宏观审慎监管的历史变迁、国际经验与实践进路  

Historical Changes,International Experiences and Practical Paths of Macroprudential Regulation

作　　者：杨雪斌 姜俊羽 王红梅[3] Yang Xuebin;Jiang Junyu;Wang Hongmei

机构地区：[1]中央财经大学中国公共财政与政策研究院 [2]武汉大学弘毅学堂 [3]中央财经大学政府管理学院

出　　处：《宏观经济研究》2024年第3期51-60,共10页Macroeconomics

摘　　要：加强金融监管是中国当前金融工作的重点,宏观审慎监管作为中国金融监管体系的组成部分,其重要性在金融市场日益复杂的趋势下不断凸显。本文在阐述中国宏观审慎监管的历史变迁与现状的基础上,着重分析了当前宏观审慎监管面临的问题:系统性风险识别困难,监管工具和监管范围存在完善空间,外部治理机制有待加强。同时,本文有针对性地探讨了宏观审慎监管的国际实践经验,以为中国完善宏观审慎监管提供思路。基于此,中国应继续坚持“双支柱”的调控框架,合理确定不同规模银行适用的资本要求,积极拓展监管工具和监管范围,完善宏观审慎监管全流程治理机制,重视宏观审慎监管的国际互惠合作,从而牢牢守住“不发生系统性金融风险”的底线。Strengthening financial regulation is a focal point of China’s current financial work.As a key part of China’s financial regulatory system,the importance of macro-prudential regulation is increasingly prominent against the backdrop of an increasingly complex financial market.This paper elucidates the historical evolution and current situation of China’s macro-prudential regulatory system construction,focusing on the challenges faced by macro-prudential regulation today:difficulties in identifying systemic risks,spaces for improvement in regulatory tools and scope,and the need for enhanced external governance mechanisms.Furthermore,this paper discusses international experiences in macro-prudential regulation,offering insights for the perfection of China’s macro-prudential regulatory system.Hence,China should adhere to a‘dual-pillar’regulatory framework,setting reasonable capital requirements for banks of different sizes,and actively expanding regulatory tools and their scope.It is important to enhance the wholeprocess governance mechanism of macro-prudential regulation and place a high value on international reciprocal cooperation in this area,to firmly guard against systemic financial risks.

关 键 词：宏观审慎监管 金融监管 资本要求 

分 类 号：F832.1[经济管理—金融学]