摘要
传统的微观审慎监管只关注单个金融机构的稳定,无法避免其繁荣期的过度冒险行为,导致系统性风险累积爆发。宏观审慎监管则需识别和控制金融系统性风险,确保整个金融体系的稳定。通过构建4个子系统24项指标的金融监管指标体系,并运用主成分分析法,把24项指标划分为六个主成分,共能解释89.724%的变异量。分析我国1995年—2009年的面板数据,发现我国金融稳定指数不断升高,尽管遭遇两次大规模金融危机的冲击,但保持了难得的金融稳定,这得益于金融监管水平的提高和逆周期调控措施的实施。
The traditional micro-prudential regulation is only concerned about the stability of individual financial institutions,which can not avoid the excessive risk-taking behavior and will cause systemic risks accumulation and outbreak.On the contrary,Macro-prudential regulation needs to identify systemic risk factors to ensure the stability of the entire financial system.The paper builds a financial regulation index system including 4 sub-systems and 24 indicators.Furthermore,by using principal component analysis,the 24 indicators are divided into six principal components,which can explain 89.724 % of the variance of the financial stability.By analyzing the panel data of our country in 1995-2009,it is founded that the financial stability index had been rising gradually.Although experienced two large-scale financial crises,our financial system maintains a rare financial stability,which benefited from increased levels of financial supervision and implementation the control measures against the cycle.
出处
《金融教育研究》
2011年第4期11-18,共8页
Research of Finance and Education
基金
国家自然科学基金面上项目"现代管理科学中国学派的基础性研究"(71071070)
广州市社会科学规划2010年度研究项目"广州市产业结构调整与优化的可拓策略研究"(10B62)
关键词
宏观审慎
微观审慎
金融监管
系统性风险
macro-prudential
micro-prudential
financial regulation
systemic risk
