宏观杠杆率与安全资产短缺  

Macro Leverage Ratio and Shortage of Security Assets

作　　者：邢军峰[1] 顾纯磊 Xing Junfeng;Gu Chunlei(School of Economics,Henan University,Kaifeng 475000,Henan,China;Jiangsu Provincial Academy of Social Sciences,Nanjing 210004,Jiangsu,China)

机构地区：[1]河南大学经济学院,河南开封475000 [2]江苏省社会科学院,江苏南京210004

出　　处：《金融发展研究》2022年第2期24-30,共7页Journal Of Financial Development Research

基　　金：国家社科基金项目“资产短缺、资产泡沫及金融体系改革的研究”(17BJL122)。

摘　　要：投资者总是通过自己的认知来筛选安全资产。宏观杠杆水平的积累一方面引起安全资产更大幅度的增加;另一方面也使感知的安全资产萎缩,在市场压力时导致安全资产短缺。管理安全资产短缺的适当方法是有序降杠杆,其中宏观杠杆率已达到不可持续水平的部门要率先实施。在降杠杆过程中,市场机制可以发挥应有的作用,面临压力的部门应谨慎应对潜在风险,主动降杠杆。有序降杠杆的过程需要财政政策支持,公共债务和基础设施投资有更大的作用空间。中央银行货币政策要保持适度流动性,让降杠杆过程可以忍受。另外,固定的抵押率和更高的透明度可以有效缓解安全资产短缺。Investors always screen security assets through their own perception.Macro leverage ratio affects the supply and demand of safety assets;the accumulation of macro leverage ratio on the one hand causes a greater increase in security assets,and on the other hand makes the perceived safety assets shrink,resulting in a shortage of security as-sets under market pressure.The appropriate way to manage the shortage of security assets is to deleverage in an orderly way.Departments with unsustainable levels of macro leverage should be the first to deleverage.In the process of dele-veraging,the market mechanism can play its due role.Departments under market pressure should carefully deal with potential risks and actively deleverage.The orderly process of deleveraging needs policy support,and public debt and infrastructure investment make more sense.The monetary policy central bank should maintain appropriate liquidity to make the deleveraging process tolerable.In addition,a fixed mortgage rate and higher transparency can effectively alle-viate the shortage of safe assets.

关 键 词：安全资产 降杠杆 政策支持 监管 

分 类 号：F822.0[经济管理—财政学]