金融宏观审慎监管:趋势、挑战与中国适用前瞻

Financial Macro-prudential Supervision: the Tendency,Challenges and Prospective Application in China

国际金融危机促使国际金融组织和各国重新审视金融监管的诸多重大问题,建立防范系统性风险的金融宏观审慎监管制度已经成为普遍共识和各国适用方案的重中之重。吸取全球金融危机的教训和经验,中国已正式将构建逆周期的金融宏观审慎管理制度框架写入"十二五"规划。本文对后危机时期国际金融宏观审慎监管的发展趋势作了分析,结合我国防范系统性风险的金融监管现状和特点,剖析了我国建立以逆周期管理为重要内容的宏观审慎监管制度框架所面临的挑战,并提出了我国构建宏观审慎监管体系的对策和建议。

The global financial crisis has urged international financial organizations and many countries to rethink many issues concerning financial supervision. To establish a financial macro-prudential supervision systeni to prevent systemic risks has been a widespread common view and priority in many countries. Learning from the lessons and experiences in the global financial crisis, China has incorporated a counter-cyclical financial macro-prudential supervision system into the Twelfth Five-Year Plan. The paper analyzes the development tendency of international financial macro-prudential supervision in post-crisis period. Combined with the current situation and characteristios systemic risk prevention in China, the paper also analyzes challenges confi-onting China in establishing mecro-prudential supervision system, and introduces several countermeasures and suggestions.