关于构建宏观审慎监管体系的探讨

On the Construction of Macro-prudential Supervision System

全球金融危机后,在强化微观审慎监管的同时,全面加强宏观审慎监管已成为国际共识。宏观审慎监管将整个金融体系看作一个完整的系统,重点关注那些对金融稳定具有系统重要性影响的金融机构和金融市场,采取针对性的逆周期监管措施进行调节,维护金融体系的健康运行。宏观审慎监管体系包括宏观审慎监测分析、宏观审慎政策工具和宏观审慎政策安排三大要素。美英等国为了加强宏观审慎监管,成立了相应的宏观审慎监管机构,其经验值得借鉴。我国应构建宏观审慎监管实体,启动宏观审慎监测分析系统,并注重研究开发宏观审慎监管政策工具。

After the global financial crisis,the strengthening of macro-prudential supervision has become an international consensus. Macro-prudential supervision regards the entire financial system as a complete system, with a focus on important financial institutions and markets that would systemically affect financial stability, and takes ap- propriate counter-cyclical regulatory measures to regulate and safeguard the healthy operation of financial system. Macro-prudential supervision system includes macro-prudential monitoring and analysis, macro-prudential policy in- strument and macro-prudential policy arrangement. United States and Britain and other countries set up correspond- ing macro-prudential regulatory institutions to strengthen macro-prudential supervision. The experience is worth learning. China should establish macro-prudential regulatory entities, initiate macro-prudential monitoring and analysis system, and focus on research and development of macro-prudential policy tools.