宏观金融风险与政府财政责任

Macro-financial Risks and Governmental Financial Responsibilities

宏观金融风险属于公共风险,其责任主体是政府,而微观金融风险属于个体(私人)风险,其责任主体是金融机构。中国的宏观金融风险仍处于发散状态,呈现出行业特性(风险业)与金融转轨风险“叠加”的特征。当前的金融改革既是防范宏观金融风险的战略举措,其改革本身也是宏观金融风险的重要来源。政府防范宏观金融风险需要改变“一事一议”的个案方式,迫切需要建立防范和化解金融风险、金融危机的应急反应机制,并把宏观金融风险纳入国家财政风险管理框架,以避免政府财政责任变为仅仅是事后买单。

The government is the main body responsible for macro-financial risks (MAFRS),because they belong to public risks; but the financial institution is the main body responsible for micro-financial risks,because they belong to individual (private) risks. China's MAFRS,characterized by the combination of business line (the risks industry) feature and financial system transition feature,are still in the state of divergence. The present financial reform is a strategic measure to guard against MAFRS,but the reform itself is also the main emanation of MAFRS. In order to prevent MAFRS,the government needs to change the way of attacking problems case by case,urgently needs to instruct urgently-needed reacting mechanism to avert and remove financial risks and crises,and to channeling MAFRS into the frame of management of State financial risks,in order to steer clear of the fact that the government financial responsibilities will turn only into the fact that the government will bear all losses.