金融供给侧结构性改革、“双支柱”调控与最优政策选择

Financial Supply-Side Structural Reform, "Dual Pillar" Regulation and Optimal Policy Choice

本文构建考虑企业异质性与宏观审慎特征的DSGE模型,探索双支柱调控框架下金融供给侧结构性改革对宏观经济的作用机理以及改革过程中宏观审慎政策的策略优化问题。研究发现,相较于单一规则的宏观审慎监管政策或宏观审慎货币政策,同时实施资本充足率监管和融资杠杆监管可有效平稳金融市场和经济波动;同时,在落实“稳总量、调结构、防空转、控风险、补基础”五大任务过程中,宏观审慎政策的介入可有效抑制资产泡沫形成、优化信贷结构、缓释风险冲击、预防经济过热,进而保障金融供给侧结构性改革的稳健推进;另外,相较于目标清晰的宏观审慎监管政策,宏观审慎货币政策的逆周期调控效果相对较弱且易加剧信贷资源的错配。

This paper constructs a DSGE model considering firm heterogeneity and macro-prudential characteristics and explores the mechanism of the financial supply-side structural reform on the macro-economy under the two-pillar regulation framework and the strategy optimization of macro-prudential policies in the reform process.The results show that,compared with single rule macroprudential regulation policy or macro-prudential monetary policy,the simultaneous implementation of capital adequacy ratio regulation and financing leverage regulation can effectively stabilize financial market and economic fluctuations.At the same time,in the process of implementing the five major tasks of"stabilizing total volume,adjusting structure,anti-aircraft transformation,risk control and strengthening foundation",the intervention of macro-prudential policies can effectively restrain the formation of asset bubbles,optimize the credit structure,slow down the risk impact,prevent economic overheating,and thus guarantee the steady progress of the structural reform of the financial supply side.In addition,compared with the macro-prudential regulatory policies with clear objectives,The counter-cyclical regulation effect of macro-prudential monetary policy is relatively weak and easy to aggravate the misallocation of credit resources.