宏观审慎监测指标与调控工具的选择

The Selection of Macro-prudential Monitoring Indicators and Regulatory Tools

宏观审慎政策的启动应该基于对系统脆弱性(风险)的监测和深入分析。本文分别针对来源于银行部门以及房地产部门的脆弱性,对较成熟的理论和实证研究成果进行梳理和总结,提出相应的监测指标体系,并根据监测指标的表现,对不同调控工具的相互配合进行了深入分析,最后提出相应的政策建议。

The activation of macro-prudential policy should be based on the monitoring and deep analysis of the systematic vulner- ability （risk）. The paper reviews and summarizes the mature theories and empirical studies on the vulnerability from angles of banking sector and the real estate department, and proposes corresponding monitoring index system. The paper also analyzes the cooperation of different regulatory tools based on the monitoring indicator data and proposes policy suggestions accordingly.