全球金融周期下的金融中介监管

Financial Intermediary Regulation and the Financial Cycle

全球金融一体化使各国金融市场紧密联系在一起,其在提高国际金融市场运转效率的同时,也加快了金融风险在各国间的传递。金融中介作为国际金融市场的重要参与主体,其业务经营十分容易受到全球金融周期的冲击,且金融中介的顺周期行为也会加剧全球金融周期的波动,是系统性风险传染的重要载体。基于此,本文重点探讨了全球金融周期下的金融中介监管问题,归纳出全球金融周期下金融中介监管面临的新现象,并提出中心国家货币政策冲击、极端跨境资本流动、非理性繁荣引致的资产价格泡沫以及金融中介顺周期行为四个放大国际金融市场脆弱性的因素。最后,从逆周期调节、资本管制、宏微观审慎协调以及国际政策合作四个方面搭建了全球金融周期下的金融中介监管框架。

Global financial integration has closely linked domestic financial markets around the world.While it improves the international financial market's operational efficiency,it also accelerates the transfer of domestic financial risks.As an important market participant,financial intermediaries can be highly vulnerable to the effects of the global financial cycle.Moreover,the pro-cyclical behavior of financial intermediaries themselves often exacerbates volatility in the global financial cycle,and this can be an important carrier of systemic risk contagion.This paper focuses on the issue of regulating financial intermediaries,detailing new phenomena encountered in that area.It also makes proposals in response to factors that amplify the vulnerability of the international financial market:shocks from monetary policies of key countries,extreme cross-border capital flows,asset price bubbles caused by irrational financial markets,and procyclical behavior of financial intermediaries.Lastly,this paper constructs a financial intermediary regulatory framework under the global financial cycle with an emphasis on four aspects:counter-cyclical adjustment,capital controls,macro-micro prudential coordination,and international policy cooperation.