从防范金融风险角度看美联储贴现政策新变化

Approaching the New Changes of the Fed Discount Policy From the Avoidance of Financial Risks

美联储贴现政策的改革旨在完善贴现窗口的运行机制,更深远的意义在于保证银行业的流动性以维持金融稳定和防范金融风险。这对我国的启示在于,银行业的稳健是一国金融体系的稳定和金融风险防范的关键因素;“市场信号”对银行稳定极其重要,因而金融监管当局尤其要重视信息的传递及其对金融市场参与主体的行为的作用;要关注和学习国际金融监管的新走势和技术;中央银行的监管应重视金融稳定及促进金融风险防范。

The reform of the discount policy of the Fed is targeted at the improvement of the functional system. Its far-reaching aim is to avoid financial risks and safeguard financial stability through guaranteeing the liquidity of the banking system. What we can learn from that is: the stability of banking system is the core factor for the stability and risk-avoidance of a country's financial system. “Market Signal”is very important to the stability of the banking system. The regulatory authority should attach more importance to the information-disclosure and its influence on the financial institutions. We should keep pace with the tendency and new technology of international financial regulatory area. The central bank should attach importance to financial stability and financial risks.