银行业宏观审慎监管与货币政策协调问题的文献分析

Coordination Between Banking Macro- prudential Supervision and Regulation and Monetary Policy: An Analysis from the Perspective of Literature

传统监管经济学关于"监管分权"和"机构分立"的理论已不能满足新时期监管变革的要求。2008年全球金融危机暴露出来的问题首先是缺乏协调的"职能分立"造成不同监管部门的信息不对称。危机发生后的一系列金融改革与调整,显示出银行业宏观审慎监管与货币政策关系变化新趋势:两类政策间关系将更加互补,更加高效和更加协调完整。与传统改革主要探讨监管机构的职能应分权还是应集中不同,新一轮监管理论变革与监管制度改革转向不同监管机构之间如何有效协调的制度探讨。围绕银行业宏观审慎监管与货币政策协调的三个理论支柱梳理文献,以"支柱形式"将银行业宏观审慎监管政策与货币政策协调这一实践问题内化为监管部门平衡政策效果,强化沟通搭配的制度问题。

The breakout of global financial crisis in 2008 not only arises the strong attention of many countries＇ government to the issue of excessive financial innovation and risk - taking from financial institutions, but also has great impact on the theory research and practice research circles of international supervision and regulation. Taking the crisis as the starting point, a new round of reform of supervision and regulation theories and institutions has formally started. An important feature of this reform is the change of reform direction from the traditional functional discussion on the issue about whether supervisor should be decentralization or central-ization to the systematical discussion on the issue about how to realize effective coordination among different su-pervisors. Our study comprehensively reviews the relative literatures emphasisly focusing on the three pillars of coordination between monetary policy and banking macro - prudential supervision and regulation, then analy-zes and points of the shortcomings of existing researches at the same time when intensively focuses on the fore-front of this area, so as to provide helpful reference to the new trend of China Financial System Reform in peri-od of the 13th national five - year plan.