危机以来国际货币基金组织宏观审慎研究进展分析

Analysis of the Progress of the Macro-prudential Research from IMF Since the Crisis

基于2008年次贷危机带来的教训,宏观审慎日益成为国际金融组织、各国政府监管部门和学术界研究的热点。本文梳理了国际货币基金组织2009年-2018年发布的有关宏观审慎研究论文、政策指引等,从六个方面分析了宏观审慎研究的特点。结合中国宏观审慎理论与实践研究,本文提出了继续强化宏观审慎研究理论支撑、稳步实践宏观审慎管理和积极开展多层次宏观审慎研究等建议。

In view of the damage caused by the subprime mortgage crisis in 2008, macro-prudential has increasingly become an important theme for international financial organizations, government regulatory agencies and academic circles. This paper carefully combs the research papers and policy guidelines on macro-prudential issued by the IMF between 2009 and 2018, analyzes the characteristics of macro-prudential research from six aspects. Combines China's macro-prudential theory and practice research, this paper suggests that the relevant institutions should continue to strengthen the theoretical support of macro-prudential research, steadily practice macro-prudential management, and actively conduct multi-level macro-prudential research.