摘要
近年来频发的金融危机表明,单体金融机构的稳定并不足以保证整个金融体系的稳健运行,监管当局需要在微观金融稳定的基础上,引入宏观金融稳定目标,从全局的、逆周期的角度防范和化解系统性风险。本文从资本监管对金融风险的约束、资本监管对信贷的影响以及资本监管的顺周期性三个方面入手,从实证的角度分析我国资本监管政策对宏观金融稳定的影响。实证研究结果表明,从宏观金融稳定的角度来说,我国的资本监管政策是有效的,对化解金融风险,支持经济金融平稳发展起到了积极的作用。
The financial crisis occurred during recent years has shown that the stability of single financial institution is insufficient to ensure the stability of the entire financial system, and regulatory authorities need to introduce macro-financial stability objectives to prevent and mitigate systemic financial risk from the countercyclical perspective. The study analyzes the effectiveness of capital regulation from three aspects of macro-financial stability: the control of capital regulation on financial risks, the impact on the credit by capital regulation and capital regulation’s procyclicality. The empirical results show that Chinese capital regulation policy is effective, and plays a positive role in preventing financial risks and supporting real economy.
出处
《金融监管研究》
2012年第8期56-70,共15页
Financial Regulation Research
关键词
金融稳定
金融风险
资本监管
有效性
Financial stability
Financial risks
Capital regulation
Effectiveness
