系统性风险与宏观审慎监管：理论框架及相关建议

Systemic Risk and Macro-Prudential Supervision:Theoretical Framework and Suggestions for China

美国金融危机带给各国最大的教训就是传统的微观审慎监管体系并不能保证金融体系的健康运行,加强宏观审慎监管已经成为金融危机后各国金融体制改革的主要趋势。从我国的情况来看,有必要建立我国金融业的宏观审慎监管体系,维护我国金融系统的稳定。我国需要在实践中进一步完善微观审慎监管机制,构建适合我国国情的监管体制架构,尽快建立和完善逆周期监管的相关制度,探索适合我国国情的宏观审慎监管指标。

The recent financial crisis has produced a broad consensus in at least two areas.The first is that the traditional micro-prudential supervision can＇t protect the financial system from collapsing.The second is that we should strengthen the macro-prudential aspects of financial supervision.From our point of view,in order to maintain the stability of our financial system,it is necessary to establish China＇s macro-prudential supervision of financial system.Firstly,we need to improve the mechanism of micro-prudential supervision;secondly,we should construct a supervision system suited to China＇s national framework;thirdly,we should establish and improve the system of reverse-cycle regulation and finally we should explore macro-prudential supervision indicators suited to China＇s national conditions.