金融调控中的物价稳定与金融稳定:从分离到融合的逻辑演进

Price Stability and Financial Stability in the Financial Regulation:from Separation to Integration

从历史上考察,中央银行实施货币政策和充当最后贷款人,客观上使其具有了保持物价稳定和维护金融稳定的职能。20世纪80年代以后,许多国家的金融调控出现了明显变化,逐步向稳定物价的单一目标方向发展,金融监管则出现了"去央行化"的趋势,使中央银行失去了维护金融稳定的能力和手段。经济全球化产生了很多影响物价稳定与金融稳定的新因素,要求中央银行在保持物价稳定的同时,对金融稳定给予更多关注。全球金融危机后,国际社会和主要经济体加快了宏观审慎管理体系的构建,这为解决物价稳定与金融稳定的协调配合提供了新思路。如果将物价稳定与金融稳定纳入到宏观审慎管理的视野,就有可能在金融调控中二者兼顾,建立起新的金融调控范式。

From an historical perspective, with an role to implement monetary policy and to act as lender of last resort, the central bank has an objective to maintain price stability and financial stability. Since 1980s, we have witnessed significant changes in financial regulation in many countries and thus the central bank has lost the ability and means to maintain financial stability. The economic globalization has produced a lot of new factors affecting price stability and financial stability which requires the central bank to maintain price stability and at the same time to pay more attention to financial stability. After the global financial crisis, the international community and the major economies have accelerated the reform toward prudent macro management system, which provides a useful approach to solve the coordination of price stability and financial stability. If we look at price stability and financial stability into the prudent macroeconomic management perspective, it may be possible to have a good combination of both in the financial regulation, and to establish a new financial regulation paradigm.