货币政策与宏观审慎政策“稳金融”效应——兼论“双支柱”框架协调  

Analysis of the Financial Stability Effects of Monetary Policy and Macro-prudential Policy:Concurrent Discussion the"Dual Pillar"Coordination Framework

作　　者：姜勇 杨源源 JIANG Yong;YANG Yuanyuan

机构地区：[1]南京审计大学金融学院,江苏南京211815

出　　处：《学习与实践》2023年第5期60-71,共12页Study and Practice

基　　金：国家社会科学基金后期资助项目“金融风险演化与‘稳金融’宏观调控研究”(项目编号:20FJYB042);江苏省金融工程重点实验室招标项目“低利率时代宏观政策调控绩效与治理能力优化研究”(项目编号:NSK2021-16);江苏省社会科学基金青年项目“长三角城市群碳减排成本与收益评估及跨域协同治理研究”(项目编号:21EYC001)。

摘　　要：文章从结构性视角系统探究不同“双支柱”调控工具对金融周期的非线性影响,全面审视宏观金融“双支柱”调控的金融稳定效应。研究发现,不同结构“双支柱”调控工具的有效性存在明显异质性,宏观审慎调控中资本类工具的金融稳定效应更为占优,货币政策调控中价格型工具的金融稳定效应更为占优;“双支柱”调控政策的金融稳定效应在不同金融周期具有非对称性,金融上升周期具有同向、协同的效应,金融下行周期呈现相反、对立的效应。政府应构建以“资本类宏观审慎工具为主、流动性类宏观审慎工具为辅,价格型货币政策工具为主、数量型货币政策工具为辅”的“双支柱”调控框架;在金融上升周期“双支柱”调控政策可有效配合以形成政策合力,但应避免出现政策超调;在金融下行周期“双支柱”调控政策应妥善协调,避免宏观审慎政策力度过大而削弱货币政策支持实体经济的效果。From the perspective of structure,this paper systematically explores the nonlinear influence of different"dual pillar"regulation tools on financial cycle,and comprehensively examines the financial stability effect of macro financial"dual pillar"regulation.It is found that there is obvious heterogeneity in the effectiveness of"dual pillar"regulatory tools with different structures.The financial stability effect of capital instruments is more dominant in macro-prudential regulation,and the financial stability effect of price instruments is more dominant in monetary policy regulation.The financial stability effect of the"dual pillar"regulation policy is asymmetrical in diferent financial cycles.The macro-prudential policy and monetary policy have the same direction and synergistic financial stability effect in the financial upcycle,and have the opposite financial stability effect in the financial downcycle.Therefore,this paper argues that the government should build a"dual pillar"regulatory framework with"capital-based macro-prudential tools as the mainstay,liquiditybased macro-prudential tools as the auxiliary,price-based monetary policy tools as the mainstay,quantitative monetary policy tools as the auxiliary".In the financial rising cycle,"dual pillar"regulation policies can effectively cooperate to form policy synergy,but policy overshoot should be avoided.In the financial downward cycle,"dual pillar"regulation policies should be properly coordinated to avoid excessive macro-prudential policies weakening the effects of monetary policies supporting the real economy.

关 键 词：货币政策 宏观审慎政策 “双支柱”调控 金融资产状况指数 金融稳定 

分 类 号：F820[经济管理—财政学]