宏观审慎政策与货币政策协调:一个综述

Macro-prudential policy and monetary policy coordination: A Review

2007-2009年金融危机之后,各国决策者认识到传统调控政策的缺陷,开始诉诸于宏观审慎政策应来应对金融周期所产生的冲击。货币政策与宏观审慎政策各有侧重,各司其职。然而,从政策实践的角度来看,宏观审慎政策的运用依然处于起步阶段,还有很多问题尚待从理论和实践上来解决。其中一个重要问题就是宏观审慎政策与货币政策的协调。在实践过程中,货币政策与宏观审慎政策在操作工具、作用机制及最终目标上可能存在相互影响,如果对其影响程度及其机制没有清晰的认识,就可能在执行政策时产生冲突或者超调。

After the 2007-2009 financial crisis, policymakers recognized the shortcomings of traditional regulatory policies, turned to macro-prudential policies to deal with the shocks of the financial cycle. Monetary policy and macro-prudential policy have their own priorities. However, from the perspective of policy practice, the application of macro-prudential policy is still in its infancy, and there are still many problems to be solved theoretically and practically. One of the important issues is the coordination between macro-prudential policies and monetary policies. In practice, monetary policy and macro-prudential policy may interact with each other in terms of tools and ultimate goals. If there is no clear understanding of the extent and mechanism of their influence, conflicts or overshoot may occur in the implementation of policies.