我国宏观审慎监管框架下的货币政策调控机制分析

Analysis on Regulatory Mechanism of Monetary Policy Under the Marco-prudential Policy Framework of China

在对宏观审慎监管作用机理分析及其工具认识的基础上,探讨了宏观审慎监管对货币政策调控的影响冲击及两者在双支柱模式下目标的内在一致性,剖析了我国引入宏观审慎监管的必要性。研究认为我国宏观审慎监管的核心应基于宏观审慎货币政策,并提出在宏观审慎监管的框架下,将金融稳定作为货币政策的多目标之一,并从构建经济金融运行的早期预警机制和逆周期的货币信贷动态调控两个层面健全我国宏观审慎监管的货币调控机制。

Based on the analysis of the mechanism of macro-prudential regulation and its tools,this paper discusses the impact of macro-prudential regulation on monetary policy regulation and the internal consistency of the two objectives under the dual-pillar model,and analyses the necessity of introducing macro-prudential regulation in China.The research shows that the core of China's macro-prudential supervision should be based on macro-prudential monetary policy,under the framework of macro-prudential supervision,we suggested that the regulators should take the financial stability as one of the objectives of monetary policy,and construct the early prewarning mechanism of economy and conversion period dynamic control money credit system to optimize the mechanism of monetary policy under the macro-prudential policy framework.