“双支柱”调控的研究进展:综述与评介

Research on Double-Pillar Policy Framework: Review and Comment

建立和健全“货币政策+宏观审慎政策”的“双支柱”调控框架,是党的“十九大”报告关于金融改革发展工作的重要战略部署。中国提出的“双支柱”调控框架,其核心是要将货币政策和宏观审慎政策同时纳入政策框架,通过强化二者之间的协调配合,更好地实现金融和实体经济的共同稳定。本文对最近十年的国内外相关文献进行了系统的归纳和梳理,并在此基础上提出了已有文献尚未解决的问题以及未来进一步的研究方向。本文的综述和评介有助于从理论上深化对“双支柱”调控的认识,也有助于在实践中构建符合中国国情的政策框架。

One of financial reform and development strategy set up by the 19th National Congress of the Communist Party of China is to improve the double-pillar policy framework of“monetary policy+macro-prudential policy”.The main objective of China s double-pillar policy framework is to coordinate monetary and macro-prudential policies within a unified framework to stabilize financial system and the real economy.In this paper,we review and summarize the related English and Chinese literature in the recent ten years and discuss the unsolved issues in the existing literature and point out the potential future research directions.The review of this paper would help to deepen the theoretical understanding of double-pillar policy framework as well as to construct a policy framework with“Chinese characteristics”in practice.