货币政策和宏观审慎政策双支柱调控框架  

The Dual-pillar Regulatory Framework of Monetary Policy and Macro-prudential Policy

作　　者：李奇霖 孙永乐 李玮琦 Li Qilin;Sun Yongle;Li Weiqi(Securities Research Institute,Hongta Securities Co.,LTD,Beijing 100083,China)

机构地区：[1]红塔证券股份有限公司证券研究所,北京100083

出　　处：《金融理论探索》2022年第3期17-29,共13页Exploration of Financial Theory

摘　　要：在经济高质量发展的背景下,中国人民银行已经逐渐建立起以货币政策和宏观审慎政策为双支柱的调控框架,宏观审慎政策具备“宏观、逆周期、防传染”的视角,在防范化解系统性金融风险方面发挥着关键作用。货币政策调控工具也正在实现从数量型到价格型、从间接模式到直达模式、从总量型到结构型以及从重视逆周期到更重视跨周期的转变,着眼于解决经济存在的中长期及结构性问题,体现货币政策的前瞻性和针对性。通过分析宏观审慎政策的起源,研究货币政策和宏观审慎政策的分工与配合以及货币政策工具使用倾向的演变,有助于构建顺畅的政策治理机制,提高中国人民银行的调控能力。In the context of high-quality economic development,People’s Bank of China have gradually established the dual-pillar regulatory framework of monetary policies and macro-prudential policies.Macro-prudential policies have a“macro,counter-cyclical and anti-contagion”perspective and play a key role in preventing and defusing systemic financial risks.Monetary policy regulation tools are also shifting from quantitative to price,from indirect to direct,from aggregate to structural,and from counter-cyclical to cross-cyclical,with a view to addressing medium-long term and structural problems in the economy,which reflects the forward-looking and targeted nature of monetary policy.Through the analysis of the origin of macro-prudential policy,the labor and cooperation of monetary policy and macro-prudential policy division,and the evolution of inclination to use monetary policy tools,we can build a smooth policy governance mechanism,improve the central bank’s regulatory capacity.

关 键 词：宏观审慎政策 货币政策 跨周期调控 

分 类 号：F832.0[经济管理—金融学]