资产项准备金政策框架与中央银行职能的扩展

The Policy Framework of Asset-based Reserve Requirements and the Extension of Central Banks' Functions

后危机时代,中央银行将在宏观审慎管理上发挥更重要的作用已成为一种共识。随着金融创新活动发展,中央银行的调控目标多元化,调控能力显得"捉襟见肘"。本文引入强制、可变的资产项准备金而架构的资产项准备金政策框架,该准备金政策可以充当一种监管工具,将中央银行的货币政策调控和监管当局的资本监管统一到一个框架,从而突出和强化中央银行在宏观审慎管理中的地位和职能。

In the post-crisis era,it has become a regulation that central banks will play a more important roles in macro-prudential manage ment.With the development of financial innovation,the regulation objectives of central banks have diversified while their regulatory capacity is se riously challenged.The paper introduces a policy framework built out of the mandatory and flexible asset-based reserve requirements,which may serve as a regulatory instrument to incorporate the monetary policy regulation of Central Banks into the capital regulation of the authorities with the roles and functions of Central Banks highlighted and strengthened in the macro-prudential management.