国际宏观审慎监管经验对我国的启示

The Experience of International Macro-prudential Regulation and Its Enlightenment to China

作为反思国际金融危机后教训的核心成果,宏观审慎从宏观的、逆周期的视角,成为防范金融体系顺周期波动和跨部门传染的系统性风险、维护货币和金融体系稳定的重要管理制度框架。在我国,金融风险关注度不断提高,维护金融体系稳健运行的重要性日益凸显,牢牢守住不发生系统性金融风险的底线,宏观审慎监管实施愈加迫切。本文在梳理全球主要经济体宏观审慎监管经验的基础上,结合我国宏观审慎制度发展现状,就进一步健全和完善我国宏观审慎政策框架提出思考。

As a core result of the lessons of the international financial crisis,from a macroscopic and counter-cyclical perspective,the macro-prudential regulation has become an important management system framework for preventing systemic risks that are caused by pro-cyclical fluctuations in the financial system and cross-sectional infections,maintaining stability in the monetary and financial systems.In China,the degree of attention to financial risks has continued to increase,and the importance of maintaining a sound operation of the financial system has become increasingly prominent.The implementation of macro-prudential supervision is becoming more urgent to firmly be guarded against the bottom line where systemic financial risks do not occur.Based on reviewing the experience of macro-prudential supervision of major economies in the world,the paper combines with the development status of China’s macro-prudential system,puts forward advice on further improving and perfecting China’s macro-prudential policy framework.