基于金融稳定的跨境资本流动宏观审慎管理研究

Macroprudential Management of Cross-border Capital Flows Based on Financial Stability

本文以"蒙代尔-弗莱明"模型为理论基础,解析了跨境资本流动对一国经济金融稳定的影响路径,透视了跨境资本流动对银行机构和非银行金融机构运行稳定的影响机理、对金融市场和金融资产价格的影响机制。提出了我国在跨境资本流动的风险管理中,要将跨境资本流动纳入宏观审慎监管范畴,强化对跨境资本流动"宏观与微观"相结合的监管方式,构建跨境资本流动风险的监测体系,推进汇率市场化改革增加汇率弹性,通过多层次手段引导跨境资本流动的市场平衡能力,确保经济金融平稳运行。

Based on the"Mundell Fleming"model,this paper analyzes the impact path of cross-border capital flow on a country's economic and financial stability,and analyzes the impact mechanism of cross-border capital flow on the operation stability of banking institutions and non banking financial institutions,as well as the impact mechanism on financial markets and financial asset prices.In the risk management of cross-border capital flows,China should include cross-border capital flows into the scope of macro prudential supervision,strengthen the supervision mode of"market and administration"of cross-border capital flows,build a monitoring system of cross-border capital flows,promote the reform of exchange rate liberalization,increase the flexibility of exchange rate,and guide the market balance of cross-border capital flows through multi-level means to ensure the smooth operation of economy and finance.