金融稳定与货币政策的职能融合:经验与启示

The Functional Integration of Financial Stability and Monetary Policy:Experiences and Implications

金融稳定与货币政策的协调经历了融合、分立、再融合等动态演进过程,并形成了英国大一统模式、美国的双层体系以及相对分立等模式。各国模式虽不同,短期目标不同,但是,金融稳定与货币政策的协调与融合存在长期的内在自恰性,二者相互分离可能引发系统性错误。金融稳定与货币政策职能的协调与统筹是系统性风险应对以及宏观审慎管理框架的基础。改革完善适应现代金融市场体系的监管框架,并与货币政策形成有效的协调机制,是中国防范和应对区域性及系统性风险的关键,未来需要重点关注金融监管者与央行的权责问题、金融稳定的机构设置或核心责任主体问题以及金融稳定与货币政策融合的政策工具发展问题。

The coordination of financial stability and monetary policy has undergone a dynamic process of integration,separation,reintegration and so on,and formed the unified British model,the two-tier American system and the relative separation model.Although there are different models in different countries with different short-term goals,the coordination and integration of financial stability and monetary policy have long-term internal self-consistency,and the separation of the two can lead to systematic errors.The coordination of financial stability and monetary policy is the basis of systemic risk response mechanism and macro-prudential management framework.The reform and improvement of the regulatory framework suitable to the modern financial market system,together with an effective coordination mechanism with the monetary policy,is the key to prevent and to deal with regional and systemic risks in China.In the future,special attention should be paid to the rights and responsibilities of financial supervisors and central banks,the establishment of stable financial institutions,the core responsible subject,as well as the development of policy tools for the integration of financial stability and monetary policy.