宏观金融稳定的微观思考

Microscopic Reflections on Macro-Financial Stability

保持宏观金融稳定是一个世界性话题,也是一个世纪性话题。而金融风险如同病毒不可能消灭,且会随着经济金融的发展、技术的革新不断发生变异。受新冠肺炎疫情影响,近年来世界各主要经济体都采取了宽松货币政策,不仅使得金融市场容量和结构发生了巨大变化,更是改变了某些市场参与主体的行为模式,从而使得中央银行维护宏观金融稳定的难度大大增加。因此,着眼于现实的许多两难抑或多难选择,决策者应该从微观金融基础上去观察思考,应该由阻断不良资产对于金融机构的威胁转向阻断高风险金融机构对于金融体系的威胁。

Maintaining macro-financial stability is a worldwide and a century-old topic.Financial risks are like viruses that cannot be eliminated and will continue to mutate with the development of economy and finance and technological innovation.Influenced by the Covid-19 pandemic,major economies in the world have adopted loose monetary policies in recent years,which have not only made huge changes in the capacity and structure of financial markets,but also changed the behavior patterns of certain market participants,thus making it much more difficult for central banks to maintain macro-financial stability.Therefore,in view of the many dilemmas or multiple dilemmas in reality,policymakers should not just focus on the facts and macroeconomic issues,but should observe and judge from the micro-financial foundation,and shift their attention from blocking the threat of non-performing assets to financial institutions to blocking the threat of high-risk financial institutions to the financial system.