宏观审慎政策、国家文化与银行系统性风险

Macro-Prudential Policy,National Culture and Bank Systemic Risk

文章利用2000~2019年64个国家的跨国面板数据,实证检验宏观审慎政策对银行系统性风险的调控效果,并基于霍夫斯泰德提出的六个文化维度检验国家文化对宏观审慎政策效果的影响。实证结果表明,宏观审慎政策能够有效抑制银行系统性风险。在六个文化维度中,高权力距离、高不确定性回避、高长期取向文化产生积极影响,而高个人主义、高男性气质、高享乐主义则发挥消极影响。研究结果为东方地区宏观审慎政策的良好成效提供了解释。进一步研究发现,长期取向的文化更能凸显逆周期宏观审慎政策的效果;此外,在信贷周期的上行阶段,男性气质的影响加强,权力距离、长期取向和不确定性回避的影响减弱;最后,文化的积极影响有赖于良好的法制环境以及充分的信息披露程度。

This study employs cross-country panel data from 64 nations between 2000 and 2019 to assess the efficacy of macro-prudential policies in mitigating systemic banking risks.It further examines the role of national culture on policy effectiveness,referencing Hofstede's six cultural dimensions.The findings reveal that macro-prudential measures are successful in reducing systemic risks.Cultures with high power distance,strong uncertainty avoidance,and a long-term orientation tend to enhance the regulation of macro-prudential policies.Conversely,cultures characterized by individualism,masculinity,and indulgence may impede such regulations.This provides insight into why macro-prudential policies are notably effective in Eastern regions.Addi-tional analysis shows that a long-term orientation amplifies the success of counter-cyclical macro-prudential measures against systemic banking risks.The study also notes that during credit cycle expansions,the impact of masculinity culture is heightened,while the effects of individualism,long-term orientation,and uncertainty avoidance tend to diminish.Effective cultural influ-ences on policy are contingent on robust legal frameworks and comprehensive information disclosure.