银行资本、经济周期和货币政策文献综述

Review of the Literature of Monetary Policy,Bank capital and Economic Cycles

银行资本自身具有顺周期变化的特点,监管当局的资本监管一般会导致信贷供给更为严重的顺周期性,并放大经济冲击,因此在经济高涨期,必须高度关注信贷快速扩张的潜在后果。银行资本的顺周期变化也会使货币政策效果表现出非对称性,造成经济周期的不同阶段货币政策的效果不同,中央银行和监管当局政策目标的差异往往也会导致短期银行资本监管与货币政策内的潜在冲突,但长期目标是一致的。我国正逐步实施巴塞尔新资本协议,相关国际研究成果值得梳理和借鉴。

In economic cycles, bank capital itself has procyclical characteristics. The capital supervision of regulatory authority may lead to more serious procyclicality, and to magnify economic shocks. Therefore, the potential consequences of lending boom should be paid great attention in economic upswing period. The procyclicality of bank capital also leads to monetary policy asymmetrical effects, as monetary policy have different effects during the phases of the economic cycle. Different policy objectives of the central bank and regulatory authority may often give rise to potential policy conflicts in short term, but their objectives are the same in the long-term. China is gradually implementing the Basel Ⅱ, so a lot of international studies should be learned.