金融开放下宏观审慎监管调控金融体系失衡的有效性研究——基于IMF2000年至2013年调研数据的实证分析

The Effectiveness of Macro-prudential Regulation on Controlling Financial Imbalance under Financial Openness Conditions--Empirical Analysis Based on IMF Survey Data from 2000 to 2013

本文使用国际货币基金组织对各国2000年至2013年宏观审慎监管实施状况的调研数据,结合国际清算银行提供的全球流动性数据进行实证分析。实证结果表明,在开放条件下,宏观审慎监管能够有效降低各个国家的信贷失衡水平;全球流动性不会影响宏观审慎监管的有效性,宏观审慎监管可以在开放条件下有效地控制信贷供给,因此金融开放不会对实施宏观审慎监管产生影响。

This paper uses the reporting data sponsored by IMF of the implementation macro prudential tools between 2000 and 2003 and the global liquidity data warehouse of BIS to make empirical analysis.The empirical result shows that under financial openness conditions,macro prudential regulation can lower financial imbalances significantly;global liquidity cannot affect the effectiveness of macro prudential regulation which means financial openness cannot affect the implementation of macro prudential regulation.