绿色金融监管、资源优化配置与经济高质量发展——基于DSGE模型的分析  

Green Financial Regulation,Optimized Resource Allocation and High-Quality Economic Development:Analysis Based on the DSGE Model

作　　者：周闯 ZHOU Chuang

机构地区：[1]江西财经大学金融学院 [2]江西财经大学财经数据科学重点实验室

出　　处：《金融监管研究》2024年第12期1-19,共19页Financial Regulation Research

基　　金：国家自然科学基金青年项目“中央银行数字货币对货币政策传导的影响和作用机理研究”(批准号:72103084);教育部人文社会科学研究青年基金项目“中央银行数字货币、金融中介和货币政策传导研究:作用机制和影响分析”(批准号:21YJC790167)、教育部人文社科重点研究基地重大项目“绿色转型、宏观金融调控政策与中国经济高质量发展研究”(批准号:23JJD790002);江西省博士后日常经费资助项目“碳达峰碳中和目标下绿色金融促进江西绿色转型发展的理论机制研究”(项目编号:2021RC01)的资助。

摘　　要：绿色金融是建设金融强国的“五篇大文章”之一,强大的金融监管则是金融强国六大关键核心要素之一,但鲜有文献从金融监管角度探讨其对绿色金融和经济高质量发展的影响。本文通过构建内含金融监管和生态环境的动态随机一般均衡模型(E-DSGE),探究了实施差别化的资本充足率绿色监管对资源优化配置和经济高质量发展的影响。研究发现,绿色金融监管兼具对绿色信贷的激励作用和对棕色信贷的约束作用,且在长期和短期都有利于引导资源向绿色生产领域配置,促进经济绿色高质量发展。在差别化绿色监管的因子选择上,引入绿色支持因子优于引入棕色惩罚因子。数值模拟还显示,面临短期外部冲击时,绿色金融监管可以在一定程度上缓解经济波动,增强经济系统的韧性。在资本充足率监管中采用静态固定规则引入绿色支持因子这种便捷的金融监管方式,就可以取得良好的政策效果。本文的研究为完善金融强国的金融监管核心要素,写好建设金融强国绿色金融的文章提供了有益借鉴。Green finance is one of the five major articles in the construction of a financial powerhouse,and strong financial regulation is one of the six key core elements of a financial powerhouse.However,few studies have discussed the impact of financial regulation on green finance and high-quality economic development from the perspective of financial regulation.This paper constructs a dynamic stochastic general equilibrium model(E-DSGE)that includes financial regulation and the ecological environment to explore the impact of differentiated green regulation on capital adequacy ratios on the optimal allocation of resources and high-quality economic development.The study finds that green financial regulation,which combines incentives for green credit and constraints on brown credit,is beneficial for guiding resources towards green production areas in both the long and short term,and promotes high-quality green economic development.In the choice of factors for differentiated green regulation,introducing a green support factor is superior to introducing a brown penalty factor.Numerical simulations also show that when facing short-term external shocks,green financial regulation can to some extent mitigate economic fluctuations and enhance the resilience of the economic system.In practice,adopting the convenient financial regulatory method of introducing a fixed green support factor in capital adequacy ratio regulation can achieve good policy effects.This study contributes valuable references to enhancing the core elements of financial regulation in a financial powerhouse and writing a good article on the construction of a financial powerhouse in green finance.

关 键 词：金融监管 绿色金融 资源配置 DSGE 

分 类 号：F832[经济管理—金融学]