法律起源、金融制度与宏观杠杆调控的政策抉择  

Legal Origin,Financial System and Policy Choice of Macro-leverage Regulation

作　　者：王舒丹 陈创练[2] 单敬群 WANG Shu-dan;CHEN Chuang-lian;SHAN Jing-qun

机构地区：[1]暨南大学经济学院 [2]暨南大学经济学院/暨南大学南方高等金融研究院 [3]浙江财经大学金融学院,杭州310000

出　　处：《金融论坛》2023年第2期59-68,共10页Finance Forum

基　　金：国家社会科学基金重点课题“健全目标优化、分工合理、高效协同的宏观经济治理体系研究”(21AZD027)。

摘　　要：本文利用PTR和LSDV方法从法律起源、金融制度角度探讨宏观杠杆的历史成因,测度货币、财政和宏观审慎政策调控宏观杠杆的效果。研究发现:(1)相较于民法体系国家,更倾向于保护投资者的普法体系国家宏观杠杆更高,前者的财政政策效果更优,而后者的货币政策效果更优;(2)发达的金融制度提高政策传导效率,有助于降低宏观杠杆;(3)控制法律起源和金融制度后,紧缩的货币和财政政策搭配在利率较低、赤字率较高时调控效果更强。此外,将具有逆周期调节作用的宏观审慎纳入政策框架中也有助于提高调控效果。This paper uses PTR and LSDV methods to explore the historical causes of macro-leverage from the perspec-tives of legal origin and financial system,and measures the effect of monetary,fiscal and macro-prudential policies on macro-leverage.The research finds that:(1)compared with countries with civil-law system,countries with common-law sys-tem that are more inclined to protect investors have higher macro leverage,the former has better fiscal policy effect,and the latter has better monetary policy effect;(2)the developed financial system improves the efficiency of policy transmission and helps to reduce the macro leverage;(3)after controlling the variables of legal origin and financial system,the combination of tight monetary and fiscal policies is more effective when the interest rate is low and the deficit rate is high.In addition,the incorporation of macro-prudence with counter-cyclical regulation into the policy framework also helps improve the regulato-ry effect.

关 键 词：法律起源 金融制度 宏观杠杆 货币政策 财政政策 宏观审慎 

分 类 号：F831[经济管理—金融学] F821[政治法律—民商法学] F811[政治法律—法学] F113D913D912.28