中国货币政策与金融监管的协调度:2002—2012年的经验

Coordination of the Chinese Monetary Policy and Financial Regulation:Experience from 2002 to 2012

货币政策与金融监管共同维护金融稳定,分部门实施两类政策措施会出现不协调情况,在一定程度上影响了金融机构的平稳运行。笔者通过编制货币政策与金融监管指数来量化两类指标,进而构建协调度模型,运用2002—2012年的数据检验二者的协调度。实证结果显示,两部门政策存在不协调时期占比在20%以上。建议中央银行与监管部门之间加强沟通交流,协调目标取向,提升政策的总体性协调度,提升政策效果,促进金融稳定。

Monetary policy and financial supervisionsafeguardingfinancial stability, to implement the twotypes of policy measures by different sectors may appear inconsistent cases, which impact on financial institutions＇robustness. Whether China＇s monetary policy and financial supervision coordination？ In this paper, we designed themonetary policy and financial supervision indexes, and then built the coordination of the model, to test the coordi-nation degree of both by using 2002--2012 data. The empirical results show, two uncoordinated sectorial policiesexist in the observed period accounted for more than 20%. We propose to strengthen communication between thecentral banks and financial regulators, to coordinate goal orientation, to enhance the overall coordination of the pol-icies and to promote the effects of