中国“双支柱”调控框架与宏观审慎国际前沿

On China's “Dual-pillar” Regulatory Framework and the International Frontier Theory of Macro-prudential Supervision

2008年金融危机冲击了传统货币经济学信条,促使全球货币政策和金融监管当局审视金融周期因素在经济失衡中的作用。中国中央银行在面临异常复杂的国际金融环境和国内经济结构性矛盾条件下,积极探索"货币政策+宏观审慎"的"双支柱"金融调控政策框架。文章深入分析中国"双支柱"调控理论和实践经验,从金融周期视角全面总结梳理了宏观审慎政策国际前沿理论的新进展、新动向以及操作中的新模式、新策略,对于把握本轮金融危机后的全球经济金融形势,促进中国宏观调控政策体系优化,推进新常态下供给侧结构性改革具有重要的理论和现实意义。

The financial crisis in 2008 had a great impact on the conventional belief of monetary economy,which,as a result,prompts the global monetary policy and financial regulators to examine the role of financial cycle factors in economic imbalances. Accordingly,the central bank of China has actively explored the "dual-pillar" financial regulatory framework in terms of "monetary policy + macro-prudential policy" in facing the unusually complex international financial environment and structural contradictions in the domestic economy. Following this vein this paper makes an in-depth analysis on the theory and practice of China’ s "dual-pillar",and comprehensively summarizes the new progress and trends of the international frontier of macro-prudential policy as well as the new mode and strategy in operation from the perspective of financial cycle. This paper bears significance in promoting China’ s macroeconomic regulation,policy system optimization and supply-side structural reform in "new normal" after the financial crisis.