宏观审慎监管研究的最新进展:从理论基础到政策工具

New Development of the Research on Macroprudential Regulation:from Rationale to Policy Instruments

加强宏观审慎导向已成为后危机时代金融监管改革的主旋律,引起了理论界的广泛关注。与以往研究不同,本文着重从系统性风险的形成机理,结合外部性理论,深入分析宏观审慎监管的理论基础,对宏观审慎政策研究的最新进展进行全面梳理,尤其是详细探讨了空间维度的监管政策,即对系统重要性金融机构的监管,在此基础上分析宏观审慎监管实施过程中可能遇到的问题,并为我国宏观审慎监管的实施提出政策建议。

Strengthening the macroprudential regulation has become the main theme of the international financial regulatory reform in the aftermath of the financial crisis and drawn a broad attention from the academic circle.Being different from the former researches,this article thoroughly analyzes the rationale of the macroprudential regulation from the angle of systemic risk and externality and gives a detailed description of the progress of the latest research on macroprudential regulation policies,and especially explores the policies in cross-sectional dimension.This article also gives a deep insight of the challenges that will be met in the implementation of macroprudential regulation policies and provides some relevant proposals for policy making and implementation in China.