共识与争论——宏观审慎性全球金融治理评析

Consensus and Disputes of Macroprudential Global Financial Governance

自2008年金融危机以来,宏观审慎性金融监管已成为全球金融治理体系的核心内容,国家和国际金融监管主体就宏观审慎性监管理念和实践达成了基本共识。理念共识表现在对宏观审慎性概念的起源、政策目标和内在逻辑的认知方面,实践共识则主要表现在宏观审慎性金融监管的国际制度建设方面,具体涉及系统性风险的识别和测量,以及应对时间维度和跨行业维度系统性风险的政策工具。虽然达成基本的观念和实践共识,但宏观审慎性全球金融治理依然存在诸多分歧和争论,包括政策工具分类多样化、机构设置差异化和挑战、政策执行的差异性、有效性整体评估的不足和困难、政策边界模糊及外溢性、大国政策波动及共识弱化。维系共识和解决分歧是保持制度变迁动力和趋势,进而推动全球金融治理体系持续完善的关键。

Since the global financial crisis in 2008,macroprudential financial regulation has become a new core of global financial governance,and national and international regulators have reached consensus on the idea and practice of macroprudential regulation.Ideational consensus lies in cognition of the conceptual and empirical origin,policy objectives,and inner logic of macroprudential regulation,while practical consensus mainly relates to the development of international institutions regarding macroprudential regulation.These international institutions specifically involve the identification and measurement of systemic risks and policy tools coping with time-dimension and cross-section-dimension systemic risks.Despite these ideational and practical consensuses,macroprudential global financial governance still faces many disputes and debates,including diversified categorization of policy tools,differentiation and challenges of institutional structure,gap of policy implementation,deficiency and difficulty of comprehensive assessment,spillover and ambiguity of policy application,fluctuation of major powers’ policies,and erosion of consensus among major economies.Consolidating consensus and handling disputes are crucial to secure the persistent improvement of global financial governance.