银行信贷、资本监管双重顺周期性与逆周期金融监管

The Dual Pro-Cyclicality of Bank's Credit and Capital Regulation and the Counter-Cyclical Financial Regulation

商业银行信贷和资本监管具有顺周期性。银行信贷顺周期性导致经济繁荣时期的贷款扩张和经济衰退时的贷款紧缩。《巴塞尔资本协议Ⅱ》下的资本监管约束,在经济衰退时会促使银行形成信贷萎缩效应,影响和制约货币政策有效性的发挥,次贷危机为《巴塞尔资本协议Ⅱ》下的银行风险管理和监管的创新带来了新的要求和挑战。要减轻顺周期的影响,增强金融体系的稳定性,需要建立逆周期动态调整的资本监管制度,构建逆周期的宏观审慎监管框架,并协调运用与宏观经济运行相逆的货币政策,协调各宏微观监管部门,完善风险预警体系和银行的激励约束机制。

Commercial bank＇s credit and capital regulation have pro-cyclical characteristics. The pro-cyclicality of the bank＇s credit leads to the loan expansion in economic boom and the credit squeeze in economic recession. The discipline of capital regulation in ＂Basel Ⅱ ＂ causes effects of credit squeeze, which will reduce the effectiveness of monetary policy. The subprime crisis brings new requirements and challenges to the innovations of bank＇s risk management and regulation based on ＂Basel Ⅱ＂. To reduce the impact of pro-cyclicality and enhance the stability of financial system, it is necessary for rele- vant authorities to build a counter-cyclically and dynamically adjusted regulatory system of capital, build a counter-cyclical and macro-prudential regulatory framework and meanwhile, use monetary policy opposite to the trend of macro-economy, co- ordinate all macro-and micro-regulatory institutions and improve bank＇s early risk warning system and incentive and disci- pline mechanisms.