在宏观审慎框架下发展我国的政策性住房金融

Developing Policy- based Housing Finance of China under a Macro- prudential Policy Framework

美国次贷危机爆发后,宏观审慎监管已成为国际社会关注的焦点问题。文章在宏观审慎的框架下,从宏观审慎监管的两个维度———空间维度和时间维度,结合新加坡、日本、美国三国的住房金融体系发展的经验,分析我国构建政策性住房金融机构的必要性。在空间维度上,政策性住房金融机构可以通过隔离出易形成风险的贷款对象,分散住房金融市场的风险;在时间维度上,政策性住房金融机构作为不同于商业性住房金融机构的"非盈利性"机构,可以起到抑制商业性住房机构顺周期性的作用,有利于住房金融市场的稳定发展。针对我国政策性住房金融的特点及主要问题,文章提出应在宏观审慎框架下构建独立的政策性住房金融机构并加强监管。

Since the American sub - prime mortgage crisis broke out, macro - prudential regulation has become the focus of international attention. This paper analyzes the necessity of constructing policy - based housing fi- nancial institutions in the two dimensions of macro - prudential regulation - the cross - sectional dimension and time dimension, in combination with development experiences of the housing financial systems in Singapore, Ja- pan and the United States. A policy - based housing financial institution can spread risks of housing financial markets in the cross - sectional dimension by segregating borrowers who might easily become at risk. As a non - profit institution, the policy - based housing financial institution can restrain the pro - cyclicality effect occur~ ring in commercial housing financial institutions and help to maintain steady development of the housing finan- cial market in the time dimension. Concerning the character and main problems of policy - based housing fi- nance in China, this paper also proposes establishing an independent policy - based housing financial institution with more regulatory power.