宏观审慎政策框架下监管容忍度研究

Researchon Regulatory Toleranceunder the Framework of Macroprudential Policy

新冠肺炎疫情背景下,明晰金融监管宽松政策边界关乎经济复苏、金融稳定和政策信誉,是金融监管部门亟待解决的重大挑战性课题。本文在宏观审慎政策框架下,系统研究了监管容忍度的概念内涵、作用机理、管理要素及操作空间,深入总结了疫情期间监管容忍度管理的国际实践,全面评估了我国监管容忍政策现状、具体实践和存在的问题,最后本着简明、实用、可操作的原则提出了政策建议。本文研究发现,适时调整监管容忍度是实现监管目标的重要手段;与微观审慎监管相比,宏观审慎政策框架为实施监管容忍度管理提供了更多维度、更加系统和更为灵活的政策工具;在宏观审慎政策框架下,监管容忍措施的触发与退出、尺度边界的把握、政策信誉的维护等是实施监管容忍度管理的核心问题。针对我国监管容忍度管理实际,本文从健全完善监管容忍度管理机制、综合运用多种监管容忍度实施方式、多维度把握监管容忍尺度、切实遵循监管容忍基本原则,以及提升疫情期间监管容忍度管理有效性、针对性和前瞻性等方面提出政策建议。

In the context of the COVID-19,clarifying the boundaries of financial supervision policies is relat⁃ed to economic recovery,financial stability and policy credibility,and is a major and challenging issue for finan⁃cial supervision departments to solve urgently.Under the macro-prudential policy framework,this paper systemati⁃cally studies the conceptual connotation,mechanism of action,management elements and operational space of reg⁃ulatory tolerance,in-depth summarizes the international practice of regulatory tolerance management during the epidemic,comprehensively evaluates the current situation,specific practices and existing problems of China's reg⁃ulatory tolerance policy,and finally puts forward policy recommendations based on the principles of simplicity,practicality and operability.This paper finds that timely adjustment of regulatory tolerance is an important means to achieve regulatory goals;compared with micro-prudential regulation,macro-prudential policy framework pro⁃vides more dimensions,more systematic and more flexible policy tools for implementing regulatory tolerance man⁃agement.Under the macro-prudential policy framework,the triggering and withdrawal of regulatory tolerance mea⁃sures,the control of scale boundaries,and the maintenance of policy credibility are the core issues in implement⁃ing regulatory tolerance management.In view of the reality of regulatory tolerance management in China,this pa⁃per puts forward policy suggestions from the aspects of improving the regulatory tolerance management mecha⁃nism,comprehensively using a variety of regulatory tolerance implementation methods,grasping the regulatory tol⁃erance scale from multiple dimensions,effectively following the basic principles of regulatory tolerance,and im⁃proving the effectiveness,pertinence and forward-looking of regulatory tolerance management during the epidemic.