关于宏观审慎监管框架下逆周期政策的探讨

A Discussion about the Counter-cyclical Policy in the Context of Macro-prudential Supervision Framework

理论和实务界总结此次国际金融危机的经验教训,一致认为应当对金融监管理念和方式进行重大调整。加强宏观审慎监管,并将其与微观审慎监管进行有机结合,将成为后危机时代各国金融监管的主要发展趋势。本文认为,现阶段实施宏观审慎监管的一项重要任务,就是要针对金融体系的顺周期性,特别是对资本监管、贷款损失准备计提和公允价值会计准则等外部规则强化金融体系顺周期性的机理进行研究,一方面对这些规则进行修改完善,降低其顺周期效应;另一方面引入逆周期政策工具,如逆周期资本要求、杠杆率指标和前瞻性的拨备计提规则等,在金融体系中建立适当的逆周期机制,从而通过降低信贷活动、资产价格以及整个经济的周期性波动来减小金融失衡,缓解系统性风险,最终达到维护金融稳定的目标。

With the deepening of international financial crisis, it is gaining consensus that the current prudential supervision philosophy and approaches need to be largely reinforced. Incorporating a greater emphasis on macro- prudential policies, which are combined with micro-prndential polices, would be a major development trend in the aftermath of the crisis. This paper argues that introducing counter-cyclical policies should be an important component of a macro-prudential framework. On one hand, measures should be taken to mitigate the procyeli- cality of the Basel II risk-based capital requirements, loan loss provisioning and fair value accounting rules. On the other hand, counter-cyclical instruments, such as counter-cyclical capital buffers, an asset-based leverage ratio and forward-looking provisioning should be introduced, so as to mitigate the procyclicality of credit, asset prices and the economic growth. This would significantly contribute to mitigating financial imbalances and the build-up of systemic risks, so as to enhance financial stability.