中央银行抵押品管理框架的国际经验与借鉴

The Lessons from International Experience of Central Bank Collateral Management Framework

央行抵押品管理框架对于货币政策实施有重要意义。发达经济体中央银行抵押品管理框架在抵押品范围、抵押品标准、估值方式、风险管理手段和抵押方式等方面各有不同。总结国际经验,中央银行在选择抵押品管理框架时,需要考虑本国金融市场的发展程度,抑制道德风险和逆选择行为,尽量维护市场中性,克服动态不一致问题,在此基础上选择单一或多层次抵押品管理框架。基于国际经验,从扩展央行抵押品范围、将合格信贷资产纳入抵押品范围以及将央行抵押品管理纳入宏观审慎管理框架等角度提出了政策建议。

Central Bank collateral management framework is very important for implementation of monetary policy.The central Bank collateral management frameworks of advanced countries have different range of collateral,eligibility criteria,valuation,risk control measures and pattern of pledge.When central bank choose collateral management framework,it should consider development of financial market,dealing with moral hazard and adverse selection,maintaining market neutral,and avoiding dynamic inconsistency.Based on international experience,I provide policy suggestion on expanding range of collateral,including eligible loans into collateral and improvement macroprudential policy framework.