浅析宏观审慎监管与宏观经济政策的基本关系

宏观审慎监管是指以防范系统性金融风险为目标,主要采用审慎监管工具,且以必要的治理架构为支撑的相关政策。宏观审慎监管是与货币政策和财政政策相对独立、并行的概念,但又与其互为补充、相互影响,共同促进金融稳定与发展。宏观审慎、货币政策和财政政策虽分属于不同的政策框架,具有不同的政策目标和政策工具,但是紧密联系,而且互动性极强。关键是要准确把握不同政策范畴之下不同政策工具的传导机制与相互影响。

Macro-prudential regulation refers to a set of policies that aim to prevent the systemic financial risk and mainly adopt prudential measures which are supported by relevent regulatory governance framework. The concept of Macro-prudential regulation is independent and parallel with the monetary and fiscal policy. They are complementary of each other and mutually influence each other so as to promote financial stability and financial development. Although macro-prudential policy, monetary policy and fiscal policy fall into different policy framework with different objectives and measures, they are closely linked and highly interactive. The key is to realize the transmission mechanism and interactions of these policy tools under different policy framework. .