双金融摩擦下“双支柱”政策调控有效性研究

Double Financial Friction and the Eff ectiveness of Macro-prudential Policy

2008年金融危机引发了各界人士对系统性金融风险的关注,普遍认为应构建宏观审慎的管理框架以加强对系统性金融风险的关注。本文通过构建包含中国银行业结构特征的动态随机一般均衡(DSGE)模型,模拟分析“双支柱”政策对流动性和杠杆率的影响,模拟分析显示,当双金融摩擦存在时,“双支柱”调控框架应对经济负向冲击效果要优于单一货币政策框架;应继续强化货币政策逆周期调节力度,完善调节机制,降低信贷供给摩擦对银行体系信贷投放的影响。

The 2008 financial crisis caused people from all walks of life to pay attention to systemic financial risks.It is generally believed that a macro-prudential management framework should be established to strengthen attention to systemic fi nancial risks.By constructing a dynamic stochastic general equilibrium(DSGE)model that includes the structural characteristics of China’s banking industry,this paper simulates and analyzes the impact of macro-prudential policies on liquidity and leverage.The simulation analysis shows that when dual fi nancial frictions exist,the“dual-pillar”regulatory framework The response to negative economic shocks is better than the single monetary policy framework.;We should continue to strengthen the counter-cyclical adjustment of monetary policy,improve the adjustment mechanism,reduce the impact of credit supply friction on the credit supply of the banking system.