巴西稳定资产估值防范金融风险的举措及对我国的启示  

Measures to Stabilize Asset Valuation and Prevent Financial Risks in Brazil and Its Implications for China

作　　者：王美桃 李成威 Wang Meitao;Li Chengwei

机构地区：[1]中国财政科学研究院

出　　处：《财政科学》2024年第12期136-144,共9页Fiscal Science

摘　　要：金融是国民经济的血脉,金融稳才能经济稳,而稳金融的本质是稳资产估值。20世纪80年代至今,巴西先后经历了5次大型危机,而资产估值不稳定是引发上述危机的核心要素。2023年卢拉总统上台后,陆续启动持续通胀目标、修改国库操作手册实现对州和市PPP项目提供财政担保机制、设置灵活的风险缓冲等一系列金融货币政策。为助力中巴双边在绿色金融、基础设施建设、电动汽车以及跨境支付等领域的长期合作,本文梳理分析了巴西政府强化金融系统监管、合理管控资产估值预期、稳定经济社会发展根基等方面的成功经验和教训,并建议通过深化金融监管机制改革、建立防范化解地方债务风险的长效机制等举措,增强我国金融风险防范的能力。Finance is the lifeblood of a nation's economy.Only when finance is stable can the economy be stable,and the essence of stabilizing finance lies in stabilizing asset valuations.Since the 1980s,Brazil has successively experienced five major crises,and the instability of asset valuations is the core factor triggering these crises.After President Lula took office in 2023,a series of monetary and financial policies were launched,including the continuous inflation target,the revision of the Treasury Operations Manual to implement a financial guarantee mechanism for PPP projects at the state and municipal levels,and the establishment of flexible risk buffers.To support long-term cooperation between China and Brazil in areas such as green finance,infrastructure construction,electric vehicles,and cross-border payments,this paper reviews and analyzes the Brazilian government's successful experiences and lessons in strengthening financial system supervision,reasonably managing asset valuation expectations,and stabilizing the foundation of socio-economic development.It also proposes measures such as deepening the reform of financial supervision mechanisms and establishing long-term mechanisms to prevent and resolve local debt risks,to enhance China's ability to guard against financial risks.

关 键 词：稳定资产估值 防范金融风险 地方债务 货币政策 

分 类 号：F812.2[经济管理—财政学]