宏观审慎框架下防范跨境资本波动的国外经验与借鉴

Foreign Experience and Reference for the Prevention of Cross-border Capital Fluctuations under the Macro Prudential Framework

2008年金融危机以来,发达经济体为提振本国经济,采取了量化宽松政策,致使大量资本流向新兴经济体。给许多新兴市场国家包括土耳其的金融稳定带来严重挑战。本文以此为背景探讨了土耳其在2010年末所采取的宏观审慎政策的有效性,分析了利率走廊机制平滑了外汇的供给波动的机理,并运用实例验证了储备选择机制在降低需求对供给波动的敏感度方面的效果,对新形势下我国防范跨境资本波动提供一定的政策参考。

Since the 2008 financial crisis, developed economies to boost their economies, to take a quantitative easing policy, resulting in a large number of capital flows to emerging economies. To many emerging market countries, including Turkey＇s financial stability poses a serious challenge. This as the background discussed the effectiveness of macroprudential policy adopted by Turkey in late 2010, analysis the mechanism of interest rate corridor smoothing the fluctuations in the supply of foreign exchange mechanism, and an example is used to verify the reserve selection mechanism in reducing demand fluctuations in the supply of the sensitive degree of side effect, under the new situation of China to prevent cross-border capital fluctuations provide policy reference.