银行体系风险与宏观审慎政策有效性:基于全球72个国家的证据  

Risks in the Banking System and the Effectiveness of Macroprudential Policies:Based on the Evidence from 72 Countries

作　　者：林欣 李子鹏 宋清华[2] LIN Xin;LI Zipeng;SONG Qinghua

机构地区：[1]广东技术师范大学财经学院 [2]中南财经政法大学金融学院

出　　处：《世界经济研究》2023年第4期47-58,118,M0003,共14页World Economy Studies

基　　金：国家社会科学基金一般项目“宏观审慎监管下银行风险承担与货币政策有效性研究”(项目编号:18BJY244)。

摘　　要：宏观审慎政策是维护金融稳定、防范系统性金融风险的重要手段。文章基于全球72个国家银行体系2000~2020年的非平衡面板数据,实证检验不同类型宏观审慎政策作用于银行体系风险的有效性及国别异质性。结果表明:总体上紧缩的宏观审慎政策能够显著降低银行体系风险;综合宏观审慎政策工具、针对银行总体的宏观审慎政策工具、针对银行资本的宏观审慎政策工具以及针对银行资本与信贷的宏观审慎政策工具作用效果较为明显,且在金融市场开放度较高的国家更为有效;针对借款人的宏观审慎政策工具仅在发达国家具有较为明显的效果,而针对银行信贷的宏观审慎政策工具在不同情况下的效果均不显著。文章研究为宏观审慎政策的有效性提供了证据,为有效预防和精准处置银行体系风险提供了依据。Macroprudential policy is an important means to maintain financial stability and prevent systemic financial risks.Based on the unbalanced panel data of the banking systems of 72 countries around the world from 2000 to 2020,this paper empirically tests the effectiveness and country heterogeneity of dfferent types of macroprudential policies in regulating banking system risks.The results show that,in general,tighter macroprudential policies can significantly reduce banking system risks.Comprehensive macroprudential policy tools,macroprudential policy tools for banks in general,macroprudential policy tools for bank capital and macroprudential policy tools for bank capital and credit are more effective in regulating and controlling,and are more effective in countries with a high degree of financial market openness.The macroprudential policy tools for borrowers only have obvious effects in developed countries,while the macroprudential policy tools for bank credit have insignificant effects under different circumstances.This study provides evidence for the effectiveness of macroprudential policies and provides a basis for effective prevention and accurate handling of banking system risks.

关 键 词：宏观审慎政策 银行体系风险 金融稳定 国别异质性 

分 类 号：F831[经济管理—金融学]