非最优货币区、金融安全与金融调控的微观调节机制

Non - optimal Currency Area, Financial Safety and Micro - management of Financial Regulation

本文从当前中央银行宏观金融调控面临的两个现实问题出发,论证了建立金融调控微观调节机制的可行性。本文认为,我国的经济结构差异导致的非最优货币区性质,致使总量性货币政策面临效率不足问题;微观经济主体的特质性风险对央行控制全局性金融风险形成了新挑战。在分析当前宏观调控手段缺陷的基础上,本文着重从信息和工具角度给出政策建议。

This paper reviews two issues of macro financial regulation by central bank, i.e. non - optimal currency area and specific micro- individual shocks, which lead to less efficiency of monetary and financial stabilization policy. Given the weakness of macro financial regulative arrangement, some suggestions on information and instruments are put forward finally.