论信用衍生产品在宏观审慎政策框架中的角色

On the Role of Credit Derivatives in the Framework of the Macro-prudential Policy

信用衍生产品的发展对于宏观审慎管理而言具有双重作用。总体而言,在一定市场限度内,信用衍生产品的发展有利于加强宏观审慎管理;反之,如果信用衍生产品的发展超过市场限度盲目发展,势必会放大风险,损害宏观审慎管理。就中国而言,信用风险缓释工具面临的仍是发展不足而不是过度的问题,适时地引入风险缓释工具不仅有利于金融机构在微观层面改变风险管理方式,同时还能产生宏观层面的积极效应,包括减缓金融机构借贷的顺周期性,提高金融系统应对外部风险冲击的能力,降低金融体系系统性风险等。因此,有必要在宏观审慎政策工具箱中纳入信用风险缓释工具。

The development of credit derivatives has a dual role in macro-prudential management.Overall,within a certain market limits,the development of credit derivatives is conducive to strengthening macro-prudential management while on the other if credit derivatives grow blindly beyond the market limits they would do harm to the macro-prudential management by amplifying the risks.As far as China is concerned,the credit risk mitigation tools are underdeveloped instead of overdeveloped.The proper use of risk mitigation tools of financial institutions not only is conducive to the transformation of risk management in the micro manner but also have positive effects on the macro level,including slowing down the pro-cyclical loans of financial institutions,strengthening the capability of the financial system to cope with external shocks and reducing the systematic risks of the financial system.Therefore,it is needed to take the credit mitigation tools into the macro-prudential policy toolbox.