宏观审慎政策理论基础解析

An Analysis on Theoretical Basic of Macro-prudential Policy

宏观审慎政策是在本次金融危机后由国际清算银行牵头,于2010年在G20国家峰会上通过的未来全球金融监管通行规则。现有中文文献多将目光聚焦在对宏观审慎政策的目标、工具与有效性的认识和解释上,本文则是从宏观审慎政策的理论基础出发,从不同的角度和侧面来描述刻画宏观审慎政策的目标和内容,厘清其完整脉络,为全面实施宏观审慎监管提供理论依据。

Led by the Bank for International Settlements after the ifnancial crisis, macroprudential policy is becoming the future rules of the global ifnancial regulation. Most of the Chinese literatures have focused in the goals, tools, and effectiveness of the policies. However, starting from the theoretical basis of macroprudential policy, from different angles to describe the characterizations of macroprudential policy targets and contents, this paper analyzes the evolution of the thoery, providing theoretical explanation for the full implementation of macro-prudential regulation.