]