宏观审慎政策、美国货币政策冲击与跨境资本流动——基于资金流出国与流入国视角  

Cross-Border Capital Flows,US Monetary Policy Shocks,and Macroprudential Policy:Viewed from Outflow and Inflow Countries

作　　者：谭小芬 童临风 赵茜[3] Tan Xiaofen;Tong Linfeng;Zhao Qian(Beihang University,Beijing;Central University of Finance and Economics,Beijing)

机构地区：[1]北京航空航天大学经济管理学院 [2]中央财经大学金融学院 [3]中央财经大学国际经济与贸易学院

出　　处：《经济社会体制比较》2023年第4期27-39,共13页Comparative Economic & Social Systems

基　　金：国家社科基金重大项目“负利率时代金融系统性风险的识别和防范研究”(项目编号:20&ZD101)。

摘　　要：金融危机后,各国广泛实施逆周期的宏观审慎政策以维持金融体系稳定。同时,随着金融全球化进程的不断推进,金融机构受到各国多层次的审慎监管,由此产生的溢出效应不容忽视。文章研究了在正常情况及美国货币政策冲击下,非银行金融机构资金流出国与资金流入国宏观审慎政策对跨境基金资本流动的不同影响。研究发现,在正常情况下资金流出国宏观审慎政策对跨境资本流动的影响更为明显,而在美国货币政策对跨境资本流动产生冲击时,资金流入国宏观审慎政策更有助于缓解冲击造成的不利影响。To keep the financial system stable after the financial crisis,many nations have adopted countercyclical macroprudential measures.Additionally,as financial globalization continues to expand,financial institutions are subject to multilevel prudential supervision of many nations,and the ripple effects of prudential regulation cannot be disregarded.This study examines the various impacts of macroprudential regulations on international capital flows between the funding inflow and outflow countries for non-bank financial institutions under both normal circumstances and shocks to the U.S.monetary policy.It is discovered that macroprudential policies in the inflow countries are more effective at reducing the negative effects of shocks caused by U.S.monetary policies when shocks to cross-border capital flows occur,whereas the impact of macroprudential policies on cross-border capital flows in the outflow countries is more pronounced under normal conditions.

关 键 词：宏观审慎政策 美国货币政策冲击 跨境基金资本流动 溢出效应 

分 类 号：F831.6[经济管理—金融学] F110F827.12