货币政策与宏观审慎政策协调的经济机制及制度分析

The Coordination Analysis between Monetary Policy and Macro-prudential Policy under the Framework of Financial Stability

货币政策通过金融机构的行为影响金融稳定。虽然金融稳定不能成为中央银行货币政策的一个独立目标，但在制定货币政策时需要考虑金融稳定状况。在应对金融失衡尤其是由信贷驱使的资产价格泡沫时，货币政策应该采取“事前的逆向管理”措施并与宏观审慎政策协调使用。货币政策与宏观审慎政策的协调程度取决于经济周期和金融周期的一致性程度、冲击的类型以及宏观审慎政策框架的制度安排。

Based on the literature review, this paper analyses the coordination between mone- tary policy and macro-prudential policy from three perspectives of necessity, economic mechanism and systematic foundation. We find that monetary policy will affect the financial stability through risk-taking behavior of financial institutions. Although financial stability cannot become an inde- pendent target of central bank, central bank needs to consider financial stability when setting mon- etary policy. In response to the financial imbalance, especially asset price bubbles driven by the credit, monetary policy should adopt reverse management measures in advance and coordinate with macro-prudential policy. The degree of coordination between monetary policy and macro-prudential policy depends on the consistency of economic cycle and financial cycle, the type of shocks and the institutional framework of macro-prudential policy.