货币政策与宏观审慎政策的协调配合策略--基于杠杆率视角

Study on the Coordination Between Monetary Policy and Macroprudential Policy From the Perspective of Leverage Ratio

基于风险资产组合选择理论框架,从银行杠杆率管理角度研究货币政策和宏观审慎政策协调配合的具体策略。研究发现,通过管理银行杠杆率变化速率,有助于两类政策互补强化,同时实现物价稳定与金融稳定的目标:当经济处于萧条状态、货币政策偏宽松时,宏观审慎政策应先允许银行快速加杠杆、后约束加杠杆速度;当经济处于过热状态、货币政策偏紧时,宏观审慎政策应先约束银行去杠杆速度、后允许较快去杠杆。

Based on a theoretical framework of portfolio selection,this paper studies the specific strategies of coordination between monetary policy and macroprudential policy from the perspective of banks leverage ratio management.The study finds that it s helpful to complement and strengthen the two types of policies,and achieve the goals of price stability and financial stability at the same time through managing the rate of change of banks leverage ratio:when economy is in a state of depression and monetary policy is loose,macroprudential policy should“first allow banks to increase leverage quickly,and then restrict the speed of leveraging”;when economy is overheated and monetary policy is tight,macroprudential policy should“restrain the speed of banks deleveraging first,and later allow faster deleveraging.”