宏观审慎视角下:逆周期资本缓冲的国际经验及借鉴

From the Perspective of Macro Prudence: the International Experience and Reference of Counter Cyclical Capital Buffer

巴塞尔协议Ⅲ提出留存资本缓冲和逆周期资本缓冲(Countercyclical Capital Buffer)两项逆周期政策工具。通过资本缓冲这一工具达到限制银行信贷过度波动的目的,以此减缓资本监管和银行体系的内在顺周期性。2020年突发COVID-19重大公共卫生事件,国际国内实体经济受到冲击。本文在宏观审慎框架下,概述了主要发达经济体通过释放逆周期资本缓冲削减不良影响的政策选择,初步探讨其对我国逆周期资本缓冲框架建立可借鉴的经验,并结合实际给出相关建议。

BaselⅢputs forward two counter cyclical policy tools:retained capital buffer and counter cyclical capital buffer.Capital buffer is a tool to limit the excessive fluctuation of bank credit,so as to slow down the inherent procyclicality of capital supervision and banking system.In 2020,the major public health event of covid-19 will impact the real economy at home and abroad.Under the macro Prudential framework,this paper summarizes the policy options of major developed economies to reduce adverse effects by releasing counter cyclical capital buffer,and preliminarily discusses the experience that can be used for reference in the establishment of counter cyclical capital buffer framework in China,and gives relevant suggestions based on the actual situation.